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The efficient functioning of the labour market is an important factor that affects long-term economic growth. The interaction of supply and demand on the labour market is influenced by institutions which change the motivations and behaviour of economic actors and, ultimately, the flexibility of the labour market. There is no consensus in the literature on the effect these institutions have on labour market outcomes. This chapter focuses on a set of selective labour market institutions (employment protection legislation, minimum wages, unemployment benefits, labour taxation, trade unions and active labour market policies), compares their relevance to other European Union (EU) countries and through the lens of the Beveridge curve it tries to evaluate their impact on effectiveness of the Czech labour market. The international comparison shows that most of the considered institutions/regulations do not reach such importance (except employment protection legislation) and that they have a significant negative effect on labour market outcomes. Even the model of the Beveridge curve does not indicate that the Czech labour market is characterised by rigidities that would impair the effectiveness of a matching process at the aggregate level.

This study aims to examine whether social inclusion policies promote financial inclusion. Three social inclusion policies were analyzed: gender equality policies, environmental sustainability policies and social protection (SP) policies.

The study used the panel fixed effect regression methodology to analyze data from 48 low- and medium-income countries.

The results show that social inclusion policies do not have a significant effect on financial inclusion. Also, the older population is less likely to own an account at a formal financial institution in low- and medium-income countries that have strong environmental sustainability policies and institutions. The implication of the finding is that the policies and institutions established to promote environmental sustainability can discourage the older population from keeping the population's wealth in formal financial institutions in the country.

Policy makers should consider how social and environmental policies and programs can be designed to promote financial inclusion for older individuals in the individuals' countries.

The financial inclusion literature has not considered the role of social inclusion policies in promoting financial inclusion for individuals, businesses and the excluded groups in a country.

This paper models the benefits of Islamic banking on the efficiency of the banking sector and on societal happiness. This paper aims to examine how the adoption of Islamic banking to various degrees affects economics outcomes.

This study uses machine-learning tools to build a happiness function and integrate it in an agent-based model to test for the direct and indirect welfare effects of implementing Islamic banking principles.

This study shows that even though Islamic banking systems tend to reduce economic activity, financial stability and societal happiness is improved. Additionally, a banking sector using Islamic principles across all its members is better equipped to handle banking crises because contagion to both economic activity and societal welfare is greatly reduced. At the same time, adoption of the profit-and-loss sharing (PLS) paradigm by banks may also slow down economic growth.

The findings extend existing literature on the advantages of Islamic banking, by quantifying the welfare benefits of the PLS paradigm on happiness and financial stability.

To the best of the authors’ knowledge, this paper is the first to combine agent-based modelling with machine learning tools to examine the benefits of the Islamic banking model on financial stability, social welfare and unemployment.

The purpose of the study is to emphasise the urgent need for pension policy reform within Indonesia’s social security system.

The methodology employed in this research includes qualitative techniques such as in-depth interviews and thematic content analysis.

The findings suggest various measures for pension reform, including revising eligibility criteria, adjusting benefit designs to cover housing and transportation costs, promoting Defined Benefit Plans, enforcing compliance, addressing insufficient contributions, advocating for transparency, and aligning social assistance programs with pension system enhancements. However, there is a trade-off between the adequacy of pension benefits and the amount of resources required.

This study is limited by the need for more individuals knowledgeable about pension issues in Indonesia, primarily due to their high-ranking positions, making access challenging and potentially compromising the small sample size in research.

The research underscores the importance of maintaining policy consistency. It proposes a gradual increase in pension contributions as a pivotal strategy to ensure sustained financial security for retirees, particularly in the face of fiscal constraints. Also, the government should undertake comprehensive reforms, encompassing the revision of eligibility criteria, adjustment of minimum benefit designs, encouragement of employer contributions and effective management of compliance issues.

Social implications emphasise the importance of enhancing the financial security of retirees within Indonesia’s ageing population.

The originality and value of the research lie in guiding pension reform from the viewpoint of key policymakers involved in Indonesia’s pension system.

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.

Over the last decades, the development of entrepreneurial activity has allowed greater growth and economic development in Spain. However, within the analysis of Spanish entrepreneurial dynamics, insufficient attention has been paid to a key group: senior entrepreneurs. The fact that the first two decades of the 21st century have been accompanied by the two worst economic crises in remembrance since the Great Depression of the 1930s has had a great impact on the professional careers of the group of senior workers, whose careers have been cut short due to the closure of companies. In this way, the present work delves into the reality of senior entrepreneurs in Spain, analyzing the main characteristics of this group, which is becoming increasingly important in society.

Using microdata from the Spanish National Statistics Institute's Labour Force Survey, the study focuses on reference persons who, being 50 years of age or over and actively working, work as an entrepreneur and have started their activity in the last 12 months. The study covers, in turn, the analysis period of the fourth quarters from 2005 to 2020. In relation to the methodology, the work focuses on the use of binary logistic regression techniques, given that the phenomenon to be studied is binary in nature: entrepreneurship or not.

The main conclusions drawn are the importance of sociodemographic factors such as educational level, age, the profession of the couple as well as the fact of having or not having children. The sector of activity and region are also significant. It is also concluded that senior entrepreneurship in Spain is of a necessary nature, considering the evolution of unemployment and decisions based on pension reform.

The main limitations of the study refer to the lack of socioeconomic information. Thus, it would be interesting to know the link among the sociodemographic characteristics and the economic situation of the professionals, as well as the fact of whether they have started from a previous situation of unemployment or employment.

The obtained conclusions allow progress to be made in the generation of economic policies aimed at the professional reorientation of a group of workers who, due to labor market circumstances, are obliged to end long professional careers and to seek alternatives. In fact, entrepreneurship is a viable professional alternative for these professionals.

Despite the importance of senior professionals in the Spanish economy, more research is needed on their characteristics and needs. Despite important studies such as Socci et al. (2020) or Perez-Encinas et al. (2021), there are not many studies for the Spanish reality. This paper seeks to deepen the understanding of the sociodemographic characteristics of Spanish senior entrepreneurs, based on current public information and considering different stages of the economic cycle.