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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.

The Peruvian economy depends for its growth on the export of its mineral resources. This dependency is derived from the country's role in the international division of labour and is expressed in its export structure, economic structure and business structure. Peru's dependency on its mineral resources, an economic structure that is principally made up of non-tradable sectors and a business structure dominated by micro businesses, make lasting economic progress very difficult. We argue that although the Peruvian economy is divided into an advanced economy and a capitalist subsistence economy, the country is not a dual economy where two sub-economies are economically and socially separated from each other and have structurally different modes of operation. The capitalist subsistence economy is characterized by low productivity levels and is expressed in remuneration rates at or near the minimum wage level. This structural feature of the Peruvian economy impedes the successful implementation of a process that would make the country less dependent on its natural resources and would set it on a development course of increased value-added production.

Purpose Market share gain is one of the key objectives for all firms for seeking growth. It is also a fundamental aspect of competitive rivalry. The extant review of the literature points to a gap among market share performances of emerging market multinationals (EMNEs) firms, advanced economy multinationals (AMNEs) and local firms. The purpose of this study is to delineate and contrast the market share performance of EMNEs, AMNEs and local firms in Africa. Design/methodology/approach The study used available longitudinal data (2013–2022) of six industries across four African countries from Euromonitor Passport, a rich, proprietary database. Findings Applying contingency theory, the study shows that, over time, there is no clear-cut winner in all markets and industries. Rather, market share gain is contingent on country and industry settings in Africa. Empirical analysis demonstrates that high-tech EMNE firms operating in Africa will exceed those of high-tech AMNEs and local firms. The findings also show that local firms generally performed better during the pandemic. Originality/value As Africa is a region of interest for scholars and practitioners, critical international business (IB) research contributions in Africa have predominantly focused on foreign investments from a particular nation. The present study enriches the literature by comparing the market share performance of AMNEs, EMNEs and local firms in this important region – during and prepandemic. The study offers theoretical and managerial implications for understanding the long-term performance of these three types of firms.

This paper examines the underlying structural elements of US growth patterns, pre- and post-crisis. Prior to the recession, the US economy exhibited a defective growth pattern driven by outsized domestic demand. As domestic aggregate demand retreats to more sustainable levels relative to total income, the tradable side of the economy is a catalyst for restoring strong growth. A structural rebalancing is already underway; although it is only a third of the economy, the tradable sector generated more than half of gross gains in value-added since the start of the recovery. However, distributional issues loom on the horizon.

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.