This study focuses on the examination of the spillover impact of media sentiments (media coverage index, MCI), on the returns and volatility of the different investment graded sukuk bonds during the ...COVID-19 pandemic using the Time-varying Parameter Vector Autoregressive (TVP-VAR) model. We find that media sentiments have a stronger spillover impact on the bonds' returns than their volatilities. The impacts are also found to be higher around the first few months of 2020 and 2021. The lower investment grade sukuk bonds are net transmitters of spillovers to their higher investment grade sukuk bonds counterparts. Sukuk bond BBB becomes a net recipient of spillovers and its net directional spillover relationship with sukuk bond AAA becomes zero. The spillover relationship is generally time-varying, with exceptional spillovers occurring during the early periods of the outbreak of the pandemic and the rise of its second wave.
This study aims to examine the green innovation effect of the carbon emissions pilot policy in China. First, using the difference-in-differences method and regressions of instrumental variables using ...the data from Chinese listed firms, we verify that the policy promotes green innovation among regulated firms and is more pronounced among state-owned enterprises, firms in the eastern region, and those with lower financing constraints. Furthermore, this positive effect spreads downstream relative to the regulated firms through input–output linkages, but reduces green innovation to upstream firms. Accordingly, such diffusion of innovation is achieved through the price mechanism. The results necessitate the introduction of various derivatives to mobilize the market to reduce the speculative volatility of carbon prices. In addition, relevant supporting policies must be established to encourage corporate innovation to reduce the crowding-out effect owing to emission reduction and the nonmarket factors.
Purpose
This study’s objectives are twofold; first, this paper aims to explore the determinants of perceived benefit and perceived risk of Islamic Fintech. Second, this study examines the influence ...of perceived benefit, perceived risk and user trust on the intention to adopt Islamic Fintech.
Design/methodology/approach
The sample of 350 was distributed among the respondents, while a usable sample of 321 was retained for the analysis. The study performed a self-administration survey to collect the sample data while the hypothesized model was tested using SmartPLS.
Findings
The results revealed that perceived benefit and perceived risk were significant and positively influenced by their factors. Moreover, perceived benefits showed a positive and significant impact on trust. However, perceived risk had a negative and significant impact on trust. The results also found a strong positive and significant relationship between trust and intention to adopt Islamic Fintech.
Originality/value
The outcome of this research may be used to develop strategies for Fintech and enables the financial sector to attain economies of scale in the world.
LEGAL GLOBALISATION AND ECONOMIC SYSTEMS Vasyliev, Sergii; Epryntsev, Philip; Rekunenko, Tetiana
Baltic Journal of Economic Studies,
11/2023, Volume:
9, Issue:
4
Journal Article
Peer reviewed
Open access
The objective content of globalisation is made up of processes that are heterogeneous in their origins, mechanisms and consequences, which makes it possible to consider globalisation as a complex ...system of phenomena and relations that is internally quite contradictory. This status of globalisation processes gives rise to a wide variety of concepts and theories of the origin and development of globalisation, among which a separate group studies globalisation in the field of economics and law. The article examines the main theories and concepts of the globalisation process and, on the basis of these, formulates general trends and guidelines for the development of the national legal and economic system. The author presents the main modern scientific positions on the nature and content of globalisation in the field of economics and law, which have made it possible to highlight its characteristics and conceptuality. It should be noted that the analysis of academic theories shows, firstly, that scholars tend to argue for legal globalisation exclusively through the sphere of economic relations and, secondly, that there are significant differences of opinion regarding the prospects of globalisation in this area. The authors suggest that the main trends are: (a) legal globalisation: internationalisation of national law, internalisation of international law – incorporation of international law into national law, globalisation of legal regulation; (b) economic globalisation: concentration and centralisation of capital, strengthening of the international division of labour, formation of international transport and logistics infrastructure, development of information and technological progress. The subject of the study is the main patterns of globalisation in the field of economics and law: theoretical concepts and models; current status, dynamics, main trends of development, as well as the state of scientific research in this field. The methodological basis of the study is, first of all, modern philosophical methods of cognition (dialectical, historical and logical, systemic and analytical). The study used general scientific methods of comparison, analysis and synthesis, abstraction and generalisation, analogy, induction and deduction. For the purposes of this study, system-structural and system-functional methods of cognition were widely used. These tools made it possible, first of all, to identify the dynamic characteristics of law in the system of socio-cultural values. Results. Globalisation is an objective process independent of the will and desires of individuals and states. Globalisation is an intrinsically contradictory phenomenon that opens up new opportunities for development and interaction between states, while exacerbating old and generating new problems. An intensive direction of globalisation is the acquisition of a new quality by world economic ties – increased interdependence and interaction of all spheres and components of international relations. Whereas at the previous stages of internationalisation of international relations, economic imperatives were recognised as dominant, today the importance of the legal factor is growing. It is stated that when studying the phenomenon of globalisation, at least two aspects are distinguished: (1) globalisation is an objective process, (2) it is promising to identify and use its positive aspects, and to identify and neutralise its negative phenomena. The complexity of the study of globalisation processes lies in the need to take into account the old and develop new models of social transformation.
This paper considers the extent to which social enterprise practitioners' outlook on the capacity of social enterprises to transform inequitable socio-economic systems conforms to compensatory or ...transformative social enterprise theories of change. Data for the study was drawn from in-depth, semi-structured interviews with social enterprise managers and business developers in Manitoba, Canada. Study findings suggest that social enterprise practitioners can and often do hold both compensatory and transformative perspectives at the same time. In other words, while they may operate within a flawed, inequitable socio-economic system, they can also work towards the ultimate transformation of the system into a more equitable one.
The bioeconomy model provides an alternative view of global economic systems by putting sustainable practices combined with digital approaches at the forefront to tackle issues such as climate ...change. To address this new business trends, financial institutions began to set up the environmental, social, and governance (ESG) business units to evaluate their business strategies. This paper is aimed at examining the nonfinancial effect created by the digital transformation (DT) activities, highlighting the role of enterprise heterogeneity after the implementation of Environmental Protection Law (EPL) in China. We employ the panel data of A-share listed companies from 2010 to 2020, selecting DT and ESG indicators as the important representations of “Industry 5.0.” Our empirical results demonstrate a positive impact of EPL on the ESG performance in sight of resource enterprises (REs), environmental enterprises (EEs), and polluting enterprises (PEs), but a negative impact of EPL on the DT indicators among those environmental related industries. Additional causal relationship regression reveals that enterprise DT has an intrinsic promoting effect on the ESG performance, emphasizing on the high risk of digitization process being the shock transmitters to enterprise nonfinancial indices. Notably, the connectedness of environmental policy illustrates dynamic patterns by parallel trend test and propensity score matching (PSM) DID regression. This paper is prone to benefit lawmakers, regulators, and firm executives responsible for analyzing and assessing enterprise digitization behavior by exploring the influence of macrolevel environmental policy.
It is necessary to predict the critical transition of lake ecosystems due to their abrupt, non-linear effects on social-economic systems. Given the promising application of paleolimnological archives ...to tracking the historical changes of lake ecosystems, it is speculated that they can also record the lake’s critical transition. We studied Lake Dali-Nor in the arid region of Inner Mongolia because of the profound shrinking the lake experienced between the 1300 s and the 1600 s. We reconstructed the succession of bacterial communities from a 140-cm-long sediment core at 4-cm intervals and detected the critical transition. Our results showed that the historical trajectory of bacterial communities from the 1200 s to the 2010s was divided into two alternative states: state1 from 1200 to 1300 s and state2 from 1400 to 2010s. Furthermore, in the late 1300 s, the appearance of a tipping point and critical slowing down implied the existence of a critical transition. By using a multi-decadal time series from the sedimentary core, with general Lotka-Volterra model simulations, local stability analysis found that bacterial communities were the most unstable as they approached the critical transition, suggesting that the collapse of stability triggers the community shift from an equilibrium state to another state. Furthermore, the most unstable community harbored the strongest antagonistic and mutualistic interactions, which may imply the detrimental role of interaction strength on community stability. Collectively, our study showed that sediment DNA can be used to detect the critical transition of lake ecosystems.
Introduction
Many consequences resulted from the breakout of the COVID-19 pandemic in Europe, which have disrupted our economic, social and medical world. This allowed us to measure and assess the ...hospitalisation costs regarding the COVID-19 disease at Martini Hospital in Turin, one of the hospitals entirely committed to the COVID-19 care, between January and June 2021.
Methods
In this single center retrospective study, we collected and analysed cost data on patients admitted at Martini Hospital in the time frame of January-June 2021 and compared the analysis with the same period in 2020, at a time when the hospital was not dedicated to Covid-19 patients. Cost data included full-time and temporary employees salaries, drugs, medical and non-medical supplies and equipment and facility utilities. We then estimated the cost per treated COVID-19 episode, in comparison with the cost per any desease including Covid-19.
Results
The first 6 months of 2021 registered 2,136 hospital discharges, while same period in 2020 counted 4376. The mean duration of the hospital stay was 7,67 days in 2020 and 12,83 in 2021. The average charge per treated episode doubled (+52,5%) from Euros 8997 in 2020 to Euros 19026 in 2021. The mean revenue increased of 35% from Euros 3280 in 2020 to Euros 5041 in 2021. This is due to the major complexity of care required for Covid patients. As it is, in 2021 the average complexity index of 2.13 while in 2020 it was 1.39.
Conclusions
Clinical management and treatment of COVID-19 economically strain the European health-care systems. The study of COVID-19 treatment costs, and their differences between 2020 and 2021 suggests an economic challenge for the entire Italian health system and emphasises the necessity to avoid the recurrence of such an economic impact by implementing effective infection prevention and control policies.
Key messages
* The Covid-19 pandemic has been straining both the European health and economic systems.
* Studying the Covid-19 expenditures allows to frame unexpected new challenges regarding health-care systems.
•Municipalities in Wallonia use different prices and pricing units for waste.•We use a panel model to estimate price elasticities for organic and residual waste.•Pricing of residual waste is critical ...to reduce residual waste and encourage sorting.•Weight-based pricing is effective in reducing the quantities of residual waste.
Waste pricing is important to encourage households to reduce their waste and to increase sorting and recycling. Pricing instruments include differentiated prices for the waste fractions collected and the choice of an appropriate pricing unit (volume, weight, levy). In this paper, we test the effectiveness of those different instruments using an original and complete dataset from Wallonia (the southern region of Belgium), covering 10 years and all the 262 municipalities of the region. Our approach is to estimate the sensitivity of households’ production of residual and organic waste to prices i.e., the price elasticities, using sophisticated econometric techniques to control for the endogeneity of prices. For residual waste, we show a significant own-price elasticity, which is higher when organic waste is not collected at the curbside. For organic waste, we found an important and significant cross-price elasticity, but a limited own-price elasticity. Hence, the privileged instrument to encourage waste reduction and sorting should be the price of residual waste. Finally, we show that the weight-based pricing system contributes substantially to the reduction of residual waste.
This paper comprehensively reviews the interconnections between climate change, decarbonization, and green finance. The urgency of addressing climate change and its catastrophic consequences needs to ...focus on green finance as a vital tool in the global struggle against environmental damage. Green finance involves supplying investments, loans, or capital to support environmentally friendly activities, facilitating the transition to a more sustainable future. This review explores the theoretical frame of reference for green finance, including its impacts on climate change, decarbonization of economies, carbon-stranded assets, risk management, renewable energy, and sustainable economic growth. Additionally, it examines regional focuses in Asia, such as the importance of green finance in China and the beliefs and challenges of green finance in Bangladesh. The review also discusses future directions and recommendations for advancing green finance. The review examines the current research in green finance and how it can address environmental challenges and promote sustainable development. More research needs to be conducted in mainstream economics and finance journals to bridge the knowledge gap and foster broader scholarly engagement in green finance. Researchers, policymakers, investors, and stakeholders will receive help from the study's reliable and robust insights into combating climate change and promoting sustainable development.
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