rss_2.0ECONOMICS FeedSciendo RSS Feed for ECONOMICS 's Cover Change: Exploring the New Economy Paradigm<abstract> <title style='display:none'>Abstract</title> <p>This paper examines and ascertains the dominant and latent characteristics of the new economy post COVID-19. It acknowledges the far-reaching repercussions and long-term societal and economic impacts caused by COVID-19. The study administered online questionnaires to professionals globally and conducted online semi-structured interviews of economists, entrepreneurs, and organizational leaders across ten countries. The study tested the hypothesis with the non-parametric Chi-square test. The interview transcripts were subjected to thematic and content analysis. The research findings have indicated the emerging changes in the economy and way of life leading to a new normal. Projections have been reported to increase digitalization and implementation in business, deglobalization, geopolitical developments, fluctuations in macroeconomic variables, and climate change. The study further revealed that hybrid work strategies would be embraced, requiring the labor market to upskill and reskill to stay competitive. Digitalization of businesses will become essential to gain a competitive advantage in domestic and international markets. The paper predicts the anticipation of changes in human behavior regarding health, personal care, and consumption patterns. The study noted the variations in the new economic trends, possibilities, challenges, and coping strategies to survive and thrive in the new economic paradigm. Therefore, these research findings provide valuable and insightful economic releases which will have profound implications in the post COVID-19 world.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00The Impact of the Covid 19 Crisis on the Fiscal Stability of Republic of Srpska<abstract> <title style='display:none'>Abstract</title> <p>The consequences of the COVID-19 crisis have had a negative impact on the fiscal stability of Republic of Srpska. Although the crisis is not officially over yet, a large number of countries needed to implement fiscal consolidation. Republic of Srpska is one of the small and open economies that are exposed to various negative market distortions. COVID-19 crisis of the most important foreign trade partners of the Republic Srpska has had a negative impact on the economy of Republic Srpska.</p> <p>The basic idea of the paper is based on the need to analyze the impact of the COVID-19 crisis on the fiscal stability and public finances of Republic of Srpska. The subject of the research is the analysis of the implementation of the fiscal consolidation procedure in Republic of Srpska and the impact on its economic growth. For the implementation of fiscal consolidation, the choice of methods and instruments on which the process of implementing fiscal consolidation is based is very important.</p> <p>Fiscal consolidation is necessary due to the consequences caused by the COVID-19 crisis and the enormous growth of the deficit. The analysis proves that the measures applied to rehabilitate the crisis have resulted in improved fiscal stability, which ultimately had a positive impact on economic growth. Fiscal consolidation will be successful and expansive if it is carried out by a combined method of increasing revenues and reducing expenditures and if the increase in revenues is caused by the growth of economic activity and not by the tax burden.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Tourist Services of the Western Region of Ukraine: Rating and Analysis<abstract> <title style='display:none'>Abstract</title> <p>Today, together with the recognition of the tourism industry as one of the priorities in the economy of Ukraine, quite active and effective activities have been launched to build a structure of prerequisites for achieving the most effective level of its functioning. At the same time, we understand that to achieve the most successful functioning of the market of tourist services, it is necessary to initiate efforts to overcome the economic crisis and stop military events in Ukraine. We can witness that the market of needs services is becoming increasingly important as a mandatory component in the languages of modern market relations. The tourism industry is a leading field of activity in many countries worldwide. Its development allows you to actively use the most popular and valuable natural resources, ensure job creation, significantly improve the economic, environmental, and social situation, and expand investment space. In Ukraine, the sphere of tourist services has not yet taken its rightful place in services and the economy in general. Therefore, there is a need to substantiate various processes implemented in tourism services at the scientific level, with due regard for national and regional market realities, both in the market and its economic and social situation. An important aspect is also the socio-economic development of the state’s regions, which reflects the continuity and stability of regional tourism markets. Among the many problems facing the balanced development of regional tourism, markets ensure the appropriate level of their competitiveness, both between each other and internationally. In our country, tourism began to gain its development at the whole level not so long ago because it did not have a total base for its formation. At the same time, forming a significant share of state, regional, and local budgets and being a necessary “plane” of market circulation, problems in regulating tourism in the regions are the focus of research while forming further and important competing principles. Therefore, today, we need to implement our study by rating the indicators of infrastructural development of the Western regional market of tourist services in Ukraine.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Forecasting the Behavior of Target Segments to Activate Advertising Tools: Case of Mobile Operator Vodafone Ukraine<abstract> <title style='display:none'>Abstract</title> <p>Today, the use of machine learning technology in combination with the use of big data are topics that are actively discussed in business around the world. This topic has long gone beyond the information sphere, as it now applies to almost every sphere of life: economic, telecommunications, education, medicine, administration, and especially defense. Predicting customer behavior based on scoring models is in its infancy in Ukrainian companies, the main ones being the introduction of artificial intelligence technologies and machine learning, which will be the leading catalyst that will facilitate decision-making in business in the nearest future. The aim of the study is to develop a scoring model that predicts the behavior of target segments, namely, updating their activity to activate advertising tools. To achieve the goal of the work a set of research methods was used: dialectical – to reveal the theoretical foundations of models and types of forecasting models; analytical – in the study of the functioning of the environment SAS, Anaconda; optimization methods – to choose the best model and generate features. Scientific novelty and theoretical significance lie in the development of a scoring model for predicting the activity of subscribers of the telecommunications company “VF Ukraine”, on the basis of which marketing campaigns are conducted. With the help of the built-in scoring model, the company “VF Ukraine” can target its campaigns to retain subscribers. The marketing directorate of the enterprise can choose the TOP-20 or TOP-30 of the most prone subscribers to non-resumption of activity, i.e., tend to switch to other mobile operators, and hold promotions for them – providing additional gifts and bonuses, money to mobile account.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Recovery of Slovenian Tourism After Covid-19 and Ukraine Crisis<abstract> <title style='display:none'>Abstract</title> <p>The profound impact of the COVID-19 pandemic and the Ukraine crisis 2022 on tourism has rendered forecasts of tourism demand obsolete. Accordingly, scholars have begun to look for the best methods to predict the recovery of tourism. In this study, econometric and judgmental methods were combined in order to to forecast the possible ways to tourism recovery in Slovenia. The goals of this paper are to show and assess the current offerings and potential for the development of tourism in Slovenia, and to point out the advantages and challenges in the development of tourism in this type of destination. Statistical methods were used for benchmark analysis, while Box and Jenkins approach and ARIMA modeling were used for forecasting Slovenian tourism until 2030. The datasets are analyzed using Tableau 2022.1. Our findings show that Slovenian tourism will be slower on the uptake and is not likely to fully recover until 2026, due to COVID-19 related uncertainty. A steep jump in daily COVID-19 infections in China and the Ukraine crisis which is affecting political and economic stability in the world is also slowing down the speed of recovery. In 2019, Chinese, Russian and Ukrainian tourists generated 5% of all tourist arrivals and overnight stays. In particular Russian tourists were well-known for their high consumer expenditure and thus desirable to the destination places. To mitigate the drop in tourist arrivals, Slovenia should do two things, namely concentrate on traditional markets, i.e. Austria, Italy, and Germany, which altogether represent 1/3 of all tourist arrivals and overnight stays, and secondly, it should target new markets, bringing new, innovative products, services, and experiences.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Hybrid MCDM Solutions for Evaluation of the Logistics Performance Index of the Western Balkan Countries<abstract> <title style='display:none'>Abstract</title> <p>The Logistics Performance Index (LPI) performed by the World Bank is an indicator of the logistics environment quality of a country in which logistics operators act. The LPI is an interactive tool designed to help countries identify challenges, innovative solutions, and opportunities they face in their work in the field of trade and logistics. The aim of this paper is to conduct a comparative analysis and ranking of the LPI of the countries in the Western Balkans (Bosnia and Herzegovina, North Macedonia, Albania, Serbia and Montenegro), calculated by the World Bank for 2018, using an integrated Criteria Importance Through Intercriteria Correlation (CRITIC)-Measurement Alternatives and Ranking according to Compromise Solution (MARCOS) model and thus show the real picture of the logistics environment. In order to determine the performance of countries and show the overall logistics performance, six key dimensions are used: customs, infrastructure, international transport, logistics capability, tracking and tracing of goods and shipment delivery within scheduled or expected times. Using the CRITIC method, the weight values of the previously mentioned six criteria were calculated, whereby the criterion related to shipment delivery within scheduled times was singled out as the most significant criterion. Then, by applying the MARCOS method, the countries of the Western Balkans were ranked on the basis of the six defined criteria. Based on the results obtained, the best-ranked country is Serbia. The analysis of the sensitivity of the results to changes in the significance of the criteria does not show significant changes in the ranking.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Does it Matter for CBDC Design? Privacy-Anonymity Preferences from the Side of Hierarchies and Egalitarian Cultural Patterns<abstract> <title style='display:none'>Abstract</title> <p>Evolution of digital money demonstrates that CBDC (Central Bank Digital Currency means a digital form of traditional fiat currencies) design is really challenging. While technically possible CBDC solutions are visible, much of institutional aspects are rest to be unsolved. One of the issues is a degree of privacy and anonymity. All historical forms of money had intrinsic property of non-traceability of transactions and only now this feature of non-digital money is recognized as strong institutional advance. At the same time, privacy and anonymity preferences could relate to cultural attitudes. However, money may distort expected logical relations between such patterns like “less hierarchies more privacy-anonymity” or “more egalitarianism less privacy-anonymity”. This potentially means that money may posit extra propensity to privacy-anonymity that is going beyond the cultural attitudes. Basing on the survey, we demonstrate some contradictions in how respondents perceive the preference of functional usability over anonymity of transactions. The same is relevant when cultural patterns are taken into account. It is more likely to find cultural closeness across respondents from different regions than strong determinacy of privacy-anonymity preferences by propensity to hierarchies or egalitarianism. Additionally, we checked hierarchies or egalitarianism attitudes by additional questions and found some mixed results. Also, we found some conformism culture (meaning unstable preferences) and rely it with lack of trust in public institutions. When centralized money are less trusted people faster agree to sacrifice anonymity in the benefits of functionality. The main take away is that it is unlikely to expect the unity of optimal CBDC design across countries. Aside of behavioural distortions, culture still matter and it is likely to expect future variety of digital money from functional usability privacy-anonymity trade-off.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Impact of Covid-19 Pandemic on Financial Innovation, Cashless Society, and Cyber Risk<abstract> <title style='display:none'>Abstract</title> <p>The global pandemic, as an unprecedented event in the recent past, has significantly changed the modern world. Numerous companies and individuals have faced various challenges that are still present. The aim of this paper is to review the impact of pandemic on financial innovation, fintech companies, cryptocurrencies, the development of a cashless society, and cyber risk. It tests two already confirmed hypotheses: H1: COVID-19 pandemic has affected the development of financial innovations and cashless society; and H2: COVID-19 pandemic has led to increased cyber risk. The method applied is desk research, i.e. a review of the existing studies and their unification. The paper shows that fintech companies proved to have been resilient during the crisis since they have managed to change their business model and offer new products and services (financial innovations). It also indicates that it is obvious that the number of cashless transactions have increased due to the pandemic, but that it is still not reasonable to expect a completely cashless society in the near future. The paper highlights that cyber risks are on the rise owing to the growth of cashless transactions and digitalisation of businesses driven by the global pandemic.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00Identification and Levelling of Crisis Phenomena in the World Grain Market in the 2022/23 Marketing Year<abstract> <title style='display:none'>Abstract</title> <p>The aim of this paper is the detection crisis phenomena in the world grain market in the 2022/23 marketing year (MY), which worsened during the Russia-Ukraine invasion on February 24, 2022. Some countries and international organizations have recently expressed concern that the reduction of grain supply on the world market and the rapid rise in its price. Whether the impact of the destabilizing situation on the world grain market on the exacerbation of hunger is an open question. In order to fill the research gap, the paper tries analysis the global market into grain types between 2008/09 MY to 2021/22 MY and identify on it the shares of Ukraine and Russia. Two methods are used to conduct a comprehensive study of the grain market - fundamental and technical analysis. The analysis of the state and dynamics of the main indicators of the world grain market was carried out with the help of fundamental analysis. The results show that the volume of grain production in the world and the two warring countries are growing. Both countries supply about a quarter of all products in the overall structure of world grain exports. Finally, the result also shows that Ukraine and Russia are key exporters of barley, rye, wheat, and corn to low-income and least developed countries. Grain price forecasting through technical analysis was carried out. Based on the results obtained during the fundamental and technical analysis, three scenarios for the development of the grain market and its impact on the problem of hunger were proposed and given recommendations for levelling of crisis phenomena.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00How Can Blockchain Contribute to Developing Country Economies? A Literature Review on Application Areas<abstract> <title style='display:none'>Abstract</title> <p>Blockchain technology originally finding applications in Fintech and supply chain management is rapidly expanding applications to other industries as well as the public sector. “Blockchain has been compared to the invention of the internet and its comprehensive impact on almost every industry.” R. Beck and B. Markey-Towler (2017) A recent study by PWC (2020) found that, “Blockchain technology has the potential to boost global gross domestic product by $1.76 trillion USD over this decade.” It has been argued that the digital revolution has favored more developed nations and that has helped create a “digital divide” with less developed nations. Business and governmental infrastructure in developing nations have lagged that of more developed nations. Some of these challenges faced by developing nations include the registration of property ownership, financial systems, modern efficient supply chains often accompanied by a lack of trust and the ability to verify and audit organizational processes rapidly and economically. Blockchain technology has the promise to address many of the critical needs of developing countries internally and in external trade relationships to help enable them to be more competitive. This paper will review the literature and examine the impact of Blockchain technology on how its adoption may ameliorate many of these critical challenges for developing nations helping to improve governance and economic benefits that are shared more equitably. Potential for both positive and negative impacts with be discussed along with policy implications for public policy makers and private enterprises.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00The Impact of Innovation on the Management of Misapplication of Change in the Production System in the Automotive Industry<abstract> <title style='display:none'>Abstract</title> <p>Changes in the production system are always good information, because when there are changes, then there are production and processes. Errors or incorrect implementation of the change may occur with the implementation of these changes. Eliminating errors is one of the top priorities of any company that wants to achieve its quality goals.</p> <p>This paper describes the process by which a change request was implemented incorrectly and its consequences. the aim is to avoid the incorrect implementation of changes. The paper also presents how to suppress the implementation process and the steps followed to discover errors. Researching the methodology shows that there are frequent errors in the process of implementing changes to easily products or services, but there are also many ways to solve them. Advanced technology helps to discover them and remove them in the best possible way.</p> <p>In conclusion, the paper, decided that it is important that the changes brought in the process are carefully monitored and that there is a traceability of the information that is related to the change.</p> </abstract>ARTICLE2022-07-04T00:00:00.000+00:00The Impact of the COVID-19 Pandemic on the Macroeconomic Aggregates of the European Union<abstract> <title style='display:none'>Abstract</title> <p>Economic experts’ predictions of a slowdown in the EU’s global economy and economic growth in the year 2020 were based on various risks and uncertainties existing on a world scale, ranging from the US-China trade war, traditionally strained relations of the EU and the US on the one hand and the Russian Federation on the other, all the way to BREXIT and economic migration to developed EU countries. However, the COVID-19 pandemic has further aggravated those forecasts, so that the entire EU is recording a historic decline in all macroeconomic aggregates. The beginning of the pandemic in the EU was accompanied by the complete border lockdown of the entire Union, which greatly affected the economies of the member states. The EU is experiencing a decline of both real and nominal GDP, declining incomes, employment decline and unemployment increase. This paper will investigate the impact of COVID-19 onto GDP, unemployment, and EU public debt. Correlation-regression analysis confirms the positive correlation between these variables and the economic crisis caused by the COVID-19 pandemic. In addition to the economic crisis, a crisis of EU health systems, which requires huge economic investments. A more prominent economic recovery is hard to expect until the global pandemic ends. One thing is for certain, this economic crisis will continue in 2021, whereby a more significant recovery is expected only in the year 2022. Certainly, it will take years to make up for the economic losses caused by the pandemic.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Implications of Emotional Intelligence in Human Resource Management<abstract> <title style='display:none'>Abstract</title> <p>This article reflects an applied theoretical study that addresses the relationship between emotional intelligence, occupational stress, motivation and job satisfaction in the employees of a machine tool manufacturer.Emotional intelligence is very important and indispensable for managers in Romanian institutions, leaders wanting all employees to fulfill their obligations and responsibilities in a pleasant environment, without stress, to have effective productivity. The aim of the paper is to manage emotions, stress and time, follow rules and is to observe the relationship between EQ and work management. Emotional states must be aware, understood and controlled to achieve our goals and purpose.It describes the basic concepts, basic psychological models, purpose, objective, research hypothesis, methodology, tools for measuring emotional intelligence and job satisfaction.</p> <p>The main objective highlights the emotional intelligence of the people involved in the organization, an objective applied at individual and group level that leads to increasing the quality of production.</p> <p>Observation, interview, questionnaire, analysis and data synthesis were used as research methods. The research has 4 hypotheses that have been demonstrated. Statistical analyzes were performed using the SPSS 20 program, focusing on descriptive statistics, percentage frequency analysis, correlations. Emotional intelligence is indispensable in leadership positions, and job satisfaction is directly associated with productivity and efficiency in an organization.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00The Influence of Social Networks in Travel Decisions<abstract> <title style='display:none'>Abstract</title> <p>Social networks are not the same as they were 10 years ago. Now, in addition to the role of “socialization”, their basic role, marketing has also intervened. Marketing can be defined as the art of identifying and satisfying customer needs while producing profit. Nowadays, through social media marketing, a company can promote itself or present products and services very easily, while being able to target exactly the desired people, which translates into making more profit. Our paper provides arguments on the influence of social media in travel decisions, and it’s based on a study of consumer behaviour in this field. The study began from our interest in the way social networks influence our personal decision to travel, to visit a certain area or a certain landmark, so we wanted to find out more information about how this “hypnosis” works. The main hypothesis of the study was that people are influenced by social networks in their travel decisions and according to the results, the hypothesis was confirmed. 91.35% of the total participants in the study were tempted to travel because of a photo seen on a social network, therefore, a good social marketing campaign could really make a difference in travel decisions.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00The Impact of the Inflow of Foreign Direct Investments on the Economic Development of Serbia<abstract> <title style='display:none'>Abstract</title> <p>Foreign direct investments present one of the very important products of globalization, by establishing a new economic concept of free international movement of capital, people, goods and services. An analyses of the impact of this type of international movement of capital on economic growth and development is one of the modern tendencies of economic researchers. The subject of this paper is the analysis of the impact of the level and structure of foreign direct investment on the economic development of the Serbian economy, where the impact of foreign direct investment inflow on economic growth, current balance, manufacturing industry through the impact on total industry turnover, employment and productivity will be separately considered. The aim of this research is to prove the importance of FDI for developing countries, as well as to point out the need to improve and enhance the business environment in order to maximize FDI inflows. The main hypothesis of this research is that foreign direct investments significantly contribute to the economic growth and development of the Republic of Serbia. For the purposes of hypothesis analysis and testing, a simple linear regression model was used in this paper. The research was conducted for the period from 2010 to 2019. The obtained results present a positive relationship between the inflow of foreign direct investment and GDP growth, and show a positive relationship between growth of investments in manufacturing and growth in productivity, employment and total turnover, and show a positive relationship between FDI inflow and export value.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Post COVID-19 Work Strategies and Implications: Insight on Indian it Sector<abstract> <title style='display:none'>Abstract</title> <p>The purpose of this paper is to examine the work strategies adopted by leading Indian IT companies post COVID-19 and their institutional and individual level implications. Following the exploratory sequential mixed-method approach, in the first phase, the data were collected from 8 leading IT companies in India to understand the work strategies implemented post COVID -19 to ensure employees’ safety without disrupting client deliverables. In the second phase, the primary qualitative interviews were conducted and selected IT companies’ financial statements with a systematic analysis of financial indicators were used to gauge the impact of new work strategies. The study reveals the selected IT companies were embracing Work-From-Home or Work-From-Anywhere as their work strategies by ensuring little to no disruption, were armed with a host of technology tools that allowed employees’ swathes to new work-norm within hours. The study findings manifold implications of the new work-norm are that it has no negative impact on the companies’ client deliverables and profitability. The paper confirms that the remote-working approach has resulted in reduced carbon footprint, work-life balance, and de-urbanization while identifying the flip side of this approach as the negative impact on team cohesiveness and employee emotional wellbeing. This research confirms the critical lesson learned from COVID-19 is agile companies must plan for a range of incomprehensible contingencies to ensure business continuity and growth. The research findings contribute towards understanding the Indian IT sector experiences in adopting the remote-work strategies and taken as lessons that can be useful for other global IT sectors.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00The Innovative Impact of Insurance for Economic Growth: The Evidence from New EU Member States<abstract> <title style='display:none'>Abstract</title> <p>Insurance market activity, both as a financial intermediary and a provider of risk transfer and indemnification, may contribute to economic growth by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the last decade, there has been faster growth in insurance market activity, particularly in emerging markets given the process of liberalization and financial integration, which raises questions about its impact on economic growth.The aim of this paper is to examine relationship between insurance sector development and economic in 11 new EU member states from CentralandEasternEurope, using annual data fortheperiod 1999-2018. We apply dynamic and fully modified ordinary least squares to estimate the relationship between the variables. The results of our study indicate there are a positive and a significant relationship between insurance, measured through penetration, and economic growth Thus, functions of insurance companies - providing means of risk management and performing mobilization and allocation of resources - are important for economic growth and is in line with previous studies and with our hypothesis These results could be useful for regional governments that seek to improve economic growth as they suggest the need for implementation of stimulative policies for the development of insurance industry</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00The Effect of Transport and Logistics on Trade Facilitation and Trade: A PLS-SEM Approach<abstract> <title style='display:none'>Abstract</title> <p>Trade facilitation promotes increased opportunities to participate in international trade. Current research has mainly analyzed the impacts of tariff-related and trade barriers. Nevertheless, as trade policies shift toward removing non-tariff barriers, studies addressing core elements become relevant, requiring a more systemic view at a simultaneous level. The study proposes that transportation infrastructure (i.e., roads, seaports, railroads, and airports) and logistics are core elements supporting trade facilitation efforts at the local level. The study provides empirical evidence on the direct and indirect effects among transportation infrastructure, logistics, trade facilitation, and trade. Partial least squares–structural equation modeling is the main empirical method employed to examine the interrelationship of the quality of transportation infrastructure, logistics, trade facilitation, and trade using a sample of 80 countries for the years 2012, 2014, and 2016. There is a large direct effect of transportation infrastructure on trade facilitation and a vast direct effect on logistics. Logistics has a small direct effect on trade facilitation. I also conduct mediation analyses, which show that logistics has a larger effect on trade via trade facilitation than transportation infrastructure quality has. These findings suggest that trade facilitation implementation might not be enough to tackle current challenges and ongoing economic development. Governments should prioritize the integration of logistics stakeholders in the public sector to optimize the benefits of global networks. Thus, the significance of transportation infrastructure and logistics in trade should not be neglected, as the private sector (i.e., logistics providers) play a large and relevant role in practice.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Does Railway Lines Investments Matter for Economic Growth?<abstract> <title style='display:none'>Abstract</title> <p>The $20.81 trillion U.S. economy relies on a vast infrastructure network to thrive; however, empirical studies that examined that impact of infrastructure on economic growth in the U.S. are limited. This study’s principal objective was to examine the effect of railway lines on economic growth using annual data from 1980 to 2016 and cointegration analysis. The results showed a positive and significant impact of railway lines on economic growth in the long-run and short-run. The impulse response analysis indicates that shocks to railway lines initially cause GDP growth rates to increase and decrease continuously. The variance decomposition analysis also suggests that overtime, railway lines contribute largely to the variations in economic growth followed by inflation and population. This study’s outcome has important implications not only for the U.S. economy but also for developing and emerging countries. The results suggest that railway lines investments matter for economic growth in the U.S.</p> </abstract>ARTICLE2021-06-04T00:00:00.000+00:00Understanding the Effect of a Soft Drinks Industry Levy on Consumer Well-Being in the UK: First Estimates<abstract> <title style='display:none'>Abstract</title> <p>This paper is a first attempt to provide a quantitative evaluation of consumer well-being resulting from the UK Soft Drinks Industry Levy introduced in April 2018. Using a model setup that encompasses both a normal case and a Giffen case for sugary drinks consumption, a computational exercise is performed to quantify the welfare social loss for a variety of household incomes. The model demonstrates that the introduction of a soft drinks levy results in a non-trivial welfare loss, particularly in terms of monetary value and weight effect. We also find that the wealthiest individuals in society are affected positively by this levy, whilst the poorest segment of the population are adversely affected, especially in the presence of a binding nutritional constraint.</p> </abstract>ARTICLE2021-06-04T00:00:00.000+00:00en-us-1