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This study examines how international tourism affects Vietnamʼs bilateral trade flows with major partners, framing the analysis within a structural gravity model of trade. Using system‐GMM estimation on panel data from 20 countries (2008–2022), the analysis disaggregates trade flows by direction (exports vs. imports) and by category (goods vs. services, with tourism‐related service trade excluded to avoid tautology) to capture tourismʼs varied effects. The results show that tourist arrivals significantly enhance Vietnamʼs trade performance even when travel service exports are excluded from the trade measures. FTAs, GDP per capita, consumer prices, and population positively influence bilateral trade flows, while distance creates expected barriers. Exchange rate movements show asymmetric effects—boosting imports while having mixed impacts on exports. Tourism emerges as a robust facilitator of trade, indicating that policies fostering inbound tourism can stimulate greater exports and imports. The findings provide empirical support for integrated tourism‐trade strategies, viewing tourism development as a catalyst for trade expansion. Coordinating tourism and trade policies can yield benefits beyond traditional tourism receipts, with investments in tourism integrated with export promotion strategies to support sustainable economic growth.

This paper focuses on analyzing the impact of the shadow economy on economic growth in ASE-AN countries. In particular, the authors examine the role of institutional quality in the effects of theshadow economy on economic growth, which means that this study is different from previousstudies. The data sample was collected in 10 ASEAN countries (Brunei Darussalam, Indonesia, Cam-bodia, Lao PDR, Myanmar, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) from 2002to 2019. Regarding the analytical method, the authors used a combination of threshold effectsand the system - GMM (Generalized Method of Moments) method. The estimation results show athreshold value of institutional quality (λ = 21.23%). Accordingly, shadow economy negatively af-fects economic growth. This shows that improving institutional quality can help ASEAN countrieslimit the negative impact of the shadow economy on economic growth. In addition, the authorsalso find a positive effect of the control variables, such as government expenditure, foreign directinvestment, and population growth, on economic growth. These research results are empirical evi-dence in ASEAN countries; thus, the findings in this study have important implications for ASEANcountries and other countries with similar characteristics.

The economic sustainability of territories is a key issue in ensuring the well‐being of future generations. In accordance with the neoclassical theoretical approach, this article analyzes the dynamics of adjusted net savings (ANSs) in Benin's regions in the face of the effects of climate change. On the basis of data from the National Local Finance Commission covering the period 2010–2019, the estimates are based on a GMM‐system model and a quantile regression using the method of moments. The results reveal that a moderate positive variation in precipitation differences improves ANSs. However, this effect diminishes beyond a critical threshold of 110 mm for precipitation variations and 1290.867 mm for average precipitation, leading to a deterioration in ANSs of 10.80 points on average. On the other hand, global warming has no significant effect on this dynamic. These results show that extreme precipitation compromises the economic sustainability of Benin's regions. They highlight the need to set up a local hydrometeorological warning system based on critical intervention thresholds, as well as awareness campaigns for the preservation and rational use of natural resources. Benin′s regional adjusted net savings (ANSs) respond positively to moderate increases in precipitation, but this effect weakens beyond critical thresholds, where excessive rainfall reduces ANSs. Temperature changes show no significant influence. Overall, extreme precipitation undermines regional economic sustainability, underscoring the need for local hydrometeorological warning systems and resource‐preservation measures.

This study aimed to examine the impact of financial development and energy consumption on CO 2 emissions by employing balanced panel data from the period 1990–2017 for 184 countries worldwide. This study applied seemingly unrelated regression (SUR), two-step difference, and the system GMM model for data analysis. The examined results of SUR, two-step difference, and system GMM show that energy consumption positively impacts the CO 2 emissions worldwide; on the other hand, the examined results of two-step difference and the system GMM model indicate that financial development helps to reduce the CO 2 emissions and the results of SUR indicate that financial development positively impacts the CO 2 emissions. The examined results regarding economic growth indicate a positive effect on the CO 2 emission and the square of economic growth verifies the validly of the environmental Kuznets curve in 184 countries. This study has significant implications for policy makers with regard to environment improvement, clean energy conservation, and an efficient financial system. Further directions are suggested based on the examined results.

This paper investigates the relationship between fiscal decentralization and economic growth in Brazilian states from 1996 to 2015. Using five decentralization measures and the GMM-System model to address the endogeneity problem, we have identified a positive relationship between the indicators of fiscal decentralization and economic growth and observed that the industry and service sectors are the most affected by this decentralization. Our results suggest that local governments with more autonomy make states more efficient, thus increasing economic growth.

This study re-examined the effect of official development assistance (ODA) of five major donor countries (France, Germany, Japan, the United Kingdom, and the United States) on foreign direct investment (FDI) using panel data from 2003 to 2020. In addition to the system Generalized Method of Moments (GMM) with the gravity model, the Granger causality test and impulse response analysis with the panel VAR model was conducted. It was concluded that ODA did not necessarily have an effect on FDI since the 2000s. It is also suggested that the vanguard effect of Japanese ODA, as indicated by some previous studies, appeared mainly in the 1990s and may not be sustainable. The novelty of this study is to verify the effects of the ODA of major donors on FDI using new data from the 2000s onward, especially to reveal that the vanguard effect of Japanese ODA has not been observed since the 2000s. A limitation of this study is to determine only the presence or absence of a general trend at a statistically significant level. Therefore, further research on individual cases is expected to find how ODA has affected the investment decisions of individual companies.

This paper evaluates the link between economic growth, renewable energy, tourism arrivals, trade openness, and carbon dioxide emissions in the European Union (EU-28). As an econometric strategy, the research uses panel data. In the first step, we apply the unit root test, and the results demonstrated that the variables used in this study are integrated I (1) in the first difference. In the second step, we apply the Pedroni cointegration test, and Kao Residual cointegration test, and we observe that the variables are cointegrated in the long run. The panel fully modified least squares (FMOLS), panel dynamic least squares (DOLS), and generalized moments system (GMM-System) estimator are considered in this research. The econometric results proved that trade openness and renewable energy decreased climate change and environmental degradation. The empirical study also found a positive effect of economic growth on carbon dioxide emissions. Moreover, tourism arrivals are negatively correlated with carbon dioxide emissions, showing sustainability practices of the tourism sector on the environment. Furthermore, carbon dioxide emissions in the long run present a positive impact, indicating that climate change increases. In this study, we also consider the recent methodology of Dumitrescu–Hurlin to observe the causality and the relationship between renewable energy, trade openness, economic growth, tourism arrivals, and carbon dioxide emissions.

Do investors believe that firm-level (i.e., idiosyncratic) risk of green (i.e., environmentally responsible) firms is relatively lower? How does high market volatility affect the investors' view on the firm-level risk of green firms? This paper addresses these questions by investigating the relationship between firm-level (idiosyncratic) risk and firms' environmental performance. Further, we examine the effect market volatility has on the relationship. We estimate fixed-effect panel models using 8036 firm-year observations across 793 firms. We test robustness of the results with difference-in-difference (DiD), propensity score matching (PSM) and dynamic panel with the generalized method of moments (GMM) estimations. We find that investors generally associate firms that perform well on the environmental front to be of lower risk. However, during periods of high market volatility, just performing better than the industry does not make the investors see the firms' risk as being significantly lower. How well the firms perform in relation to the industry performance is associated with the investors believing that the firm's risk is significantly lower.

This paper empirically investigates the difference between Islamic and conventional banks in terms of business dynamics, cost structure, credit quality, and stability. It also examines the difference in the response of two types of banks during peak and trough phases of the business cycle. The analysis is carried out for a sample of 280 banks in 20 countries over the 1995-2014 period. The results reveal that Islamic banks are more involved in fee-based business, are less cost-efficient, have higher credit quality, and have higher capitalization than conventional banks. We also find that Islamic banks outperformed conventional banks with regard to their credit quality and stability indicators during the trough phase of the business cycle. The improved performance seems to be due to the differences in the provisioning strategies of the two types of banks, the non-aggressive lending profile of Islamic banks, and investment in real assets. Finally, based on the empirical findings, the paper also highlights potential lessons that conventional banks in Baltic States, which were severely hit by the 2007-2008 global financial crisis, can draw from Islamic banking principles.

Financial development has been deemed to be an important factor influencing carbon emissions; however, the specific effect generated by financial development is still disputed. In this study, we examined the relationship between financial development and carbon emissions based on a system generalized method of moments and the data of 155 countries, and we further analyzed the national differences by dividing the sample countries into two sub-groups: developed countries, and emerging market and developing countries. The empirical results indicated that from a global perspective, financial development could significantly increase carbon emissions, and the analysis of the emerging market and developing countries reached the same conclusion; however, the results indicated that for developed countries, the effect of financial development on carbon emissions is insignificant. A series of robustness checks were conducted and confirmed that our empirical results were reliable. We suggest that policymakers in emerging market and developing countries should carefully balance financial development and environmental protection, as financial development will promote carbon emissions before countries reach a relatively high development level.