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This study examines the differences in the economic stimulus effects, transmission mechanisms, and output multipliers of government consumption, government traditional investment, and government science and technology investment.

This study constructs and estimates a New Keynesian model of endogenous technological progress embedded in the research and development (R&D) and technology transfer sectors. Using Chinese macroeconomic time series data from 1996 to 2019, this study calibrates and estimates the model and analyzes the impulse response function and a counterfactual simulation of expenditure structure adjustment.

The results show that compared with the traditional dynamic stochastic general equilibrium (DSGE) model, the endogenous process of technological progress amplifies the impact of government consumption shock and traditional government investment shock on the macroeconomy, leading to greater economic cycle fluctuations. As government investment in science and technology has positive external spillover effects on firm R&D activities and the application of innovation achievements, it can promote more sustainable economic growth than government consumption and traditional investment in the long run.

This study constructs an extended New Keynesian model with different types of government spending, which includes endogenous technological progress within the R&D and technology transfer sectors, thereby linking fiscal policy, business cycle fluctuations and long-term economic growth. This model can study the macroeconomic impact of fiscal expenditure structure adjustment when fiscal expansion is limited. In the Bayesian estimation of model parameters, this study not only uses macroeconomic variables but also adds a sequence of private R&D investment.

The use of economic sanctions has grown dramatically in recent decades. Nevertheless, many arguments are presented in the public policy space regarding their effects on target populations. The author presents the first systematic analysis of the effects of sanctions on living conditions in target countries.

This paper provides a comprehensive survey and assessment of the literature on the effects of economic sanctions on living standards in target countries. The author identifies 31 studies that apply quantitative econometric or calibration methods to cross-country and national data to assess the impact of economic sanctions on indicators of human and economic development. The author provides in-depth discussions of three sanctions episodes—Iran, Afghanistan and Venezuela—that illustrate the channels through which sanctions affect living conditions in target countries.

Of the 31 studies, 30 find that sanctions have negative effects on outcomes ranging from per capita income to poverty, inequality, mortality and human rights. The author provides new results showing that 54 countries—27% of all countries and 29% of the world economy— are sanctioned today, up from only 4% of countries in the 1960s. In the three cases discussed, sanctions that restricted the access of governments to foreign exchange limited the ability of states to provide essential public goods and services and generated substantial negative spillovers on private sector and nongovernmental actors.

This is the first literature survey that systematically assesses the quantitative evidence on the effect of sanctions on living conditions in target countries.

The coronavirus disease (COVID-19) pandemic has been negatively affecting international trade between countries; however, there is a lack of empirical studies on developing countries such as Vietnam. This article aims to investigate how the COVID-19 cases and related deaths and policy response by Vietnam and trading partners to the pandemic affect Vietnam's export activities.

The authors use the monthly trade data from the General Department of Vietnam Customs and employ the Poisson pseudo-maximum-likelihood (PPML) estimator to empirically investigate the effects of COVID-19 and policy response to the pandemic on Vietnam's exports at aggregate and sectoral levels over a 33-month period.

In the first year of the pandemic (January–December 2020) as well as the whole study period (January 2019–September 2021), trading partners' COVID-19 burden adversely affected Vietnam's aggregate exports, and the effect of COVID-19 deaths is significantly larger than that of COVID-19 cases. In the first year of the pandemic, estimates show a negative effect of Vietnam's COVID-19 cases on its exports, while no evidence reveals the impact of Vietnam's COVID-19 deaths. However, during the entire study period, there are remarkable adverse effects of Vietnam's COVID-19 deaths on its exports. The effect of the COVID-19 burden in Vietnam and in its trading partners differs significantly across major subsectors. In the first year, there is a positive role of government response to the pandemic by Vietnam and its trading partners in Vietnam's aggregate exports, while in the whole study period, only a positive effect of Vietnam's government response is found. Economic support and free trade agreements (FTAs) have a positive effect on Vietnam's exports. In the first year of the pandemic, Vietnam's export losses due to COVID-19 outweighed its export gains from the pandemic. However, Vietnam's exports have significantly improved over the nine months of 2021.

Efforts should aim to reduce the number of COVID-19 deaths rather than focus on reducing the number of COVID-19 cases. The application of stringency measures by both exporters and importers should be minimized, or at least those measures need to be combined with health methods, such as testing policy and contact tracing, short-term investment in healthcare and especially investments in vaccines. In addition, economic support, particularly debt relief, needs to be widely applied to assist firms, especially those involved in international trade. The expansion of FTA networks and diversifying export destinations may be helpful in maintaining production networks and export activities.

In the long-term period, the application of stringency measures by both exporters and importers should be minimized, or at least those measures need to be combined with health methods such as testing policy and contact tracing, short-term investment in healthcare and especially investments in vaccines. In addition, economic assistance, particularly debt relief, needs to be widely applied to assist firms, especially those involved in international trade activities.

To the best of the authors’ knowledge, the paper is among the first studies empirically investigating the impacts of COVID-19 and policy response to the pandemic on aggregate and sectoral exports from Vietnam. The paper also measures the absolute value of export gain and export loss due to the pandemic between Vietnam and trading countries.

Construction sustainability (CS) is a strategic reaction to the sustainability expectations of the construction industry's external stakeholders. The extant literature has viewed the environmental, social and economic dimensions of CS as having independent effects on financial performance. Due to the influence of common stakeholders, however, interactions in these dimensions will be present in their effect on financial performance. Accordingly, this study identifies the mechanisms of the interactions between the three CS dimensions and how they jointly affect financial performance.

Content analysis of GRI reports of 60 large construction organisations, followed by a hierarchical regression analysis was used to identify the interactions between environmental, social and economic CS in their effect on financial performance.

Economic CS was found to indirectly, and not directly, affect financial performance, the effect being mediated by both environmental and social CS. Environmental CS was found to have a strong negative effect on financial performance, whilst social CS was found to have a strongly significant positive effect on financial performance.

The motivation for engaging in CS is that investment in economic CS will have a positive effect on both environmental and social CS outcomes, which, in turn can have a combined effect on financial performance.

This is one of the first studies investigating the effect of interactions between the environmental, social and economic CS dimensions on the financial performance of construction organisations. It is also one of the first studies that applies a sociotechnical framework to this relationship.

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.

The purpose of this study is to use the structural model to determine the influence of mobile telecommunication on Egypt’s economic growth from 2000 to 2009. By focusing on mobile unique subscribers and mobile broadband-capable device penetration as indicators of telecommunications adoption, the authors seek to understand their overarching effects on the nation’s economic landscape.

The paper uses quarterly time-series data set over the period 2000–2019 and uses a structural econometric model based on an aggregate production function, a demand function, a supply function and an infrastructure function to detect causality and examine long-run relationships between variables.

The findings of the structural model reveal that both mobile unique subscribers and mobile broadband-capable device penetration significantly contributed to Egypt’s gross domestic product (GDP) growth from 2000 to 2019. Specifically, a 1% increase in mobile unique subscriber penetration and mobile broadband-capable device adoption is estimated to result in an average annual contribution to GDP growth of 0.172% and 0.016%, respectively.

The scarcity of panel data is the main research limitation for comparative study with other Middle East and North African Region (MENA) countries. Research extensions would include testing the significance of complementarities such as improving governance measures and building human capacity for both households and firms, which are necessary to boost the impact of telecommunication on economic growth in the MENA region.

Based on these findings, the study puts forth policy recommendations aimed at maximizing investment in network utilization, including mobile and internet services, as well as fixed broadband subscriptions. It highlights the crucial role of these investments in promoting social and economic development, not only in Egypt but also across the MENA region as a whole.

The findings of this research emphasize the importance of strategic investments in network utilization, encompassing mobile, internet services and fixed broadband subscriptions. Such investments are pivotal for fostering social and financial inclusion. The study underscores the potential of these investments to drive social and economic progress, not just within Egypt but throughout the entire MENA region.

Overall, existing literature generally supports the notion that the telecommunications sector has a positive economic impact. However, there is a gap in the literature when it comes to understanding the specific effects of the Egyptian telecommunications sector on the country’s economy, particularly in relation to the Egypt Vision 2030. The study aims to fill this gap by focusing specifically on Egypt and providing additional insights into the direct and indirect effects of the Egyptian telecommunications sector on the economy. By conducting a thorough analysis of the sector’s role, the authors aim to contribute to the existing literature by providing context-specific findings and recommendations.

The interaction between the culture and tourism industries is naturally concentrated in cities. However, the effect of their co-agglomeration on urban tourism development depends on their level of integration. This study aims to answer the following questions: Can culture–tourism co-agglomeration promote the development of the tourism economy? Is the effect of culture–tourism co-agglomeration on tourism development moderated by culture–tourism integration? Does culture–tourism co-agglomeration have spatial spillover effects?

Taking 262 prefecture-level cities in China from 2009 to 2019 as the research sample, this study measures the degree of culture–tourism co-agglomeration using a co-agglomeration index and measured culture–tourism integration using a coupling coordination degree model. Using a threshold model and a spatial econometric model, this study examined the effect of culture–tourism co-agglomeration on urban tourism development.

Culture–tourism co-agglomeration had a positive effect on the urban tourism economy, and the effect differed according to geographical location and city grade. Moreover, culture–tourism co-agglomeration’s effect on the urban tourism economy was affected by the level of culture–tourism integration. When the level of culture–tourism integration crossed the threshold, the positive effect of culture–tourism co-agglomeration on the urban tourism economy will be enhanced. Finally, culture–tourism co-agglomeration had positive spatial spillover effects on surrounding cities.

This study integrated culture–tourism co-agglomeration, culture–tourism integration and urban tourism economy into the same research framework and innovatively analyzed the effect of the scale and quality of culture–tourism interaction on the urban tourism economy.

文化产业和旅游产业之间的互动性使其天然地在城市中集聚发展。然而, 文化和旅游协同集聚对城市旅游发展的影响取决于它们的融合发展水平。本研究旨在回答以下问题：文化和旅游协同集聚能否促进旅游经济的发展？文化和旅游协同集聚对城市旅游发展的作用是否受到文化和旅游融合发展水平的调节影响？文化和旅游协同集聚对城市旅游发展的影响是否具有空间溢出效应？

本文以2009-2019年中国262个地级及以上城市为研究样本, 采用协同集聚指数测度城市文化和旅游集聚水平, 采用耦合协调度模型测度城市文化和旅游融合发展水平, 并通过构建面板门槛模型和空间计量模型, 检验文化和旅游协同集聚对城市旅游发展的影响。

文化和旅游协同集聚对城市旅游发展具有正向的促进作用, 而且这种影响会因为地理位置和城市等级的不同而存在差异。此外, 文化和旅游协同集聚对城市旅游发展的促进作用还受到文旅融合发展水平的影响, 当文旅融合发展水平跨越发展门槛后, 文化和旅游协同集聚对城市旅游发展的正向影响得到增强。最后, 文化和旅游协同集聚对周边城市具有积极正向的空间溢出效应。

本文将文化和旅游协同集聚、文化和旅游融合发展、城市旅游发展纳入统一框架, 创新性地分析了文化和旅游互动发展的规模和质量对城市旅游发展的影响。

This paper aims to examine the reaction of energy inflation to geopolitical risks in the European Economic Area between 1990 and 2015.

This study applies the nonparametric time-varying coefficient panel data model with fixed effects. In addition, to further reveal potential tail effects that may not have been captured by conditional mean-based regressions, the method of moments quantile regression was also used.

The findings of this study are as follows: first, as European countries get exposed to geopolitical tensions, it is expected that energy prices will surge. Second, the ability of geopolitical risk to trigger energy inflation in recent times is not as powerful as it used to be. Third, countries with a lower inflation rate, when exposed to geopolitical risks, experience smaller increases in energy inflation compared to countries with a higher inflation rate.

The findings of this study lead us to the conclusion that transitioning from nonrenewable to renewable energy use is one channel through which the sampled countries can battle the energy inflation, which geopolitical risks trigger. A sound macroeconomic policy for inflation control is a complementary channel through which the same goal can be achieved.

Given the increasing level of energy inflation and geopolitical risks in the world today, this study is an attempt to reveal the time-varying characteristics of the relationship between these variables in European countries using a nonparametric time-varying coefficient panel data model and method of moments quantile regression with fixed effects.

In this vein, this paper aims to provide empirical evidence on the following questions: Which expansion strategies offer better operational and economic performance? What effects does performance-related diversification have? How do other factors such as size, quality, service offered, location or seasonality interact with performance.

In this paper, the analysis of the effects of growth strategies and hotel attributes on performance is carried out with a sample of 255 hotels that operate internationally. Using panel data and quantile regression, this study evaluates the effect of expansion and diversification on the hotels’ performance.

From these findings, it appears that the equity strategy (own hotels) outperforms non-equity strategies (hotels under rental, franchise and management contract) at the operational level. However, the economic return of the property, both adjusted and unadjusted to risk, is lower under the property ownership strategy than under the franchise and management strategies because, in general, it requires a higher investment. Regarding diversification, the growth strategy based on related diversification in food and beverage services has a negative impact on performance, calling into question the synergies between the two businesses. However, an exception to this effect is seen among those hotels, mainly those in the Caribbean, that opt to provide all-inclusive services, since these hotels achieve better occupancy rates and more stable results.

This study has not taken into account the effect of hotel property revaluation on the performance of the ownership strategy, as there is no information on the historical average revaluation at the level of each individual hotel. This study has also been unable to include information regarding the level of competition and seasonality of sales.

This paper considers a wide number of factors that can influence the performance of hotels. Second, this is the only paper that studies the impact of growth strategies from the point of view of the hotel chain. Also, the sample considered uses data at the individual level on hotels and this research analyses not only operational performance but also economic performance.

This study investigates the impact of government and economic policy uncertainty (EPU) on companies' business operations, especially risk-taking tendencies and corporate financial reporting quality (FRQ).

The study employs the generalised least squares regression model. The final sample comprised 27,376 company-year observations from eight countries in the Asia-Pacific region.

EPU has a negative and significant effect on investment activity and FRQ. Higher EPU leads to a decline in investment and FRQ.

There are several limitations in this study. First, the authors used abnormal investments to measure investments, without considering the degree of irreversibility investment objectives. Second, although control variables are included at the company and country levels, they may only partially control for companies' mitigation effects. Third, the sample is limited to developing countries with unique characteristics in Asia-Pacific; therefore, the findings cannot be generalised.

The findings can help investors, analysts and regulators evaluate EPU's impact on companies' business activities by offering an overview regarding the decline in investment efficiency and FRQ. The results can also be used as input for regulators in formulating policies that encourage companies to regulate investment levels without harming other stakeholders and maintain FRQ during periods of uncertainty.

This research provides intriguing insights into EPU's effects on companies' investment activity and FRQ in developing countries, which are sensitive to changes in macroeconomic conditions.