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The purpose of this study is to examine the relationship between the productive structure and the size of the informal economy in Latin American countries.

The study employs econometric techniques for panel data covering the period from 2002 to 2017 and considering 17 Latin American countries. The evidence presented is based on the informal economy data generated by Medina and Schneider (2018) who estimate the size of the informal economy using a structural equation model and the share of manufacturing in total employment as a measure of the size of the manufacturing sector. Also, the study addresses the possible endogeneity bias in the relationship studied and makes the conclusions more robust, thus avoiding spurious correlations that weaken the findings.

The results indicate that most industrialized Latin American countries are associated with a smaller size of the informal economy.

The findings have important policy implications, as they suggest that Latin American economies need to switch the structure of the economy toward more sophisticated productive structures if they want to reduce the size of the informal economy. Thus, more efforts should be deployed to policies to diversify and upgrade economies.

The study contributes to the literature on the informal economy by connecting the country’s productive structure and informality. Specifically, the results show that the productive structure of countries is a plausible explanation for the size of the informal economy.

X = multiple interpretations

Discusses the concept of a well‐functioning economy and attempts to define its principal properties. Examines some aspects of rules of decision making that are essential for the generation of optimal decisions. Brings together the selected properties of a well‐functioning economy and the characteristics of decision making, in order to shed light on how a well‐designed decision‐making system can produce an economy that functions and performs well. Comments on the failure of central planning in eastern Europe and the former Soviet Union.

This paper explores the links between economic and social structures and ethical norms for economic life. As such, the essay is a contribution to the more general philosophical discussions on the relation between fact and value in the social sciences. I begin with a brief discussion of ethics which highlights the social character of ethical “value” and draws upon the work of the Canadian philosopher, Bernard Lonergan, to introduce a novel way of understanding social structures. The analyses show how economic structures can be understood as cooperative meaning schemes, how such schemes are embedded within a wider ecology of social meaning schemes, and how the dynimic relations among such schemes reveal ethical goals and make ethical demands upon participants who depend upon them for their living. I illustrate these linkages in a discussion of three examples drawn from economic life: a consumer purchase transaction, an ancient trade scheme drawn from the work of Karl Polanyi, and a rather novel approach to economic development proposed by Jane Jacobs.

This chapter focuses on the analysis of sectoral structure of the economy of the Republic of Belarus as well as on its structure by forms of ownership. The role of industry in national economy is highlighted. Dynamics and problems of its development are analyzed. It is shown that the share of services in GDP increases, while the share of manufacturing declines. Absolute size and share of the manufacturing employment trends down. The ongoing process of ownership structure transformation and the growing share of private and foreign ownership are featured. State-owned enterprises along with private enterprises with a state share comprise two-thirds of total industrial output, but this share is gradually shrinking. The industrial policy is viewed as an enabling factor of the country's economic development. Considerable attention is paid to the analysis of industrial policy of the Republic of Belarus, its goals and instruments as well as regulations. It is noted that the role of government in regulating the industrial structure of the economy is significant.

This study is aimed to measure the intertemporal financial efficiency of 16 emerging economy countries (BRICS and N-11) and further to investigate the mechanisms of financial development on energy efficiency covering the period 2008–2020.

The dynamic data envelopment analysis model is used to measure financial efficiency dynamically. The generalized method of moments is used to investigate the effects of financial efficiency on energy efficiency. In the proposed approach, energy efficiency is the dependent variable, whereas financial efficiency, GDP per capita, industrial structure upgrade index, urbanization level and export trade structure are the regressors. Generalized moment estimation is performed.

There is heterogeneity in the level of financial development at different stages of economic development. The impact of financial efficiency on energy efficiency is related to the type of industries to which financial institutions are allocated. With the financial development of emerging economies, enterprises in technology-intensive industries are becoming the main contributors to higher profits for financial institutions, the products and results of these enterprises reduce energy consumption and increase energy efficiency. In addition, residents with rising levels of wealth holdings prefer low-carbon and environmentally friendly products, which indirectly improves energy efficiency. Per capita GDP and urbanization have no significant impact on the energy efficiency of emerging economies. The optimization and upgrading of the industrial structure of emerging economies has played a role in promoting energy efficiency. The export trade structure has a restraining effect on energy efficiency.

The findings contribute value by supporting a positive link between Financial Development and Energy Efficiency in the emerging economies. Enterprises in technology-intensive industries have gradually become the main force that brings higher profits to financial institutions. The products and achievements of these enterprises will reduce energy consumption and improve energy efficiency. The findings of this study provide emerging economies with an objective view of their financial development and energy efficiency, while also providing governments and policymakers with ways to improve energy efficiency and achieve sustainable development.

After the precipitated decline of the Soviet Empire and its satellite states, a system change seemed to be called for, and many countries embarked on social and political reforms focussing on property structures in the economy. This raised the issue of governance in the institutions that would constitute the structures in which production would have to take place. In particular, some Central European countries opted for mass privatisations of the means of production, on the face of it so as to have the people participate in the wealth of the nation. In fact, the wealth of the nation depends on the structures in which it is constituted. Dissipation of property rights will reduce the value of the nation's productive capital, whereas an intelligent structure that creates good governance structures at the same time, increases the value of the producing capital. This relatively simple insight lies at the heart of our understanding of how to analyse different processes of mass privatisation. This essay develops a theoretical framework by which different governance structures can be analysed. The framework consists of a blend of the economic theory of property rights, new institutional economics and Austrian economic theory.