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This is a theoretical paper in the field of structuralist macroeconomics. The paper focuses on commodity price fluctuation which has emerged as one of the major macroeconomic factors with significant bearing on the relationship between the agricultural and nonagricultural sectors.

The paper develops a dual economy model consisting of an agricultural sector and an industrial sector. The commodity price is subject to the fluctuations due to the fact that stock of primary goods is an asset which is sensitive to speculations. The paper considers a standard methodology of dynamic adjustment process involving change in stock of agricultural goods and price of agricultural goods under perfect foresight. The saddle path properties of the equilibrium are also examined.

The paper shows that the balanced budget fiscal expansion, capital account liberalization and the agricultural expansion lead to expansion of the industrial sector as well as level of employment. The increase in world interest rate may lead to contraction of the industrial sector and depress employment.

We will consider the openness of the economy in explaining how different macroeconomic policies and capital account liberalization generate multiple cross effects on the inter-connectedness between agricultural and the non-agricultural sector. The paper will discuss the issue of employment generation in conjunction with commodity price fluctuation. We depart from the literature by using Taylor rule under which interest rate is fixed by the Central Bank such that money supply becomes endogenous.

This paper documents a robust empirical regularity: higher trade openness is associated with a lower unemployment rate. This paper also examines whether or not the effects of trade liberalisation depend on countries' income levels. Further, the dynamic causation between trade openness and unemployment is also examined.

In order to obtain insight into the openness–unemployment nexus, following empirical methods were utilised - static panel models, dynamic panel models and a novel panel Granger causality approach proposed by Juodis et al. (2021).

Results suggest that openness negatively affects unemployment; the extent to which trade liberalisation affects unemployment depends on the income level of each country. The Juodis, Karavias, and Sarafidis (JKS) test confirmed that the past values of trade openness, inflation, foreign direct investment and gross domestic product per capita contain information that helps to predict unemployment in a more robust manner. To simply put, opening upto trade may eventually become a requirement for creating more job opportunities, but this alone may not be enough. The extent to which nations benefit from trade liberalisation is largely dependent on the overall economic conditions and their capability to move up the income scale.

A major difference between this study and those performed previously is that this study does not only examine the impact of trade openness on unemployment, but also investigates whether the unemployment effect of liberalisation is affected by countries' income levels – an issue that has received little attention in the past. Additionally, the unique panel non-causality approach put forth by Juodis et al. (2021) is used in the first instance to look into the causal link between trade openness and unemployment. This method has advantages in that the method enables capturing Granger-causality in homogeneous or heterogeneous panels amongst multiple variables.

This paper aims to study the inter-sectoral linkages in the Egyptian economy, to increase the efficiency of allocating L.E 100bn fiscal stimulus package (FSP) to tackle the economic fallout from COVID-19 based on the strength of the backward and forward linkages of various sectors, and the values of both employment and value-added multipliers. The paper also measures the impact of the new FSP on the capability of various sectors in creating job opportunities and increasing economic growth.

The paper studies the intersectoral linkages by calculating backward and forward linkages index based on the latest input and output tables available for the Egyptian economy published in 2018. It also depends on a bivariate optimization model to distribute new investments allocated through the FSP based on the values of both employment and value-added multiplier for those sectors. The paper calculated both employment and value-added coefficients to measure the impact of the FSP on creating job opportunities and increasing growth rates.

Based on the results of the empirical analysis, both key sectors (with strong backward and forward linkages) and sectors with strong backward linkages have the highest impact on creating job opportunities and increasing growth rates in the Egyptian economy, which means that allocating FSPs in a way which targets those sectors, especially during economic crisis, could help in increasing the positive impacts of those packages.

The paper is based on the unbalanced growth theory of Hirschman and uses the empirical analysis to study the intersectoral linkages and allocate new investments through FSP through different sectors. The main policy implication of the empirical results of this paper suggests targeting the key sectors and the sectors with strong backward linkages during tough economic times related to COVID-19, to increase the positive impact of the package on the whole economy.

The study aims to empirically investigate the trends and determinants of labour productivity of the two broad sectors –industry and services – and their components, namely, manufacturing and market services sectors, in the case of major developing and developed economies of Asia-Pacific over the period 1980-2014 and make a comparison thereof.

The study uses econometric methodology of panel unit root tests, panel cointegration and group-mean full modified ordinary least squares (FMOLS).

The study finds that while capital deepening, government size, institutional quality, productivity of the other sector and financial openness affect productivity of all the sectors significantly, the impact of human capital and trade openness varies across sectors in the case of developing economies. Furthermore, the impact of technological progress becomes significant in the post-liberalization reforms period in the developing economies. The study further finds that capital deepening, human capital, government size, institutional quality, productivity of the other sector, government size and trade openness are significant determinants of productivity of all sectors of developed economies under consideration. However, the impact of technological progress is stronger for manufacturing sector than services and its components. Furthermore, while both equity and debt liabilities (as measures of financial openness) influence sectoral productivity of industry and manufacturing sectors positively and significantly in case of developed economies, only equity liabilities have a significant influence on the productivity of developing economies. This may indicate existence of more developed financial markets in the case of developed economies.

The study identifies important structural differences in determinants of productivity both across sectors and across developing and developed economies of Asia-Pacific.

This study aims to investigate the benefits of commodity hedging in the global stock index, bond and foreign currency (FX) portfolios.

The authors compare various hedging strategies and factor transaction costs. The authors analyze equally weighted, dynamic hedging ratio, risk parity and reward to risk timing strategies. Volatilities are estimated using historical, GARCH(1,1), and APARCH(1,1) methods. In addition, the authors evaluate the portfolio's hedging performance (HP) based on four different dimensions: volatility (annualized standard deviation), Sharpe ratio (SR), HP, and high-low ratio (HL).

The authors observe different benefits of the commodity hedging strategy among financial assets (stocks, bonds or FX).The authors find that commodity hedging in the stock markets is the best option, if the authors optimize the hedging ratio using dynamic hedging from historical data. The authors also document that for stock portfolio managers, adding commodities will generate a more conservative strategy, whereas for bond and/or FX portfolio managers, adding commodities will generate a more aggressive strategy.

This study contributes to the literature by investigating commodity hedging in the global stock index, bond and FX portfolios. First, the authors provide details on the diversification benefits in the commodities. Second, the authors document the hedging strategy that is the best as a part of the diversification strategy by adding commodities. Third, the authors provide a practical analysis by reporting the financial assets portfolio that is appropriate for commodity hedging following the portfolio managers' objectives (e.g. reducing risks or improving the risk-reward ratio).

The purpose of this paper is to foreground place as a critical and central concern for public leadership research, development and practice.

This invited essay draws on the author’s own research and development work engaging in collaborative place-based interventions with academics, policy makers and practitioners.

Place is one of six heuristic lenses in a Leadership Hexad that has been developed to interrogate and better understand leadership in a multi-dimensional manner. Place can provide an important theoretical and practical fulcrum for bridging both collaborative governance and collective leadership and public and political leadership as well as facilitating cross-sectoral leadership.

This essay argues that more time and effort should be invested into researching and developing place leadership to complement the already extensive efforts to promote collaborative governance and place-based policy initiatives. Place leadership development should be genuinely cross-sectoral in its ambition and should focus on developing emerging and established leaders from the public, private, not-for-profit and indigenous sectors to tackle place-based problems and opportunities.

This essay draws on experience undertaking academic research and conducting leadership development that draws from and feeds into policy and practice. It utilises research from geography, leadership studies, public management, public policy and political science to gain a more sophisticated understanding of the relationship between place and public leadership and how this can be harnessed to improve economic and social impact.

This paper aims to examine the relationship between the industrial and the service sector outputs at the aggregate level and for different sub-services in India and also tries to find out whether the relationship is changing over time.

This paper studies a panel of 16 major Indian states in India over the period 1980-2011. Using an econometric analysis, it proceeds to estimate the increase in inter-linkage between the output of the service sector and the output of the industrial sector. This study considers a variable coefficient model where the output elasticity of the service sector with respect to the output of the industrial sector changes with time. The changing element here is considered to be the result of the changing structure of production within these industries.

It has been observed that the output of the services sector at the aggregate level and the output of the industrial sector are highly correlated, and demand generated for services output from the industrial sector over the period 1993-2011 is mostly due to the changing structure of production within these sectors.

This paper takes the initiative to estimate the increase in inter-linkage between the output of the service sector and the output of the industrial sector resulting from the changing structure of production within the industrial and the service sectors.

This paper presents an analytical framework to understand the complex CSR accountability standard architecture, studying the CSR standardization cycle through the organizational studies perspective. It has two main aims: to discuss the theoretical approach to CSR governance, proposing a matrix to classify international CSR accountability standards; and to study the CSR multi-industry standardization cycle (setting and design, diffusion and implementation), creating an analytical framework to understand the innovative dynamics adopted through CSR standard-setting.

The paper is based on empirical research on global CSR multi-industry standards and the emergence of a regulatory dynamic based on competition-collaboration. The paper's arguments stem from a case study of the Global Reporting Initiative and its inter-linkage and convergence with the UN Global Compact and ISO 26000. The author analyzes this case based on the global governance and institutional dynamics of regulation research.

Based on the study of CSR standards, the paper presents an analytical framework with various elements to analyze CSR accountability standards: scope, type of actors, performance type and mechanisms and type of legitimacy and monitoring strategies. Second, the paper advances the study of emerging inter-linkages between GRI, UNGC and ISO 26000 and analyzes the emergence of a meta-standardization process generated by the competition-collaboration dynamic.

Further research is needed to focus on the role of agency and different stakeholders on the meta-standardization process. Other research has to focus on the institutional logic and the multi-level analysis of the convergence between CSR standards and the self-regulation advanced process. In this respect, this research serves to demonstrate the leading innovative role adopted by private actors (mostly companies) in developing private standard setting for global governance.

The value of this paper is its analysis of the main convergence dynamic adopted by the most popular, global-scope CSR multi-industry standards, GRI, UNGC and ISO 26000. The findings show how this standardization cycle helps a new collaborative governance dynamic to emerge based on the adoption of private standard-setting. The paper is also useful for practitioners, helping them understand the growing convergence among CSR multi-industry standards, and how the convergence of sustainability reporting processes is advancing towards the integration and drafting of homogeneous guidelines with the prevalence of the GRI model.

The mainstream climate change community has primarily concerned itself with mitigation and adaptation strategies, both of which require monitoring and prediction. These four inter-connected response actions (mitigation, adaptation, monitoring and prediction) constitute the main strategies for managing climate change. This paper aims to weigh in on policies and societal coordination for effective management of the earth’s climate with respect to these four elements in Africa because of its socioeconomic peculiarities.

The Delphi experts’ method backed by questionnaires was used to obtain relevant data for the study. The questionnaires were distributed to professionals dealing with issues related to climate change response and sustainability in various parts of the world, with a focus on Africa.

With respect to the strategies that are most needed for effective climate change actions in Africa, government’s policies, activities and decisions rank highest at 1.20 with a p-value of < 0.001, and financing is next at 0.93, mitigation is 0.83, prediction is 0.76 and adaptation is 0.68 (p = 0.048), at the 5 per cent cutoff. Also, for the most appropriate approaches to managing climate change across Africa, regional efforts are at least 8 times more effective than country-wide approaches, followed by continental efforts at 6.51 times, international cooperation at 3.99 times and inaction at 0.00 times.

The paper concludes that a holistic climate change management approach is important in Africa to contain the impacts of climate change in the continent.

Water is the source of life and civilization. However, the world is facing water crises – imminent and worse crises that demand immediate and concerted actions. Even today, around the world, nearly 1.1 billion people are living without access to safe drinking water (Shaw & Thaitakoo, 2010). This has adverse impacts on their health and livelihoods. Approximately 2.6 billion people live without access to basic sanitation. This is a threat to their dignity as well as health. Water pollution is getting worse in many places across the world. Moreover, water-related disasters are widespread. These are serious natural disasters that cause catastrophic damage to human lives. Water problems are fundamental causes of endemic diseases, hunger, gender inequality, lack of education and jobs, endangered ecosystems, and other socioeconomic and environmental problems across the world. Most of the Millennium Development Goals cannot be achieved without solving water problems (Hashimoto, 2006).