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The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

This paper aims to examine the behavior of “rational” residential developers, under game theory, for their pricing strategy in a competitive environment.

Results show that residential developers cooperate implicitly for long-term benefit, leading to a slow-down in sales. Developers are motivated to deviate from cooperating at the beginning and at the end of successive periods in a sub-market. Relatively high profits, earnable in the first few periods, provide an allowance to undercut prices and improve sales. For the last few periods, the punishment for any deviation from cooperating is insignificant or zero. Note that the first-mover advantage in a new market is evident. On the effect of uncertainty on the developer’s residential prices, results show that as uncertainty increases, prices decrease while price variability increases.

This study highlights the merits of a uniquely simplified experimental research design for the strategic behavioral pricing of the private residential development market using a game theoretic approach.

This study enhances the understanding of the residential development strategy of developers in the residential development market.

There is limited research on pricing strategy for the private residential development market in Asia.

China’s national carbon market will be officially launched in 2020, when it will become the world’s largest carbon market. However, China’s carbon market is faced with various major challenges. One of the most important challenges is its impact on the social and economic development of arid and semi-arid regions. By simulating the carbon price trends under different economic development and energy consumption levels, this study aims to help the government can plan ahead to formulate various countermeasures to promote the integration of arid and semi-arid regions into the national carbon market.

To achieve this goal, this paper builds a back propagation neural network model, takes the third phase of the European Union Emissions Trading System (EU ETS) as the research object and uses the mean impact value method to screen out the important driving variables of European Union Allowance (EUA) price, including economic development (Stoxx600, Stoxx50, FTSE, CAC40 and DAX), black energy (coal and Brent), clean energy (gas, PV Crystalox Solar and Nordex) and carbon price alternatives Certification Emission Reduction (CER). Finally, this paper sets up six scenarios by combining the above variables to simulate the impact of different economic development and energy consumption levels on carbon price trends.

Under the control of the unchanged CER price level, economic development, black energy and clean energy development will all have a certain impact on the EUA price trends. When economic development, black energy consumption and clean energy development are on the rise, the EUA price level will increase. When the three types of variables show a downward trend, except for the sluggish development of clean energy, which will cause the EUA price to rise sharply, the EUA price trend will also decline accordingly in the remaining scenarios.

On the one hand, this paper incorporates driving factors of carbon price into the construction of carbon price prediction system, which not only has higher prediction accuracy but also can simulate the long-term price trend. On the other hand, this paper uses scenario simulation to show the size, direction and duration of the impact of economic development, black energy consumption and clean energy development on carbon prices in a more intuitive way.

Land is the basis for economic development as well as tourism development. There is a close relationship between tourism development and the land market. However, research on the effect of tourism development on land prices is insufficient. This paper aims to investigate the effect and mechanism of tourism development on land prices.

The econometric paradigm is the main research method. Fixed effect models, instrumental variable models and mediating effect models are introduced to examine the impact of tourism development on land prices. The data include three types: land transaction data, city-level data and scenic spot data. More than 360,000 samples of land transactions for 284 prefecture-level cities in China from 2007 to 2021 are applied.

Tourism development can significantly increase land prices. This conclusion holds after using instrumental variables to address endogeneity and testing for robustness. Meanwhile, tourism development’s effect on land price is influenced by land type, city type, city tier and city location. The land price increase effect of tourism is more significant for tourism land, tourist cities, central cities and Western cities. The paper also reveals the mechanisms of the public service enhancement effect, infrastructure upgrading effect and environmental optimization effect in tourism development’s effect on land price.

The study contributes to the literature on the relationship between tourism development and land market. The generality and specificity of tourism development’s effect on land price are revealed from the micro and macrolevel research level. The findings enrich the literature on tourism price effects, point to rational ways to optimize and regulate land prices and provide new ideas for land-market development.

The purpose of this study is to investigate the relationship between tourism development and urban housing prices in Chinese cities. Specifically, the study aimed to explore whether there is a relationship between the two variables in tourist and non-tourist cities and whether there is a non-linear relationship between them.

In this study, the entropy method was used to construct the China City Tourism Development Index, which provides a more comprehensive measure of the level of tourism development in different cities. In total, 45 major cities in China were studied using the panel data approach for the period of 2011 to 2019.

The empirical analysis conducted for this study found that tourism development affects urban house prices, and that there is an inverted U-shaped relationship. However, this varies across cities, with house prices in tourist cities tending to be more influenced by tourism development than non-tourist cities. Also, foreign direct investment, population size, fixed asset investment and disposable income per capita were found to have an impact on house prices in both tourism and non-tourism cities.

There are significant differences in tourism development and urban house prices in different cities in China. This study considers these differences when examining the impact of tourism on house prices in 45 major cities in China by dividing the sample cities into tourist and non-tourist cities.

Development is a dynamic concept that pertains the evolution of human societies. Over the past few years policy makers, as well as academics, have incorporated a very important, yet sometimes neglected, component in the concept of development which is environmental costs and sustainability. One of the key aspects that affects sustainability is energetic consumption, therefore our aim is to determine if changes in oil, coal, and gas, prices during the period 2000–2010 influenced sustainable development.

We modified the Human Development Index (HDI) by adding energy consumption component, and propose what we call the Modified Human Sustainable Development Index (HSDI) which captures a broader definition of sustainable development. Then we employ econometric techniques to study the effects of changes in commodity prices on our index in the short run.

Our results show a nonlinear effect of commodity prices on our index, low and middle-income countries display a positive effect of prices on our HSDI, with smaller effects in the former ones, while high-income countries do not seem to exhibit a significant effect. While low and middle-income countries are typically commodity producers.

Middle-income countries are able to obtain larger benefits in terms of sustainable development due to a better institutional structure which constitutes an opportunity for them in the aftermath of the crisis.

Middle- and low-income countries should design policies that enable them to take advantage of the rises and protect their economies from the falls.

We address the problem of sustainable development and commodity prices in a post-crisi world, which was not reviewed in the literature. In addition we build a measurement of the Human Sustainable Development Index that considers energy consumption as one of its factors. Which is in line with previous results about energy consumption and the Human Development Index.

This paper aims to conceptually analyse the role of speculation in society to determine whether agricultural commodity index funds, a new form of speculation, contribute to sustainable development.

The theoretical arguments justifying the value of the market economic system for generating sustainable development and the positive contribution speculators make too in this context are elaborated. It is then considered whether the arguments justifying traditional speculation hold for agricultural commodity index funds.

Traditional forms of speculation contribute positively to sustainable development; primarily due to the information they uncover on demand and supply factors which affect prices. Agricultural index funds are a danger to sustainable development, as their transactions are not based on demand and supply factors but simply represent demand for the diversification effect which commodities generate when added to an investment portfolio.

The article offers a new approach to assessing whether agricultural index funds contribute to sustainable development. Empirical research has been conducted on whether speculation via index funds has unjustifiably affected commodity prices. However, results of these investigations have been inconclusive due to stark limitations in data availability. By approaching the issue from a conceptual point of view, the article delivers theoretically sound arguments as to why agricultural commodity index funds are likely to have an unjustifiable effect on prices and, hence, are a danger to sustainable development. This has strong implications for finance practice and regulation.

The purpose of this study is to verify all factors that promote renewable energy (RE) consumption. Past studies have shown that financial development (FD) and economic growth (EG) are the major drivers toward RE development, while oil prices had mixed outcomes in different regions by different studies.

Global warming effects have been the major reason of the transition by nations from fossil fuel use to RE sources that are considered as friendly to the environment. This research uses the fixed effects and random effects techniques, to ascertain the factors which impact RE development. The generalized linear model is also used to check the robustness of the Fixed Effects and Random Effects models’ results, while the Kao, Pedroni and Westerlund tests are used to check cointegration in the specified model.

The major findings of this study show the importance of EG and FD in promoting RE development. Oil prices, inflation rate and public sector credit present a negative effect on RE development, while foreign direct investment does not significantly impact RE development.

This research recommends the use of FD in promoting RE sources, as well as the stabilization of oil prices and consumer prices.

This research is important because it specifies the three proxies of FD, together with foreign direct investment inflation rate, EG and oil prices, in modeling RE. By investigating the impact of oil prices on RE in the emerging seven economies, this research becomes one of the few studies done in this region, as per the authors’ knowhow.

This study examines the dynamics of financial institution development among economies in sub-Saharan Africa (SSA) and how volatility in forex-adjusted price of key globally traded, commodities and macroeconomic risk influence such development.

The study is based on data collected from the period starting 2001 to 2019 for relevant variables; and the empirical test was performed using the two-step system generalized method of moments (TSS-GMM) estimation method.

Empirical estimates suggest that volatility in forex-adjusted prices of crude oil and cocoa are inimical to development of financial institutions among economies in the sub-region. On the other hand, volatility in the price of gold is found to have a significant positive effect on development of financial institutions. Additionally, political instability is found to exacerbate the adverse effect of volatility in the price of globally traded commodities on the development of financial institutions in the sub-region.

The study verifies how volatility in forex-adjusted prices of key traded commodities on the global market influence development of financial institutions in the sub-region. Additionally, the study examines the impact of macroeconomic risk, a principal component analysis (PCA) constructed index on the development trajectory of financial institutions. Finally, the authors examine the moderating role of institutional quality and political instability in the relationship in question.