Unlike developing economies, advanced economies easily borrow debt to finance budget deficits. Government debt is one of the active measures of fiscal policy in these economies to run the economy and overcome its cyclicality. Most related studies note that government debt reduces private investment. Does it hold for advanced economies? Does institutional quality significantly affect the government debt – private investment relationship in these economies? For the answer, the study applies the PMG estimator (PMG) and the two-step difference GMM Arellano & Bond estimator (D-GMM) to investigate the impacts of government debt, institutional quality, and their interaction on private investment in 36 advanced economies from 2002 through 2019. The estimated results report that government debt crowds out private investment, while institutional quality enhances it. However, their interaction crowds out it. It seems counter-intuitive. Besides, economic growth and trade openness increase private investment while inflation decreases it. These results indicate the crucial implications for central governments in advanced countries in using and managing government debt.
{"title":"The Effect of Government Debt on Private Investment in Advanced Economies: Does Institutional Quality Matter?","authors":"Van Nguyen","doi":"10.47743/saeb-2022-0006","DOIUrl":"https://doi.org/10.47743/saeb-2022-0006","url":null,"abstract":"Unlike developing economies, advanced economies easily borrow debt to finance budget deficits. Government debt is one of the active measures of fiscal policy in these economies to run the economy and overcome its cyclicality. Most related studies note that government debt reduces private investment. Does it hold for advanced economies? Does institutional quality significantly affect the government debt – private investment relationship in these economies? For the answer, the study applies the PMG estimator (PMG) and the two-step difference GMM Arellano & Bond estimator (D-GMM) to investigate the impacts of government debt, institutional quality, and their interaction on private investment in 36 advanced economies from 2002 through 2019. The estimated results report that government debt crowds out private investment, while institutional quality enhances it. However, their interaction crowds out it. It seems counter-intuitive. Besides, economic growth and trade openness increase private investment while inflation decreases it. These results indicate the crucial implications for central governments in advanced countries in using and managing government debt.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47782355","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The past two decades have witnessed a high national importance to financial inclusion around the world. This paper intends to explore the impact of financial inclusion on poverty reduction and income inequality in the world, high, middle, and low-income countries. For this purpose, a new composite financial inclusion was constructed with three dimensions for finding various macroeconomic variables affecting the level of financial inclusion for 122 economies, including 32 from high-income, 38 from upper middle income, 38 from lower middle income, and 14 from low-income countries. Then the impact of financial inclusion, on poverty and income inequality, for the world and then for high, middle, and low-income countries was investigated. The estimates reveal that rule of law significantly affects financial inclusion for the world, high, middle, and low-income countries. But age dependency ratio influences the financial inclusion only for our full sample. However, population density significantly decreases financial inclusion just in the full sample and Upper middle-income countries. Education completion impacts significantly financial inclusion just in upper middle income. While literacy has a higher impact on financial inclusion in high-income countries. The findings also indicate that financial inclusion is significantly correlated with lower poverty for the full sample. The link between financial inclusion and income inequality has been found for high-income countries and lower-middle-income countries.
{"title":"Financial Inclusion, Poverty, and Income Inequality: Evidence from High, Middle, and Low-income Countries","authors":"Driss Tsouli","doi":"10.47743/saeb-2022-0005","DOIUrl":"https://doi.org/10.47743/saeb-2022-0005","url":null,"abstract":"The past two decades have witnessed a high national importance to financial inclusion around the world. This paper intends to explore the impact of financial inclusion on poverty reduction and income inequality in the world, high, middle, and low-income countries. For this purpose, a new composite financial inclusion was constructed with three dimensions for finding various macroeconomic variables affecting the level of financial inclusion for 122 economies, including 32 from high-income, 38 from upper middle income, 38 from lower middle income, and 14 from low-income countries. Then the impact of financial inclusion, on poverty and income inequality, for the world and then for high, middle, and low-income countries was investigated. The estimates reveal that rule of law significantly affects financial inclusion for the world, high, middle, and low-income countries. But age dependency ratio influences the financial inclusion only for our full sample. However, population density significantly decreases financial inclusion just in the full sample and Upper middle-income countries. Education completion impacts significantly financial inclusion just in upper middle income. While literacy has a higher impact on financial inclusion in high-income countries. The findings also indicate that financial inclusion is significantly correlated with lower poverty for the full sample. The link between financial inclusion and income inequality has been found for high-income countries and lower-middle-income countries.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42763324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims to examine the causal relationships between remittances and economic growth in 10 Southeast European developing countries, including Greece as a developed country. The research uses various econometric techniques, such as OLS, fixed-effects model, random-effects model, and Hausman-Taylor IV estimators. The regression results have shown up that there is a positive link between remittances and economic growth in 10 Southeastern European countries. Findings support the hypothesis that the remittance inflows generate economic growth in 10 Southeast European countries. Despite this, a positive relationship is also revealed between foreign direct investment, final consumption expenditure, gross capital formation, exports, and economic growth. The only exchange rate does not have a causal link on economic growth, meaning that the exchange rate does not affect economic growth. Since the remittances have a positive effect on the economic growth, and they represent a large source of external financing in Southeast European countries, the government should implement the right policies to reflect on encouraging and channelizing the remittance inflows for investment purposes, which in turn lead to a reduction of migration and unemployment. The study is original and makes effort to promote the role and significance of remittance inflows in the Southeast European developing countries, including Greece. The findings of the study might be valuable for Governments of these countries and other policymakers to channels remittances for investment purposes.
{"title":"Does the Remittance Generate Economic Growth in the South East European Countries?","authors":"Kaltrina Kajtazi, Besnik Fetai","doi":"10.47743/saeb-2022-0004","DOIUrl":"https://doi.org/10.47743/saeb-2022-0004","url":null,"abstract":"This paper aims to examine the causal relationships between remittances and economic growth in 10 Southeast European developing countries, including Greece as a developed country. The research uses various econometric techniques, such as OLS, fixed-effects model, random-effects model, and Hausman-Taylor IV estimators. The regression results have shown up that there is a positive link between remittances and economic growth in 10 Southeastern European countries. Findings support the hypothesis that the remittance inflows generate economic growth in 10 Southeast European countries. Despite this, a positive relationship is also revealed between foreign direct investment, final consumption expenditure, gross capital formation, exports, and economic growth. The only exchange rate does not have a causal link on economic growth, meaning that the exchange rate does not affect economic growth. Since the remittances have a positive effect on the economic growth, and they represent a large source of external financing in Southeast European countries, the government should implement the right policies to reflect on encouraging and channelizing the remittance inflows for investment purposes, which in turn lead to a reduction of migration and unemployment. The study is original and makes effort to promote the role and significance of remittance inflows in the Southeast European developing countries, including Greece. The findings of the study might be valuable for Governments of these countries and other policymakers to channels remittances for investment purposes.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44835934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aimed to empirically deepen our understanding of the growing phenomenon of negative consumer-brand relationships in the Internet, striving to investigate “who and why” consumers join anti-brand communities against the top ten global brands. In particular, this study aims to investigate whether the consumers’ profile affects whether they develop negative feelings or not, and the main reasons for their negative feelings. Methodologically, this study is based on the quantitative methodology of the survey and on the statistical verification of several research hypotheses formulated on the impact of the main consumer characteristics (gender, age, country of origin, education, empathy) on their behavior towards the hated brands. Regarding “who”, our findings show that gender, age and country of origin are the main consumer characteristics affecting both their negative feelings towards brands and their willingness to join an anti-brand community. Regarding “why”, low quality of products/services and a lack of corporate social responsibility are the main reasons for hating brands. Finally, this study contributes to knowledge of negative consumer-brand relationships in the Internet domain and provides advanced insights into consumer behavior with reference to the top global brands. It also encourages further research on the interconnections among the central questions of this paper, i.e., who and why individuals join anti-brand communities, and represents a starting point for further studies aimed at expanding the consumer characteristics investigated in this paper, including personality traits. This study also pioneers the profile of anti-brand community participants in the Internet, which is so pertinent in the rise of marketing 5.0.
{"title":"Joining the Anti-Brand Communities on the Internet: Who and Why","authors":"Amélia Brandão, P. Popoli, Inês Passos Tomás","doi":"10.47743/saeb-2022-0003","DOIUrl":"https://doi.org/10.47743/saeb-2022-0003","url":null,"abstract":"This paper aimed to empirically deepen our understanding of the growing phenomenon of negative consumer-brand relationships in the Internet, striving to investigate “who and why” consumers join anti-brand communities against the top ten global brands. In particular, this study aims to investigate whether the consumers’ profile affects whether they develop negative feelings or not, and the main reasons for their negative feelings. Methodologically, this study is based on the quantitative methodology of the survey and on the statistical verification of several research hypotheses formulated on the impact of the main consumer characteristics (gender, age, country of origin, education, empathy) on their behavior towards the hated brands. Regarding “who”, our findings show that gender, age and country of origin are the main consumer characteristics affecting both their negative feelings towards brands and their willingness to join an anti-brand community. Regarding “why”, low quality of products/services and a lack of corporate social responsibility are the main reasons for hating brands. Finally, this study contributes to knowledge of negative consumer-brand relationships in the Internet domain and provides advanced insights into consumer behavior with reference to the top global brands. It also encourages further research on the interconnections among the central questions of this paper, i.e., who and why individuals join anti-brand communities, and represents a starting point for further studies aimed at expanding the consumer characteristics investigated in this paper, including personality traits. This study also pioneers the profile of anti-brand community participants in the Internet, which is so pertinent in the rise of marketing 5.0.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42736108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, I examine the relation between earnings volatility and stock price response delay. I study the effect of the uncertainty of earnings and their components on the stock price response to value-relevant information. For more volatile earnings and earnings components, it is more complex for investors to reliably understand and impound information into stock prices. When earnings and components provide opaque and uncertain information about the future cash flows, I expect that investors are more divergent in their interpretations and delayed in arriving at their future cash flow estimates. To measure firms’ response to value-relevant information, I adopt a parsimonious measure of stock price response to information developed by Hou and Moskowitz (2005). I use five-year rolling standard deviations of earnings and components for earnings and components volatility measures. As an additional earnings volatility measure, I adopt the degree to which earnings volatility deviates from cash flow volatility. My study demonstrates that earnings volatility negatively affects stock price response to information. As I hypothesize, the more volatile earnings and components are, the more delayed the market reacts to value-relevant information. Among earnings and their components, the effect of cash flow volatility is the most influential.
{"title":"The Effect of Earnings Volatility on Stock Price Delay","authors":"Joong-Seok Cho","doi":"10.47743/saeb-2022-0002","DOIUrl":"https://doi.org/10.47743/saeb-2022-0002","url":null,"abstract":"In this study, I examine the relation between earnings volatility and stock price response delay. I study the effect of the uncertainty of earnings and their components on the stock price response to value-relevant information. For more volatile earnings and earnings components, it is more complex for investors to reliably understand and impound information into stock prices. When earnings and components provide opaque and uncertain information about the future cash flows, I expect that investors are more divergent in their interpretations and delayed in arriving at their future cash flow estimates. To measure firms’ response to value-relevant information, I adopt a parsimonious measure of stock price response to information developed by Hou and Moskowitz (2005). I use five-year rolling standard deviations of earnings and components for earnings and components volatility measures. As an additional earnings volatility measure, I adopt the degree to which earnings volatility deviates from cash flow volatility. My study demonstrates that earnings volatility negatively affects stock price response to information. As I hypothesize, the more volatile earnings and components are, the more delayed the market reacts to value-relevant information. Among earnings and their components, the effect of cash flow volatility is the most influential.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42095483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Damilola Oyetade, Adefemi A. Obalade, P. Muzindutsi
Focusing on a panel sample of 41 commercial banks over the period of 2000-2018, this study examined the effect of capital adequacy on the resilience of commercial banks in Africa under changing Basel levels (II, III, and the proposed Basel IV). The study created sample representative banks for the proposed Basel IV and used two measures, namely Z-score and CAMELS, to capture bank resilience. Using the panel logistic regression and fixed effect model, we found that capital adequacy, liquidity, earnings management efficiency, and macroeconomic conditions are key determinants of the resilience of commercial banks in Africa. Additionally, Basel compliant banks tend to be less prone to macroeconomic factors. Based on the positive and significant impact of all Basel capital ratios on Zscore, the results suggest that a high level of capital requirements increases African banks' resilience, and banks with higher capital can absorb risk exposures.
{"title":"The Impact of Changes in Basel Capital Requirements on the Resilience of African Commercial Banks","authors":"Damilola Oyetade, Adefemi A. Obalade, P. Muzindutsi","doi":"10.47743/saeb-2022-0001","DOIUrl":"https://doi.org/10.47743/saeb-2022-0001","url":null,"abstract":"Focusing on a panel sample of 41 commercial banks over the period of 2000-2018, this study examined the effect of capital adequacy on the resilience of commercial banks in Africa under changing Basel levels (II, III, and the proposed Basel IV). The study created sample representative banks for the proposed Basel IV and used two measures, namely Z-score and CAMELS, to capture bank resilience. Using the panel logistic regression and fixed effect model, we found that capital adequacy, liquidity, earnings management efficiency, and macroeconomic conditions are key determinants of the resilience of commercial banks in Africa. Additionally, Basel compliant banks tend to be less prone to macroeconomic factors. Based on the positive and significant impact of all Basel capital ratios on Zscore, the results suggest that a high level of capital requirements increases African banks' resilience, and banks with higher capital can absorb risk exposures.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47835102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jesús Heredia-Carroza, Helena Isabel Barroso Saraiva, Carlos Chavarría-Ortíz
This article designs an empirical methodology to measure the perceived value of the performers, specifically using the significant example of flamenco performer. The methodology is based on an Ordered Logit Model whose dependent variable is the valuation of the flamenco performer by spectators, which complements the research carried out by Heredia-Carroza (2019). The results show that virtuosity, feelings, Roma origin of the performer are significant and they have a positive effect in the valuation of it. Also, spectator’s features as time consuming and number of albums acquired have a positive effect in the performer valuation. Finally, the results have a greater importance as they provide recording companies, an instrument that reduces uncertainty about the characteristics of the performer and it can also be used as a decision-making instrument for future signings of performers in record companies based on the spectators’ perceptions. This methodology could be replicated for the study of other musical genres.
{"title":"How to Measure Flamenco Performer Value? A Cultural Economic Approach","authors":"Jesús Heredia-Carroza, Helena Isabel Barroso Saraiva, Carlos Chavarría-Ortíz","doi":"10.47743/saeb-2021-0033","DOIUrl":"https://doi.org/10.47743/saeb-2021-0033","url":null,"abstract":"This article designs an empirical methodology to measure the perceived value of the performers, specifically using the significant example of flamenco performer. The methodology is based on an Ordered Logit Model whose dependent variable is the valuation of the flamenco performer by spectators, which complements the research carried out by Heredia-Carroza (2019). The results show that virtuosity, feelings, Roma origin of the performer are significant and they have a positive effect in the valuation of it. Also, spectator’s features as time consuming and number of albums acquired have a positive effect in the performer valuation. Finally, the results have a greater importance as they provide recording companies, an instrument that reduces uncertainty about the characteristics of the performer and it can also be used as a decision-making instrument for future signings of performers in record companies based on the spectators’ perceptions. This methodology could be replicated for the study of other musical genres.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46631327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The empirical analysis of individual participation in local and popular feasts and festivals is a field little explored by cultural economists. This article proposes a methodological scheme to analyse the profile of the participants in local and popular feasts and carnivals, allowing the establishment of a taxonomy that captures the heterogeneity of the participants replicable to other festivities and carnivals around the world. Similarly, participation equations that allow the analysis of the influence of context variables on individual decisions to participate in these types of events are estimated. For this, the Carnival of Barranquilla, the largest and most representative popular celebration in Colombia and declared by UNESCO as Intangible Cultural Heritage of Humanity, is used as a case study. The data were obtained from the Citizen Perception Survey of the Barranquilla Cómo Vamos programme, which evaluates the quality of life and the fulfilment of development plans in that city, and an empirical strategy is employed consisting of the estimation of a probit discrete choice model, which allows modelling the individual decisions of a time-intensive good, such as a carnival, with a strong influence of traditional variables, such as cultural capital and the availability of leisure time, and other context variables: location of people in the territory, stratification and poverty. The different profiles found offer information on the different strategies that can be implemented from public policy to stimulate greater participation by the population in popular festivities and festivals.
{"title":"Who Participates in Popular Feasts and Festivals? An Empirical Approach from Cultural Economics Applied to the Carnival of Barranquilla (Colombia)","authors":"Aaron Espinosa Espinosa,Luis Palma Martos,Luis Aguado Quintero","doi":"10.47743/saeb-2021-0032","DOIUrl":"https://doi.org/10.47743/saeb-2021-0032","url":null,"abstract":"The empirical analysis of individual participation in local and popular feasts and festivals is a field little explored by cultural economists. This article proposes a methodological scheme to analyse the profile of the participants in local and popular feasts and carnivals, allowing the establishment of a taxonomy that captures the heterogeneity of the participants replicable to other festivities and carnivals around the world. Similarly, participation equations that allow the analysis of the influence of context variables on individual decisions to participate in these types of events are estimated. For this, the Carnival of Barranquilla, the largest and most representative popular celebration in Colombia and declared by UNESCO as Intangible Cultural Heritage of Humanity, is used as a case study. The data were obtained from the Citizen Perception Survey of the Barranquilla Cómo Vamos programme, which evaluates the quality of life and the fulfilment of development plans in that city, and an empirical strategy is employed consisting of the estimation of a probit discrete choice model, which allows modelling the individual decisions of a time-intensive good, such as a carnival, with a strong influence of traditional variables, such as cultural capital and the availability of leisure time, and other context variables: location of people in the territory, stratification and poverty. The different profiles found offer information on the different strategies that can be implemented from public policy to stimulate greater participation by the population in popular festivities and festivals.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":"5 1","pages":"79-103"},"PeriodicalIF":0.6,"publicationDate":"2021-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital technology is emerging as one of the suitable solutions to help developing economies catch up with advanced economies in the context of globalization. Progress in digital technology promotes economic growth in developing economies because it reduces transaction costs in economic activities and improves workers’ skills and knowledge. Meanwhile, governance is the primary cause of economic growth. Therefore, this study raises a research question of whether governance significantly contributes to the digitalization – economic growth relationship in developing countries or not. For the answer, the study uses the difference GMM Arellano-Bond estimators to empirically examine the effects of digitalization, governance, and their interaction on economic growth for a group of 35 developing countries from 2006 to 2019. Then, the study applies the FE-IV estimator to check the robustness of estimates. The results indicate that digitalization and governance boost economic growth while their interaction hinders it. Furthermore, trade openness also increases economic growth. These findings suggest some crucial policy implications that governments in developing countries should establish appropriate conditions to promote digital technology so that citizens can peacefully express their views on government policies and regulations, which contributes to the economic development of the country.
{"title":"The Digitalization – Economic Growth Relationship in Developing Countries and the Role of Governance","authors":"Van Bon","doi":"10.47743/saeb-2021-0028","DOIUrl":"https://doi.org/10.47743/saeb-2021-0028","url":null,"abstract":"Digital technology is emerging as one of the suitable solutions to help developing economies catch up with advanced economies in the context of globalization. Progress in digital technology promotes economic growth in developing economies because it reduces transaction costs in economic activities and improves workers’ skills and knowledge. Meanwhile, governance is the primary cause of economic growth. Therefore, this study raises a research question of whether governance significantly contributes to the digitalization – economic growth relationship in developing countries or not. For the answer, the study uses the difference GMM Arellano-Bond estimators to empirically examine the effects of digitalization, governance, and their interaction on economic growth for a group of 35 developing countries from 2006 to 2019. Then, the study applies the FE-IV estimator to check the robustness of estimates. The results indicate that digitalization and governance boost economic growth while their interaction hinders it. Furthermore, trade openness also increases economic growth. These findings suggest some crucial policy implications that governments in developing countries should establish appropriate conditions to promote digital technology so that citizens can peacefully express their views on government policies and regulations, which contributes to the economic development of the country.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48474928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cultural participation has been evidenced to bring several benefits to the well-being of individuals. However, the analysis of this relationship has been addressed mostly in the context of Westernized countries, without considering the diversity of populations in Latin America. Therefore, the aim of this manuscript is to explore the association between cultural participation and subjective well-being (measured by life satisfaction) in Latin America, considering ethnic-racial ascription. With data from the 2013 Latinobarómetro survey (n=20204), several ordered logit regression analyses were performed. Results suggest that read books, read news, attend movies, attend theater, visit heritage places, and participation in community celebrations are associated with life satisfaction. However, these relationships show differentiated patterns depending on the ethnic-racial ascription, which implies that the positive impacts of cultural participation cannot be attributed to all populations, highlighting a process of social exclusion where some individuals get benefits of cultural participation, while others do not.
{"title":"Cultural Participation and Subjective Well-Being in Latin America: Does Ethnic-Racial Ascription Matter?","authors":"Javier Reyes-Martinez","doi":"10.47743/saeb-2021-0031","DOIUrl":"https://doi.org/10.47743/saeb-2021-0031","url":null,"abstract":"Cultural participation has been evidenced to bring several benefits to the well-being of individuals. However, the analysis of this relationship has been addressed mostly in the context of Westernized countries, without considering the diversity of populations in Latin America. Therefore, the aim of this manuscript is to explore the association between cultural participation and subjective well-being (measured by life satisfaction) in Latin America, considering ethnic-racial ascription. With data from the 2013 Latinobarómetro survey (n=20204), several ordered logit regression analyses were performed. Results suggest that read books, read news, attend movies, attend theater, visit heritage places, and participation in community celebrations are associated with life satisfaction. However, these relationships show differentiated patterns depending on the ethnic-racial ascription, which implies that the positive impacts of cultural participation cannot be attributed to all populations, highlighting a process of social exclusion where some individuals get benefits of cultural participation, while others do not.","PeriodicalId":43189,"journal":{"name":"Scientific Annals of Economics and Business","volume":"15 1","pages":"53-70"},"PeriodicalIF":0.6,"publicationDate":"2021-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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