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This paper presents an analytical overview of the effects of inflation on government revenues, expenditure and fiscal positions. Evidence for a range of countries from the current inflation episode and that of the 1980s is compared and contrasted. The key finding is that high inflation initially boosts tax revenues and improves fiscal positions, but expenditure quickly catches up and offsets this improvement. The short-term boost is partly due to structural changes that have made modern tax systems more elastic with respect to inflation. The medium-turn deterioration reflects a shifttoward spending items more responsive to inflation. The key risk is that the impression of abundant tax revenues will lead to spending programmes or tax cuts that damage public finances in the long term. As research on inflation and public finances has been dormant since the 1980s, this analysis fills a gap in our understanding of the fiscal consequences of inflation.

The concept of entrepreneurial ecosystems has been gaining considerable attention during the past decade among practitioners, policymakers, and researchers. However, to date, entrepreneurial ecosystem research has been largely atheoretical and static, and it focused mostly on advanced economies. In this paper, we therefore do two things. We first systematically review entrepreneurial ecosystem literature and propose a conceptual model that explicates three entrepreneurial ecosystemdynamics based on resource, interaction, and governance logics, respectively. We then systematically review empirical studies of emerging economy entrepreneurial ecosystems to build a theoretical framework that highlights their salient features. We reveal three key findings that challenge the direct application of the model vis-à-vis advanced economy entrepreneurial ecosystems to emerging economy entrepreneurial ecosystems: resource scarcities, structural gaps, and institutional voids. Our findings contribute to entrepreneurial ecosystem literature in terms of ecosystem dynamics and contextualizing entrepreneurial ecosystems in emerging economies. We also provide policy implications for emerging countries in fostering new venture creation.

We introduce a novel approach to operationalizing growth models. Drawing on the most recent release of OECD Input–Output Tables, we compute the import-adjusted growth contributions of consumption, investment, government expenditures, and exports for sixty-six countries in the years 1995–2007 and 2009–2018, covering not only advanced Western economies but also Central and Eastern European, South-East Asian, and Latin American countries. We find that most are export-led or domestic demand-led and other forms of growth are rare. Our results differ from other classifications in that they reveal important geographical variation as well as temporal change. In a subsequent step, we illustrate the utility of the methodology by investigating the link between real exchange rate devaluation and export-led growth, a contentious issue in the existing literature. For pre-crisis advanced Western economies, we find an association between the two variables, which is statistically significant only when our new indicator is used.

Countries everywhere are divided into two distinct spatial realms: one urban, one rural. Classic models of development predict faster growth in the urban sector, causing rapid migration from rural areas to cities, lifting average incomes in both places. The process continues until the marginal productivity of labor is equalized across the two realms. The pattern of rising urbanization accompanying economic growth has become one of the most visible and self-evident empirical facts of development across the world, with almost 200,000 people making the rural-to-urban trek every day, according to the United Nations. Cities across the world are powering growth, development, and modernization. The study then takes a close look at Diepsloot, a large township in the Johannesburg Metropolitan Area, to bring out more vividly the economic realities and choices of township residents. Although atypical in many ways, by the virtue of being newer, poorer, and more informal, with a bigger concentration of migrants (many of them foreign nationals), than the historically established townships, Diepsloot also retains many of the economic characteristics of South African townships: Issues of joblessness, uneven access to basic public services, and overwhelming levels of crime and violence are almost as pervasive in Diepsloot as they are in other T&IS. At the same time, an emergent informal sector more visibly pervades the township than seen in the average township, which makes it a particularly useful place to study in order to develop an understanding of the kinds of economic activities that are feasible in townships. It focuses particularly on the nature of business activity in the township, the key investment-climate constraints faced by its firms, income and expenditure patterns across households, and some aggregative social and human indicators. In a first attempt of its kind for a township, the report also develops a Social Accounting Matrix (SAM) of Diepsloot for a comprehensive and consistent picture of the place, including the circular flow of income within the township, the nature of its interaction with the rest of the South African economy, and a simple multiplier analysis of its economy.

This paper investigates the relationship between public debt and economic growth in selected advanced economies and European Union member states over the period 2000–2022. Using a linear panel regression model, the study analyzes the impact of public debt on GDP growth, while accounting for additional macroeconomic factors such as inflation, unemployment, and gross fixed capital formation. The findings reveal a negative linear relationship between public debt and economic growth, with the effect being more pronounced in EU countries due to their economic integration. While public debt is shown to hinder long-term growth, the analysis acknowledges the possibility of short-term positive effects under specific conditions. These results underscore the importance of tailored fiscal policies and sustainable debt management strategies for fostering economic stability.

This study explores the intricate relationship between trade openness, energy intensity, technological innovation, and carbon emissions across emerging and advanced economies, emphasizing their implications for sustainable development. Using balanced panel data, the analysis employs the Method of Moments Quantile Regression (MMQR) and Dumitrescu–Hurlin panel causality approaches to capture heterogeneous effects across varying emission levels. The results reveal that trade openness plays a pivotal role in mitigating carbon emissions by facilitating access to cleaner technologies and promoting energy-efficient production processes. Conversely, energy intensity demonstrates a positive and significant association with carbon emissions, confirming the persistence of fossil fuel dependence in energy structures. Technological innovation exhibits asymmetric effects—reducing emissions in emerging economies while marginally increasing them in advanced economies due to rebound effects associated with industrial expansion. The causality analysis highlights bidirectional linkages among trade openness, energy intensity, and emissions, suggesting that economic and environmental dynamics are mutually reinforcing. These findings imply that both emerging and advanced economies must design integrated policies that align trade liberalization with energy transition strategies and innovation-driven decarbonization. The study contributes novel insights into the energy–carbon nexus by distinguishing the heterogeneous impacts of trade and innovation across different development stages, thereby offering actionable recommendations for achieving global low-carbon growth.

Fiscal policy plays a critical role in the economy, helping governments to manage economic cyclicality and correct market failures. It also plays a significant role in reallocating national income, which can have an impact on income inequality in society. However, the effects of fiscal policy on income inequality may differ between developed and developing countries. To investigate it, the paper applies the system GMM and PMG estimators to empirically study the influence of fiscal instruments on inequality for a sample of 30 advanced economies and 34 developing economies from 2002 through 2020. The results show some interesting findings. Firstly, fiscal instruments tend to reduce inequality in advanced countries but increase it in developing countries. Secondly, economic growth can lead to greater inequality in developed countries, while it reduces inequality in developing economies. Finally, unemployment in advanced economies and education in developing economies tend to enhance income inequality. These findings offer valuable policy lessons for governments seeking to use fiscal policy to address income inequality in society.

This article examines premature withdrawals from pension funds that were initiated as responses to the COVID-19 pandemic. It looks at withdrawal programmes both in emerging market and in advanced economies. Although measures might have been expedient in countries where social protection systems (social assistance and job furlough schemes) are relatively underdeveloped, they could also be regressive. Furthermore, they undermined the concept of pension funds as retirement income resources and, in some cases, they might threaten people’s living standards once they became old. The paper also suggests that such withdrawal programmes have a populist flavour.

This study investigates whether dynamic bond markets lead to more macroeconomic stability in eight East Asian countries by distinguishing between advanced and emerging economies. Contrary to previous studies, we relax the strong assumption of homogenous investors by adopting a frequency approach based on the wavelet methodology to measure the relationship between the bond market and macroeconomic stability through both the time and frequency dimensions. Our analysis reveals three main findings. First, the interaction between the bond market and macroeconomic variables is more pronounced in emerging economies than in developed economies. Second, the relationship between the bond market and macroeconomic indicators varies over time, as it is more pronounced during turmoil periods, and across frequencies, as we show that the relationship is observed in the short and medium (long) term for emerging (advanced) East Asian economies. Third, there is divergence in the relationship regarding the level and volatility of the macroeconomic indicators. Indeed, for emerging economies, the relationship is more pronounced in the first moments; however, for advanced economies, it is more pronounced in the second moments.