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Topic Review
Empirical Assessment of Institutional Convergence in CEECs
Although there is no universally accepted definition of governance, and a conceptual framework for governance statistics is still lacking, for the purpose of this article, i.e., to investigate the convergence of CEE countries as a potential result of the transfer of Western formal institutions to those countries, the latest edition of the Worldwide Governance Indicators (WGI) dataset was used. Based on a long-standing research programme by the World Bank, the Worldwide Governance Indicators (WGI) capture six key dimensions of governance (Voice and Accountability, Political Stability and Lack of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, and Control of Corruption) in the period between 1996 and 2019. Thus, in the following lines, we first analyse the institutional quality in CEECs based on the VoC approach, after which we empirically test the σ- and unconditional β-convergence in selected groups of countries.
  • 700
  • 31 Dec 2021
Topic Review
Digital Banking Implementation Indicators in Industry 4.0
Extensive technological changes brought about by Industry 4.0 have changed the behaviors and attitudes of customers and created new needs for them. The digital transformation of banking encompasses a wide range of services, such as document digitization, electronic signatures for transactions, e-learning, teleconferencing, online trading platforms, digital stores, e-statements, and mobile payments. Adopting new business models through the digital transformation of banking operations is the most appropriate approach for banking institutions in today’s economic environment.
  • 700
  • 31 May 2023
Topic Review
History of Fair Trade
The fair trade movement has undergone several important changes since its early days following World War II. Fair trade, first seen as a form of charity advocated by religious organizations, has radically changed in structure, philosophy and approach. The past fifty years have witnessed massive changes in the diversity of fair trade proponents, the products traded and their distribution networks.
  • 692
  • 23 Nov 2022
Topic Review
Circular Economy and Circular Cities
An alternative way to the current way cities develops and operate is provided by the circular economy (CE). The idea of circular economy finds its roots in environmental and ecological economics, industrial ecology and management and corporate sustainability. The circular city represents a relatively new concept, and as a result, assumptions about these types of cities are often incorrect and require further explanations to understand their way of functioning. A framework for a circular economy not only reduces the raw materials used within the system but also brings opportunities for sustainable consumption, waste management and innovation in all fields, as well as human development and increased well-being for everyone. However, the nature of circular systems mandates for the collective effort of governments, businesses and consumers likewise. Therefore, a circular economy should be an integrated part of the cities’ and regions’ development plans for achieving healthy circular ecosystems.
  • 691
  • 02 Aug 2021
Topic Review
Forecasting a Stock Trend Using Genetic Algorithm
The performance of the model significantly outperforms the dummy forecast. In some cases, the accuracy of the model was up to 80%. The results also showed that S&P 500 (the US stock market) is the most useful stock index in the prediction on all sectors. This could be because the 15 considered stocks have been selected from NYSE and NASDAQ. In contrast, CAC40 (French stock index) seems to have the lowest impact on two out of the three sectors. Moreover, past historical data of the stock itself helps significantly in predicting its trend. However, the results also show that the accuracy of the model decreases considerably while trying to predict large price changes.
  • 688
  • 23 May 2022
Topic Review
Food Preferences during COVID-19 Lockdown
Changes in consumers' total food consumption reflect individual food preference during the COVID-19 lockdown.  In addition,  changes in consumers’ food expenditure represent consumers' behavioral preference. Furthermore, trends in shopping behaviors towards food products with sustainable attributes also reflect food preferences during the lockdown.
  • 679
  • 14 Sep 2021
Topic Review
Disability in Israel
Disability rights in Israel are based among the rest upon disabillity pensions, accessibility regulations, therapy, special education, sheltered workshop and assisted living. Since the beginning of the 21st century, the disabled people in Israel, with a population of 250,000, have managed to equalize the disability pension from the Bituah Leumi (National Insurance Institute of Israel) to the minimum wage level in Israel. As of 2017, the struggle was made by demonstrations, blocking main roads, highways and industries, activity in social networking services, petitions to the High Court of Justice, negotiations with the Government of Israel and bills in the Knesset. In 2017, a full disability pension was 2,342 ILS. The minimum wage in this year was 5,000 ILS, and in December 2017 it went up to 5,300 ILS per month.
  • 677
  • 01 Nov 2022
Topic Review
Sustainable Social and Economic Development of Russian Municipalities
Sustainable social and economic development of municipalities has been assessed in Russia. In Russia, the issue of improving socio-economic sustainability of municipalities in the region through the assessment of its indicators are particularly relevant. Regional policy measures to equalize the level of socio-economic development should be designed, taking into account the identified features of the territorial development of municipal districts.
  • 673
  • 24 Nov 2021
Topic Review
Circular Economy under Multi-Parametric Approach
A circular economy (CE) is conceptualized under different rounds of materials and energy cycling flows and is a matter of a three-level deployment: inter-enterprise circulation, regional circulation, and social circulation. 
  • 668
  • 08 Jun 2021
Topic Review
Evaluating Transition towards Circular Economy in European Union
The term circular economy (CE) has existed in the literature since the 1960s. In recent years, it gained significant notability in Europe with the introduction of the circular economy concept into the policy and strategy of the European Union (EU) in 2014 (COM/2014/0398) and the launch of the first Circular Economy Action Plan of the European Commission (COM/2015/0614 Final) in 2015 continued by a new Circular Economy Action Plan: For a cleaner and more competitive Europe (COM(2020)0098). One important step towards CE mainstreaming is the development of suitable indicators that would help measure the state of transition in both absolute and relative/comparative terms. Assessing countries’ performance in achieving the goals of the circular economy is a challenge due to the lack of a generally accepted methodology, the multitude of indicators, and the insufficient data. Countries may be compared in a narrow way, according to single indicators, but a more holistic synthetic assessment of countries is also needed to determine their position against each other.
  • 668
  • 27 Jun 2022
Topic Review
COVID-19 Shock Affect Intergenerational Income Mobility
The COVID-19 crisis has caused a huge negative shock to economic activities worldwide, leading to a reduction in income and changes in income distribution. Intergenerational mobility is an important indicator of sustainable social development. 
  • 657
  • 28 Sep 2022
Topic Review
Monetary & Financial Sustainability
The attention focuses on the State’s coercive intervention according to the principles of political economy, capital theory and Austrian business economic cycles.
  • 656
  • 13 May 2021
Biography
Marco Vivarelli
Ph.D. in Economics and Ph.D. in Science and Technology Policy, is full professor at the Catholic University of Milano, where he is also Director of the Department of Economic Policy. Affiliated Professorial Fellow at UNU-MERIT, Maastricht Research Fellow at IZA, Bonn Fellow of the Global Labor Organization (GLO) Member of the Academic Advisory Council of the Glob
  • 656
  • 09 Aug 2022
Topic Review
Social/Economic Value in Emerging Decentralized Energy Business Models
Emerging business models, including business models for demand side management, peer-to-peer (P2P) trading, transactive energy (TE) markets and microgrids which involve community self-consumption (CSC). 
  • 655
  • 12 Jan 2022
Topic Review
Open Innovation Concept Based on Ecosystem Approach
One of the major factors of developing economics in the modern world is promoting innovation activities, which frequently ensures a competitive position of a state in the global market. Thus far, the introduction of innovative high-performance technologies founded on scientific research has been considered to be a driver of economic growth that results in enhancing the welfare of a population. Therefore, many states look for measures to support innovations.
  • 655
  • 27 Jun 2022
Topic Review
Rawlsian Cost-Benefit Analysis
The use of a Rawlsian perspective in cost-benefit analysis is proposed. For the purposes of the cost-benefit analysis, this perspective is at least as adequate as the traditional perspective, of a utilitarian nature.
  • 652
  • 17 Nov 2021
Topic Review
Employment and Economic Growth
Based on the Cobb–Douglas production function, researchers developed an employment demand model to find the employment elasticity with respect to economic growth using working hours and population as explanatory variables.
  • 640
  • 21 Aug 2023
Topic Review
Tourism Brand Management and COVID-19
The ongoing rapid spread of COVID-19 has severely impacted all sectors across the globe. The tourism industry is one of the most sensitive sectors in any crisis and also tends to be one of the last to recover after a crisis. During a crisis, survival is the key issue for all businesses. Many businesses learnt from the SARS epidemic of 2002 and realized that crisis management, i.e., the concept of developing a recovery plan, is vital. Brands tend to be significantly affected during a crisis if not properly managed, and it often requires significant resources to ensure that a brand survives during a period of adversity.
  • 637
  • 28 Jun 2021
Topic Review
The Free Banking School
The Free Banking School is a term used for economists who study the costs and benefits of the competitive issue of currency by banks. 
  • 636
  • 30 Dec 2022
Topic Review
Banking Union
The Banking Union in the European Union is the transfer of responsibility for banking policy from the national to the EU level in several countries of the European Union, initiated in 2012 as a response to the Eurozone crisis. The motivation for banking union was the fragility of numerous banks in the Eurozone, and the identification of vicious circle between credit conditions for these banks and the sovereign credit of their respective home countries ("bank-sovereign vicious circle"). In several countries, private debts arising from a property bubble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble. Conversely, weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector, not least because of high domestic sovereign exposures of the banks. As of mid-2020, the Banking Union mainly consists of two main initiatives, the Single Supervisory Mechanism and Single Resolution Mechanism, which are based upon the EU's "single rulebook" or common financial regulatory framework. The SSM took up its authority on 4 November 2014, and the SRM entered into full force on 1 January 2015. Most accounts of banking union view it as incomplete in the absence of a European deposit insurance. The European Commission made a legislative proposal for a European Deposit Insurance Scheme in November 2015, but it has not been adopted by the EU co-legislators. Also as of mid-2020, the geographical scope of the Banking Union is identical to that of the euro area. In future, other non-euro member states of the EU may join the Banking Union under a procedure known as close cooperation. Bulgaria and Croatia have initiated requests for close cooperation, respectively in July 2018 and May 2019.
  • 632
  • 28 Nov 2022
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