Template-Type: ReDIF-Article 1.0 Author-Name: Mouldi Ben Amor Author-Name-First: Mouldi Author-Name-Last: Ben Amor Author-Email: elmouldi2015@gmail.com Author-Workplace-Name: Department of Economics, college of Economics and Administrative Science, Al Imam Mohammad Ibn Saud Islamic University (IMSIU), PO Box 5701, Riyadh, 11432 Saudi Arabia Title: Nexus Between Foreign Direct Investment and Employment in Manufacturing and Services Sectors in Tunisia: An ARDL Approach Abstract: This study investigated both the cointegration and the causal nexus between foreign direct investment (FDI) and employment in the manufacturing and services sectors in Tunisia by employing the augmented autoregressive distributed lag (ARDL) bounds testing approach. Our findings confirm a long-run relationship among the examined variables. Causality results indicated both short-run and long-run bidirectional causality between FDI and employment in the services sectors as well as between employment in the manufacturing and the services sectors. However, there is a unidirectional causality between FDI and employment in manufacturing running from FDI to employment in Manufacturing. These results are of particular interest and offer new perspectives and insight for new policies toward promoting and diversifying foreign investment as a critical contributor to the manufacturing sector's productive capacity and by extension to its employment level. Classification-JEL: E24, F21, J21 Keywords: FDI, employment, Manufacturing, Services, ARDL, causality Journal: International Journal of Economic Sciences Pages: 1-20 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117080 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117080?download=1 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:1-20 Template-Type: ReDIF-Article 1.0 Author-Name: Bilal Karg? Author-Name-First: Bilal Author-Name-Last: Karg? Author-Email: bilalkargi@gmail.com Author-Workplace-Name: Ankara Y?ld?r?m Beyaz?t University, Sereflikoçhisar Faculty of Applied Aciences, Department of Banking and Finance Author-Name: Mario Coccia Author-Name-First: Mario Author-Name-Last: Coccia Author-Email: mario.coccia@cnr.it Author-Workplace-Name: CNR – National Research Council of Italy, Turin Research Area of the National Research Council Author-Name: Bekir Cihan Uçkaç Author-Name-First: Bekir Cihan Author-Name-Last: Uçkaç Author-Email: b.cihanuckac@gmail.com Author-Workplace-Name: Independent Researcher Title: Findings from the first wave of Covid-19 on the different impacts of lockdown on public health and economic growth Abstract: This paper examines the impact of different durations of national lockdown measures during the first wave of the COVID-19 pandemic on the public health and economic conditions of nations. Results indicate that a) countries with shorter lockdown periods, approximately 15 days, experience a higher variation of confirmed cases/population (%) compared to countries with longer lockdowns, lasting for over one month; b) countries with shorter lockdown periods experience lower average fatality rates compared to countries with longer lockdown periods, while the variation in fatality rates indicates that countries with longer periods of lockdown achieved a more substantial reduction in fatality rates. Nevertheless, the findings of the study indicate that while longer durations of national lockdowns, implemented as a government response to the COVID-19 pandemic, appear to produce somewhat uncertain outcomes in terms of public health, they exhibit a more substantial adverse effect on a country’s economic growth, resulting in a contraction in gross domestic product growth. Extracting key lessons from this study can prove invaluable in crafting effective public responses for future COVID-19 waves and epidemics that resemble the characteristics of COVID-19. Classification-JEL: I11, J15, O15 Keywords: Lockdown, COVID-19, Crisis management, Public policy, Healthcare, Economic Growth, Contraction, Environmental impact, Air pollution. Journal: International Journal of Economic Sciences Pages: 21-39 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117076 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117076?download=2 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:21-39 Template-Type: ReDIF-Article 1.0 Author-Name: Lucie Kurekova Author-Name-First: Lucie Author-Name-Last: Kurekova Author-Email: lucie.kurekova@vsci.cz Author-Workplace-Name: CEVRO Institut Author-Name: Klara Cermakova Author-Name-First: Klara Author-Name-Last: Cermakova Author-Email: klara.cermakova@vsci.cz Author-Workplace-Name: CEVRO Institut Author-Name: Eduard Hromada Author-Name-First: Eduard Author-Name-Last: Hromada Author-Email: eduard.hromada@fsv.cvut.cz Author-Workplace-Name: Czech Tecnical University, Faculty of Civil Engineering Author-Name: Bozena Kaderabkova Author-Name-First: Bozena Author-Name-Last: Kaderabkova Author-Email: kaderabb@fsv.cvut.cz Author-Workplace-Name: Czech Technical University, Faculty of Civil Engineering Title: Public funding in R&D and R&D outcome sustainable development: Analysis of Member States EU Abstract: This paper examines the relationship between public funding in research and development (R&D) and the sustainable development outcomes within the European Union (EU) member states from 2000 to 2022. It investigates the allocation and effectiveness of public funding towards R&D in sustainable technologies and its alignment with the EU's strategic growth and sustainability goals. Through a mixed-method approach, including descriptive analysis, econometric modelling, and a review of pa-tents and scientific publications, the study addresses three core research questions: the extent of public R&D funding, the R&D outcomes in sustainable development, and the efficacy of recent EU public research funding in fostering innovation in sustainable technologies. The analysis reveals that while there is a positive correlation between targeted public expenditures and R&D outcomes, disparities exist among member states in terms of investment levels and innovation outputs. The paper also dis-cusses the implications of these findings in the context of the EU's broader sustainability objectives, including the European Green Deal, and suggests pathways for future research to enhance the impact of public R&D funding on sustainable development. Classification-JEL: O30, O32, O38 Keywords: research and development (R&D); public funding; sustainable development; patents; panel data; Euro-pean Union; econometric analysis Journal: International Journal of Economic Sciences Pages: 40-62 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117081 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117081?download=3 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:40-62 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Louzek Author-Name-First: Marek Author-Name-Last: Louzek Author-Email: louzek@post.cz Author-Workplace-Name: Prague University of Economics and Business, Faculty of Economics Title: Is the Eurozone an Optimum Currency Area? Abstract: The objective of this paper is to find out the past, the present and the future of the euro. The first part presents the euro as an edifying currency experiment. The second part analyses the economic performance of the euro area. The third part points out the internal conflicts inside the eurozone. The fourth part explains why the eurozone is not an optimum currency area. The fifth part outlines the controversy around the purchase of bonds by the ECB. The sixth part poses the question whether it is still possible to save the euro. The eurozone is not an optimum currency area. In theory, it could become one, provided that high mobility of labour is achieved, wages are flexible downwards, asymmetrical shocks do not occur and there is a stable system of national finances, supplemented by an effective system of fiscal compensations. Since these conditions are not met, the euro has become a trap for the member states. The euro has not had the effect of converging economic development in the eurozone; quite the opposite, it has had a diverging effect. Classification-JEL: E42, E44, F34 Keywords: euroeuro areaoptimum currency area Journal: International Journal of Economic Sciences Pages: 63-82 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117074 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117074?download=4 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:63-82 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Mach Author-Name-First: Petr Author-Name-Last: Mach Author-Email: petrmach1975@gmail.com Author-Workplace-Name: University of Finance and Administration Title: An Error in the Theory of Seigniorage Abstract: The article reveals an error in the theory of seigniorage or government revenue from printing money. Friedman, Cagan, Mankiw, and other economists have repeated the definition of seigniorage as the monetary base multiplied by the rate of inflation (or by the growth in the monetary base). This definition, however, contains a logical error in the formula of seigniorage, confusing the growth rate with the growth rate divided by the growth rate plus one. This often-repeated confusion is consequently common in modern economics textbooks. These many authors have omitted Keynes who – almost one hundred years ago – rightly understood seigniorage to be the monetary base multiplied by the rate of money growth divided by the rate of money growth plus one. This paper presents an unambiguous definition and formula of seigniorage and offers a graphical illustration of seigniorage as a function of monetary growth which corresponds to Keynes’s approach. It is shown that such a graph is an analogy to the Laffer curve in explicit taxation. Classification-JEL: E00, E69, H00 Keywords: Monetary Theory; Monetary Base; Seigniorage; Inflation Tax; Laffer curve Journal: International Journal of Economic Sciences Pages: 83-91 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117068 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117068?download=5 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:83-91 Template-Type: ReDIF-Article 1.0 Author-Name: Tomislava Pavic Kramaric Author-Name-First: Tomislava Author-Name-Last: Pavic Kramaric Author-Email: tpkramaric@forenzika.unist.hr Author-Workplace-Name: University of Split, University Department of Forensic Sciences Author-Name: Marko Miletic Author-Name-First: Marko Author-Name-Last: Miletic Author-Email: mamiletic@oss.unist.hr Author-Workplace-Name: University of Split, University Department of Professional Studies Author-Name: Petar Pepur Author-Name-First: Petar Author-Name-Last: Pepur Author-Email: ppepur@oss.unist.hr Author-Workplace-Name: University of Split, University Department of Professional Studies Title: The Treynor Ratio as a Risk-adjusted Return of Croatian Listed Firms Abstract: Motivated by the importance of determinants of firm performance, especially in terms of risk-adjusted performance that considers underlying risks, this paper explores the effects of firm-specific determinants on risk-adjusted returns such as the Treynor ratio. Specifically, the authors explore whether firm size, capital expenditures, capital intensity, equity ratio, leverage, profitability, listing age, and liquidity affect the performance of Croatian non-financial listed companies that form the CROBEXplus equity index in the period 2014 – 2021. Utilizing dynamic panel analysis, several key deterministic factors of risk-adjusted performance are identified including firm size, capital intensity, equity ratio, leverage, profitability, and listing age. In other words, larger firms tend to experience greater risk adjusted returns than their smaller counterparts as well as firms with higher equity ratios, i.e. those not overly indebted. Results also show that capital intensity, which is viewed as a source of entry barrier, is positively related to risk adjusted-performance which is also true for profitability. Furthermore, companies that have a longer presence in the market in terms of being listed on the stock exchange document enhanced risk-adjusted returns. These findings have significant policy and practical implications. Classification-JEL: G10, G23, L25 Keywords: the Treynor ratio, risk-adjusted returns, listed firms, Croatia Journal: International Journal of Economic Sciences Pages: 92-106 Volume: 12 Issue: 2 Year: 2023 Month: November File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117073 File-URL: https://eurrec.org/RePec/aop/jijoes/0084ES.rdf117073?download=6 Handle: RePEc:aop:jijoes:v:12:y:2023:i:2:p:92-106