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Volume XXI, Summer, Issue 3(93), 2026
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In the context of increasing geopolitical uncertainty, transitional economies face the challenge of implementing regulatory reforms while maintaining national economic security. This study examines the impact of government regulatory mechanisms on security outcomes, with a focus on institutional quality and macroeconomic stability.
Using a cross-sectional econometric framework based on 25 European countries (2024), the analysis applies OLS and alternative specifications, including interaction, nonlinear, and threshold models. The findings indicate that institutional quality, proxied by the Index of Economic Freedom, is the most significant determinant of national security, exhibiting a strong negative relationship with the Global Peace Index (GPI). Military expenditure shows a nonlinear effect, with a threshold of approximately 2.5% of GDP beyond which its impact becomes destabilizing. Additionally, inflation shocks exceeding 5% significantly deteriorate security outcomes.
The results highlight that national economic security is primarily driven by institutional efficiency and macroeconomic stability, supporting an “active stabilization” approach to economic governance.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 25th of February, 2026; Revised 19th of March, 2026; Accepted 12th of April, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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Whilst there is consensus on the importance of monetary and fiscal policy in emerging market economies (EMEs), their impact on inflation, and growth dynamics during crisis periods is still not clear. This study examines the impact of fiscal and monetary policy on macroeconomic performance indicators (output gap, inflation, and real GDP growth), with a focus on the role of their coordination during crisis periods. The study uses fixed-effects models and annual data from 17 emerging market African economies for the period 1989 to 2023.
Empirical findings demonstrate that policy coordination significantly shapes macroeconomic outcomes, though effects vary by policy instrument and target variable. Fiscal-monetary coordination marginally improves the output gap, suggesting the importance of policy alignment to stabilize demand. High monetary policy rates coincide with fiscal deficits, high inflation and hence policy conflict. Whilst policy coordination can effectively manage short term demand, via the output gap, results show that it is less effective in influencing long-term supply-side growth. Public debt is negatively associated with both output gap and output growth, confirming the debt overhang hypothesis in emerging markets. Finally, results show that exchange rate appreciation is linked to lower inflation and smaller output gap, likely through imported disinflation. This study recommends that policy makers undertake synchronized, countercyclical policy frameworks and strengthen institutional capacity to deal with complex policy trade-offs during crisis periods.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 5th of March, 2026; Revised 14th of April, 2026; Accepted 12th of May, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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The Russia–Ukraine war has produced significant macroeconomic shocks across Europe, yet these have been absorbed unevenly across sub-regions with differing institutional arrangements. Existing scholarship has examined inflation and public debt largely in isolation, with limited comparative analysis of how Eastern EU member states and non-EU Balkan states have responded to this asymmetric shock. This study measures and compares the war's association with inflation and public debt across the two regional groups and identifies the structural factors related to their divergent resilience. A longitudinal comparative design covering 2018–2023 was adopted, drawing on data from Eurostat, the International Monetary Fund, and the World Bank. The analytical framework combined descriptive statistics, fixed-effects panel regression with country-clustered standard errors, and structural-break (Chow) tests applied at a harmonised monthly frequency obtained through linear interpolation of lower-frequency fiscal series.
Eastern EU states experienced a more severe inflationary shock, with average HICP reaching 14.7% in 2022 against 11.3% in the Balkans; the energy-mix composition, proxied by the share of carbon-intensive imports and historical exposure to Russian energy supplies rather than headline import dependency, emerged as the strongest correlate (β = 0.182, p < 0.001). Balkan states, by contrast, faced greater fiscal stress, with public debt rising to 81.7% of GDP by 2023 against 56.1% in the Eastern EU; exchange-rate volatility was strongly associated with this divergence (β = 9.11, p = 0.006). Structural-break tests confirmed February 2022 as a statistically significant turning point for both inflation (F = 18.72, p < 0.001) and public debt (F = 9.43, p = 0.003). EU integration appears to constrain debt accumulation but offers limited protection against inflationary pressures. To the authors' knowledge, this study provides one of the first quantitative comparative assessments of wartime inflation–debt dynamics between Eastern EU and Balkan states.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 15th of March, 2026; Revised 9th of April, 2026; Accepted 12th of May, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), June 2026.
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This study examines the mechanisms of export diversification in Azerbaijan’s non-oil sector within the broader context of resource-rich economies and global economic transformation. It analyses Azerbaijan’s continuing dependence on oil and gas exports and evaluates the factors shaping the expansion of non-oil export capacity. The study combines comparative analysis, synthesis, systematisation, generalisation, statistical evaluation, correlation and simple regression analysis. The empirical component tests the relationship between selected policy and structural variables, including credit investments and technological innovation expenditure, and non-oil export performance. The findings show that Azerbaijan has made progress in developing non-oil sectors, industrial parks, logistics infrastructure, and post-conflict economic regions.
However, the export structure remains highly concentrated in mineral fuels and related products. The analysis also indicates that credit expansion and innovation-related expenditures have not yet generated sufficient structural change in export composition. Weak innovation capacity, limited high-technology production, insufficient investment in non-oil industries, and underdeveloped export-oriented manufacturing continue to constrain diversification.
The study highlights the potential role of the Alat Free Economic Zone, the Middle Corridor, the Zangazur transport corridor, and the liberated territories in strengthening non-oil export capacity. The paper concludes that Azerbaijan needs a more coherent export diversification strategy based on innovation, industrial clusters, import substitution, green energy, and targeted state support.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 15th of April, 2026; Revised 19th of May, 2026; Accepted 22nd of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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This study empirically investigates the relationship between green finance instruments and environmental sustainability in Azerbaijan over the period 2010–2023. Using an Autoregressive Distributed Lag (ARDL) bounds testing approach, the study examines how green bonds, ESG-oriented lending, renewable energy finance, and the composite Green Finance Index (GFI) affect CO₂ emissions in a transition economy heavily dependent on fossil fuel revenues.
The empirical findings confirm long-run cointegration among the variables and validate the Environmental Kuznets Curve (EKC) hypothesis for Azerbaijan. Long-run coefficients indicate that a one percent increase in the Green Finance Index reduces CO₂ emissions by 0.314% (p < 0.01), while ESG lending reduces emissions by 0.202% (p < 0.05). Renewable energy share exhibits the strongest negative effect (−0.482, p < 0.01). The Error Correction Term (ECT = −0.581) implies that approximately 58% of short-run disequilibria are corrected annually. Diagnostic tests confirm model stability, absence of serial correlation, and homoscedastic residuals.
The study contributes original empirical evidence from a resource-rich transition economy, offering actionable policy recommendations including mandatory green bond taxonomies, blended finance frameworks, and carbon-linked financial instruments. These findings have significant implications for policymakers in Azerbaijan and comparable resource-dependent economies navigating the green transition.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 15th of March, 2026; Revised 24th of April, 2026; Accepted 29th of May, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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The rapid digitalization of financial systems has engendered the emergence of a hybrid monetary ecosystem in which central bank digital currencies, stablecoins, and electronic money converge and interact. The relevance of this study is underscored by the imperative to evaluate how the proliferation of digital currencies influences the efficacy of monetary policy, the demand for money, and the composition of deposits. The purpose is to examine the role of digital currencies in shaping novel channels of monetary transmission and to compare countries with varying degrees of digital integration.
The study employed the ARDL/PMG panel econometric model with fixed effects for six nations – namely, the United States, China, Japan, Germany, Poland, and Ukraine, over the period from 2020 to 2024. An integral index of the hybrid monetary ecosystem (HMEI) was constructed, reflecting the advancement level of digital currencies, stablecoins, and mobile payments. The results indicated that in the United States, θ3 = −0.18, and in Germany, θ3 = −0.16, confirm a decrease in demand for M2 attributable to digital substitution. In China, HMEI = 0.74 is associated with a positive impact on deposits (+0.3 points), signifying the effect of confidence in e-CNY. In Ukraine, HMEI = 0.49 and δ1 = −0.50 reveal limited confidence in banks and a disintermediation effect. The overall level of explained model variation (Adj. R²) ranged from 0.58 to 0.71.
The findings suggest that digital currencies are redefining the structure of money circulation, undermining traditional monetary channels, and engendering the necessity for new regulatory frameworks. The results obtained lay the groundwork for updating the monetary policy in light of digital transformation and the financial stability enhancement.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 5th of April, 2026; Revised 12th of May, 2026; Accepted 14th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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This study extends the Gai-Kapadia framework, originally developed for interbank contagion, to assess systemic risk and default cascades in global equity markets. We analyse a network of assets comprising Brazilian and developed-market equities over the period 2015-2026, constructing exposure-based financial networks from asset return co-movements. Threshold filtering is applied to identify significant interconnections. Cascade dynamics are examined through a combination of deterministic propagation and stochastic Monte Carlo simulations (n = 1,000) under varying shock intensities. The results indicate a high degree of global resilience, with a negligible probability of large-scale failure, while preserving localised vulnerability within highly clustered subnetworks. Single shocks generate, on average, one failed asset, whereas simultaneous shocks lead to an average of two failed assets, suggesting limited contagion below a critical threshold.
Network analysis reveals a pronounced structural asymmetry between emerging and developed markets. Brazilian assets exhibit high clustering coefficients and dense connectivity, amplifying local shock propagation, whereas developed-market assets display lower clustering and weaker connectivity, limiting the spread of contagion. Tail-risk analysis based on empirical CCDFs and Hill estimators confirms the presence of heavy-tailed loss distributions, particularly among emerging-market assets, indicating greater exposure to extreme events.
The findings demonstrate that systemic risk arises from the interaction between network topology and tail-risk behaviour rather than from isolated asset characteristics. The proposed framework provides a scalable and empirically grounded approach to systemic risk assessment and stress testing, offering practical insights for regulators, policymakers, and portfolio managers operating in increasingly interconnected financial markets.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 30th of March, 2026; Revised 4th of May, 2026; Accepted 10th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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The study examines the prospects for the development of accounting and auditing in post-war Ukraine and their role in supporting reconstruction and European Union integration. The objective is to assess the resilience and readiness of the accounting and auditing profession and to identify key reform priorities. The analysis combines content analysis of regulatory developments (2020–2024), a nationwide survey of 126 accounting and auditing professionals, exploratory factor analysis, and regression modelling. Based on the empirical evidence, the study develops an Accounting and Auditing Resilience Index (AARI) comprising four dimensions: digitalization, regulatory adaptation, human-capital capacity, and trust and transparency.
The results indicate that digitalization is the strongest predictor of perceived audit effectiveness, followed by regulatory adaptation and human-capital development. Significant regional disparities persist, particularly in war-affected areas, reflecting differences in digital readiness and professional capacity. Comparative pre-war and post-war assessments reveal substantial progress in digital transformation and moderate improvements in regulatory alignment, while human-capital constraints remain a major challenge. The findings suggest that strengthening digital infrastructure, enhancing regulatory oversight, investing in professional development, and improving transparency are essential for rebuilding confidence in financial reporting, attracting investment, and supporting Ukraine's EU accession process. The proposed AARI provides a practical framework for monitoring reform progress and guiding evidence-based policy interventions during the post-war recovery period.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 27th of March, 2026; Revised 5th of June, 2026; Accepted 15th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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This study provided an in-depth empirical analysis of the effect of cloud accounting costs and financial report timeliness by disaggregating cloud accounting costs into cloud accounting acquisition, training, and maintenance/upgrade costs. The study controls for firm size, financial leverage and audit firm type. The study sampled 14 listed consumer goods firms from 2014 to 2023. The Panel Estimated Generalised Least Squares (PEGLS) technique served as the main estimation technique. The study evidences that cloud accounting acquisition and training costs enhance the speed at which financial reports are released significantly. Conversely, the study confirmed that, while cloud accounting software maintenance is key for system upkeep, too frequent system upgrades may temporarily disrupt the timely release of financial reports. Both firm size (FMSZ) and audit firm type (AUFT) are associated with shorter reporting lags, while financial leverage reduces financial report timeliness significantly.
Overall, this study demonstrates that investments in cloud-based software, coupled with regular staff training in AI and AI-related courses and efficient system upgrades, are key to improving financial reporting processes in the Nigerian consumer goods industry. Hence, regulatory authorities should incentivise firms’ transition to automated accounting systems. Furthermore, management of the sampled firms should train their staff in AI and AI-related courses on a regular basis. Lastly, the sampled firms should establish clear protocols to schedule maintenance during non-critical periods to avoid delays in financial report release.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 19th of April, 2026; Revised 29th of May, 2026; Accepted 22th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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The relevance of the research topic stems from the increasing impact of global crises on the stability of education system funding, necessitating a rethinking of resource management mechanisms. In such conditions, financial autonomy emerges as a strategic tool for enhancing the resilience and efficiency of educational institutions. The aim of the article is to identify effective mechanisms for managing the financial autonomy of educational institutions under economic instability. The study focuses on establishing the relationship between the level of financial independence and the performance of educational institutions in the context of their capacity for strategic adaptation.
The methodology is based on cross-country comparative analysis, regression modelling, and dynamic financial data analysis. The research covers 30 educational institutions from six countries over the period 2016–2023. An integrated financial autonomy index was calculated on a scale from 0 to 1. A positive correlation was found between the level of autonomy and institutional effectiveness: an increase of 0.1 in the financial autonomy index correlates with a 2% increase in graduates’ average scores and a 1.5% rise in employment rates (p < 0.01). This study is the first to combine regression analysis of financial autonomy and educational outcomes at the international level, offering a quantitative model for evaluating the effectiveness of autonomy as a strategic management tool in education. Future research should expand the quantitative analysis by including more countries with diverse autonomy models and development levels. It is also advisable to use qualitative methods to gain deeper insights into internal management practices related to financial autonomy.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 23rd of April, 2026; Revised 29th of May, 2026; Accepted 12th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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The swift progression of digital technologies has accelerated the adoption of blockchain as a transformative innovation with significant implications for accounting and auditing systems. This study examines the economic and institutional prospects of blockchain implementation in accounting and auditing, with particular attention to the Ukrainian context. The research employs a mixed analytical approach combining a systematic literature review, comparative analysis, and regression modelling to evaluate the impact of blockchain adoption on operational efficiency, audit costs, transparency, and financial reporting reliability.
The research indicates that blockchain implementation is associated with reduced verification time, lower audit costs, enhanced data integrity, and improved transparency in financial reporting. Empirical results suggest that blockchain-based automation significantly improves auditing accuracy, reporting timeliness, and operational efficiency while reducing risks related to fraud, corruption, and information manipulation. In Ukraine, blockchain adoption aligns with ongoing digital transformation initiatives, including public-sector digitalization and financial transparency reforms.
The findings provide practical implications for businesses, policymakers, and educational institutions seeking to strengthen trust, efficiency, and accountability within financial reporting systems.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 15th of May, 2026; Revised 19th of June, 2026; Accepted 26th of June, 2026; Available online: 30th of June, 2026. Published as article in the Volume XXI, Summer, Issue 3(93), 2026.
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Artificial intelligence (AI) is increasingly reshaping corporate strategy and organisational performance, yet empirical evidence on its impact in large public sector enterprises remains limited. This study examines the relationship between AI maturity, financial resilience, and market value among Indian Maharatna companies, which represent strategically important enterprises operating in infrastructure, energy, defence, and service sectors.
A novel AI Maturity Index (AIMI) was developed using a local large language model (LLM) to analyse approximately 50,000 pages extracted from 140 annual reports covering the period 2016–2025. The AI-generated maturity scores were validated through a retrieval-augmented generation (RAG) framework and human expert verification. Financial data obtained from CMIE ProwessIQ were used to estimate financial resilience, market value, human capital productivity, and operational efficiency using fixed-effects panel regression models controlling for firm size, leverage, and profitability. The results reveal a significant structural break around 2020 and a marked increase in AI maturity following 2021, indicating a transition from basic digitalization to cognitive AI adoption. Higher AI maturity is found to significantly improve financial resilience and market value, while also contributing to operational and human capital performance.
The findings suggest that although Maharatna enterprises have made substantial progress in adopting cognitive AI, the economic benefits of these investments emerge gradually and require time to be fully reflected in corporate performance and market valuation. The study contributes a novel AI maturity measurement framework and provides practical insights for policymakers and managers seeking to maximize the strategic value of AI investments.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 29th of April, 2026; Revised 9th of June, 2026; Accepted 21st of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer 3(93), 2026.
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This study analyzes the impact of digital transformation on firm-level economic performance and how business intelligence integration affects it in Jordan's healthcare industry. It is crucial to investigate this matter since modern organizations in the healthcare industry are adopting various digital technologies, which makes it necessary to find out their economic impact. Descriptive and analytical approaches to research have been used in this study, and a questionnaire survey of 389 managers and technical staff members from private hospitals and healthcare companies in Jordan has been conducted. To analyze relationships between the study variables, a structural equation modeling approach based on SmartPLS 4 has been utilized. According to the results obtained during the study, digital transformation has a statistically significant positive effect on firm-level economic performance. Furthermore, it was found that BI integration has a positive influence on economic performance and significantly mediates digital transformation impacts.
Overall, these results indicate that investments in digital technologies and integration of business intelligence systems can enhance economic performance through improved productivity, effective use of resources, and efficiency of operations. Therefore, this study adds to the field of healthcare economics and digital transformation, contributing to the understanding of digital economic impacts created in conjunction with business intelligence integration.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 5th of April, 2026; Revised 19th of May, 2026; Accepted 2nd of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), June, 2026.
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This study examines how financial constraints affect firm-level employment growth among African listed firms over the period 1990–2025. Drawing on corporate finance and labour demand theories, it investigates whether financing frictions and debt maturity structure influence firms’ employment decisions in the context of shallow capital markets and limited long-term financing. Using an unbalanced panel of non-financial listed firms across African stock exchanges, the analysis employs fixed-effects and dynamic panel estimation techniques to account for firm heterogeneity and potential endogeneity.
The results show that financial constraints significantly reduce employment growth, while reliance on short-term debt amplifies these adverse effects by increasing refinancing risk. The negative impact is particularly pronounced among smaller firms, reflecting greater information asymmetries, limited collateral, and restricted access to external finance. Robustness analyses using alternative measures of financial constraints, lagged specifications, and subsample estimations confirm the stability of the findings.
The study contributes to the literature by providing new firm-level evidence from African capital markets and demonstrating that both financing constraints and debt maturity are important determinants of employment dynamics. The findings highlight the importance of policies that improve access to long-term finance and strengthen capital market development to support sustainable employment growth across African economies.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 3rd of April, 2026; Revised 9th of May, 2026; Accepted 7th of June, 2026; Available online: 30h of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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Entrepreneurial decision-making is shaped by cognitive processes that influence opportunity recognition and strategy under uncertainty. This study examines how cognitive practices in strategic brand management affect the competitiveness of retail enterprises in selected EU countries and Ukraine, using comparative analysis, Pearson correlation, and multidimensional scaling (MDS).
Findings show that analytically oriented environments are linked to higher brand investment, stronger customer loyalty, and greater competitiveness. MDS identifies three cognitive profiles, analytical, intuitive-adaptive, and transitional, revealing cross-country differences. Institutional quality moderates these effects, with stronger institutions enhancing the link between cognition and performance. The study proposes a framework for assessing managerial cognitive profiles in brand strategy.
The research contributes to behavioural economics and strategic management and offers practical insights for policymakers, educators, and business leaders aiming to strengthen entrepreneurial resilience and competitiveness.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 25th of April, 2026; Revised 29th of May, 2026; Accepted 19th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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This study examines the symmetric and threshold effects of fiscal operations on inflation in Nigeria using annual data for the period 1981–2024. Specifically, it evaluates the effects of government revenue, public expenditure, fiscal balance, and public debt on inflation. Secondary data were obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin and the World Bank database. The analysis employs the Autoregressive Distributed Lag (ARDL) model and threshold regression analysis to estimate both short- and long-run relationships.
The findings indicate that government revenue, fiscal balance, and public debt exert significant inflationary effects in both the short and long run, whereas public expenditure has no significant short-run effect but reduces inflation in the long run. Threshold analysis further reveals that public expenditure becomes inflationary when it exceeds 14.56% of GDP, suggesting the existence of a fiscal threshold beyond which additional spending contributes to inflationary pressures.
The results demonstrate that fiscal operations in Nigeria have heterogeneous rather than uniformly beneficial effects on inflation, emphasizing the importance of balancing revenue generation, public expenditure, and debt management. The study concludes that maintaining fiscal variables within sustainable thresholds is essential for preserving macroeconomic stability and supporting long-term economic growth. These findings provide useful evidence for policymakers seeking to improve fiscal management and strengthen inflation control in Nigeria.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 29th of April, 2026; Revised 9th of June, 2026; Accepted 22th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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Türkiye’s regional income gap is large and persistent. In 2023, the richest province earned roughly 4.6 times the per-capita income of the poorest. Yet whether trade, entrepreneurship, or infrastructure drive this divergence - and how stable these associations are across macroeconomic regimes - remains empirically unsettled. This paper addresses those questions using a balanced panel of 81 provinces over 2013–2023 (N = 890, T = 11). The empirical strategy proceeds in five steps: Pesaran (2021) cross-section dependence (CD) tests; Pesaran (2007) second-generation CIPS unit root tests; Theil T decomposition with between–within splitting; two-way fixed-effects (2W-FE) regression with HC1 robust errors; and a first-difference specification with year effects as the main robustness check. A supplementary beta-convergence regression and spatial autocorrelation analysis are also reported.
Three findings stand out. First, infrastructure - proxied by electricity consumption per capita - is the most consistently significant conditional correlate of provincial income (2W-FE: β = 0.132, p < 0.001; first-difference: β = 0.109, p < 0.001). Second, export intensity is negatively and significantly associated with income when measured as the log export-to-income ratio (β = −0.013, p < 0.001), a pattern concentrated in the pre-2018 sub-period and in Eastern provinces. Third, beta-convergence analysis reveals a statistically significant but slow convergence rate of 0.89% per year (half-life: 78 years), masking considerable heterogeneity: convergence is faster in the post-2018 period and absent in the pre-crisis years. Spatial autocorrelation in provincial income is high (average Moran’s I = 0.67, p < 0.01 in all 10 observed years), confirming that income clustering is structural and geographically persistent. All reported associations are conditional correlates, not causal estimates.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 9th of April, 2026; Revised 19th of May, 2026; Accepted 14th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), June, 2026.
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This study develops and evaluates sustainable real estate valuation by integrating policy frameworks, spatial productivity, and investment efficiency to provide a holistic understanding of property markets. Employing a multidimensional approach, the research examines how regulatory policies, market dynamics, and productivity metrics collectively influence property values and investment decisions. In this study, the multidimensional approach is conceptualized as an integrated framework combining policy inputs, spatial productivity indicators, and investment efficiency metrics to explain sustainable real estate valuation adjustments.
The findings highlight the critical role of sustainable valuation practices in enhancing market transparency, optimizing resource allocation, and promoting long-term economic stability. By bridging theoretical insights with practical applications, this work offers valuable guidance for policymakers, investors, and urban planners aiming to foster resilient and efficient real estate markets.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 19th of April, 2026; Revised 9th of June, 2026; Accepted 22th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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This article examines the effects of mobile money on gender inequalities using a panel of 41 Sub-Saharan African (SSA) countries over the period 2004–2020. Results from two-stage least squares and instrumental-variables quantile regression indicate that mobile money reduces gender inequalities in SSA. However, the magnitude of these effects varies depending on the distribution of gender inequalities. The effects are more pronounced in countries with low levels of gender inequalities. In countries with high levels of gender inequalities, mobile money has a limited impact. These results suggest that financial inclusion policies that use mobile money should target women more effectively to reduce gender inequalities in SSA. They also indicate that measures aimed at sustainably reducing gender inequalities should be directed more towards countries where gender inequalities are particularly pronounced.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 23rd of April, 2026; Revised 27th of May, 2026; Accepted 24th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
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Vertical price transmission refers to how price changes at the producer level are passed along to retailers and ultimately to consumers. In agricultural markets, this process often exhibits significant asymmetry due to high volatility caused by factors such as weather conditions and market speculation. Typically, price increases are transmitted quickly to consumers, while price decreases are not, resulting in an imbalance that raises concerns about efficiency and transparency in the value chain. In Chile, the vegetable and sunflower oil market has experienced significant price increases, underscoring the importance of examining asymmetric price transmission in this sector. Such an analysis is essential for identifying market inefficiencies and informing policies aimed at promoting competition and curbing the market power of dominant retailers like Walmart and Cencosud, which hold substantial influence over the sector.
The study's findings indicate that the oil markets in Chile are inefficient, with prices between producers and retailers being cointegrated but exhibiting asymmetric transmission: price increases reach consumers more swiftly than decreases. This suggests that supermarkets exert considerable power in the market and highlights potential shortcomings in current economic policies. To gain a more comprehensive understanding of price transmission and market efficiency, future research should expand to include other essential products, such as dairy and cereals. This broader analysis would provide deeper insights into how price shocks are transmitted through the supply chain and inform the development of more effective policy measures.
Copyright© 2026 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.
Article’s History: Received 1st of April, 2026; Revised 12th of May, 2026; Accepted 19th of June, 2026; Available online: 30th of June, 2026. Published as research article in the Volume XXI, Summer, Issue 3(93), 2026.
