This paper assesses the green tourism readiness of six EU member states from Central and Eastern Europe—Slovenia, Croatia, Slovakia, Hungary, Bulgaria, and Romania—using a hybrid multi-criteria decision-making (MCDM) model. As tourism sectors face increasing pressure to align with the European Green Deal and sustainability goals, integrating green skills, environmental protection, and institutional governance becomes essential. The study applies a three-step framework that combines the Analytic Hierarchy Process (AHP), Best-Worst Method (BWM), and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) to evaluate national performance across four criteria: natural capital, rural infrastructure, governance readiness, and green skills in vocational education and training (VET). Results show that environmental sustainability and governance are the dominant enablers of green tourism transformation, with Slovenia and Croatia leading in overall readiness. Although green skills have a lower relative weight, their integration significantly strengthens performance in more advanced systems. The hybrid model demonstrated methodological robustness through sensitivity and consistency checks. This research contributes to both methodological innovation and evidence-based policymaking by offering a replicable tool for evaluating sustainable tourism development in transition economies. It provides actionable insights for aligning education, tourism, and environmental policy within the broader EU green transition framework.

Europe’s decarbonization calls for an increase in the resources used to ensure a fairer transition. The objective of this study is to evaluate the role of public finance in the decarbonization process, considering the context of various uncertainties. Data from 1995 to 2023 for selected European countries were analyzed in this sense. We used the cross-sectional dependence–consistent Driscoll–Kraay estimator as the main econometric approach and Feasible Generalized Least Squares (FGLS) as a robustness test. The results revealed a positive impact of public debt, world uncertainty, and gross domestic product on renewable energy usage in European countries. Additionally, general fiscal pressure is shown to have a negative impact on the renewable energy used during the analyzed period. The results showcase the importance of public finance tools adjustments in supporting the race to zero breakthroughs and dawdling climate change. Several policy recommendations were made in this regard.

Launched in 2013, China’s Belt and Road Initiative (BRI) was originally devised to link East Asia and Europe through a network of physical and digital infrastructure. This article analyses the BRI’s development in the European context by offering a comparative analysis of 727 BRI and BRI-like projects within 46 European countries from 2005 to 2021. The analysis considers projects’ location, typology, status, and the main enterprises involved in each project. According to our results, there is a “two-speed Europe”. Indeed, while the vast majority of projects are included in the Digital Silk Road (e.g., telecommunication, transfer technology, data centre, 5G, fintech) and are located in North-Western Europe, traditional investments in infrastructure (e.g., ports, roads, railways, SEZ) are concentrated in South-Eastern Europe and the Balkan countries. While North-Western Europe is particularly concerned about cyber security and data protection issues, various South-Eastern European countries look favorably upon the development opportunities offered by the BRI. The BRI is clearly different from the Western approach to development (based on competition and economic liberalism) and integration (based on treaties). The BRI approach—including its platform, leveraging political flexibility, economic pragmatism, ability to mobilize resources, and ability to create synergies between state and business—could take advantage of the flaws of the European integration process. The BRI, with its strengths as well as weaknesses, represents an opportunity for the EU to understand the need for greater economic and political foresight, social cohesion, and economic flexibility to meet the development needs of its member countries. China, too, can draw inspiration from cooperating with EU countries on how to improve the reception of its investment initiatives by focusing on reciprocity, security guarantees, and protection of rights and the environment.

Entrepreneurs based in developing nations, as well as in contexts with significant corruption, find significant issues when seeking financing, and this was exacerbated by the 2008 financial crisis. Nevertheless, recently developed financial approaches such as international reward-based crowdfunding (RBC), may provide support for these entrepreneurs. Based on this, this study investigates how entrepreneurs’ macroeconomic context, specifically, country-level economic development and corruption, affect crowdfunding outcomes. This aim was addressed by using campaigns on Kickstarter, the world’s leading digital RBC platform, as its study population, and examining campaigns conducted between 2009 and November 2016. Logistic and ordinary least squares multi-level models showed that country-of-origin macroeconomic context was significantly associated with crowdfunding outcomes. After controlling variables specific to the entrepreneur and campaign, developing-economy entrepreneurs found greater success on the platform than those from developed countries. Nevertheless, corruption at the country level has a significant adverse association with campaign outcomes. The study’s empirical findings show robustness and consistency under a range of testing approaches. Implications for digital platforms, entrepreneurial individuals, and policymakers are highlighted.

The rapid accumulation of public debt raises global concern over its implications for financial markets. This study examines the effect of domestic public debt on financial development in Middle East and North Africa (MENA) countries, a region marked by sharp heterogeneity in institutions, debt dynamics, and oil dependence, using annual panel data for 16 countries over the period (2000–2020). Our analysis employs a fractional response model (FRM), which accounts for the bounded nature of the dependent variable, corrects for heteroskedasticity, and incorporates country fixed effects. The findings reveal a significant negative effect of domestic public debt on financial development, consistent with the lazy banks and crowding-out hypotheses. This adverse relationship persists across different income groups and debt percentiles, with modest attenuation at higher debt levels. Oil rents are also found to exert a robust negative effect, highlighting the structural vulnerabilities associated with oil dependence. These results emphasize the importance of debt management, fiscal frameworks that account for commodity cycles, and policies to reduce the sovereign–bank nexus in fostering sustainable financial development in the region.

This study investigated the impact of corruption on the persistence of informality across countries, offering new insights into the institutional dynamics that sustain informal economic activities. Drawing on firm-level data from World Bank Enterprise Surveys covering 159 countries, the analysis employed quantitative methods in Stata to assess four indicators of informality against five exogenous variables. These variables captured key institutional constraints, including corruption (with a focus on bribery), bureaucratic inefficiencies, and infrastructure deficits. Results revealed both linear and nonlinear effects of corruption on informality, suggesting that firms embedded in corrupt environments are more likely to remain informal over time. The role of political networks as facilitators of corruption is particularly significant in developing economies, where informal firms benefit from weak enforcement and institutional loopholes. The findings underscore the structural nature of informality and highlight corruption as a critical barrier to sustainable economic development. By exposing how informal payments and institutional weakness interact, this study contributes to global efforts to promote inclusive growth and effective governance under the Sustainable Development Goals (SDGs), particularly SDG 8 and SDG 16.

The importance of policy coordination between fiscal and monetary policy authorities has become more apparent, in the face of unexpected economic shocks and persistent macroeconomic challenges. In this paper, we employ the Set-Theoretic Approach (STA) to explicitly measure the presence of coordination between fiscal and monetary policies from 1990 to 2023 in South Africa. In addition, the model measures policy shocks theoretically and structurally using a structural vector autoregressive (SVAR) model. The results indicate a weak level of policy coordination estimated at 24% where shocks are measured theoretically. Where shocks are measured structurally, the results still present weak policy coordination estimated at 33%. These results underscore the need for stronger policy coordination in South Africa, particularly during periods of economic strain such as the Global Financial Crisis and the COVID-19 pandemic, when conflicting fiscal and monetary stances weakened policy effectiveness. In the South African case, limited coordination contributed to procyclical fiscal tightening alongside contractionary monetary policy, which constrained growth and delayed recovery.

Against the backdrop of China’s “dual-carbon” goals, the complex interplay between fiscal decentralization and green taxation presents significant challenges for climate governance. This study examines the impact of green taxation on carbon emissions within the context of fiscal decentralization, with a particular focus on spatial spillover effects and multidimensional indicators of fiscal decentralization. Drawing on panel data from 30 Chinese provinces between 2007 and 2022, we apply spatial Durbin and moderating effect models to examine these relationships. Our findings reveal a counterintuitive positive association between green taxation and carbon emissions, indicating the presence of a “green paradox.” Furthermore, the three dimensions of fiscal decentralization—revenue decentralization, expenditure decentralization, and fiscal autonomy—demonstrate heterogeneous relationships with carbon emissions, including inverted U-shaped, U-shaped, and linear patterns, respectively. The interaction effects between green taxation and fiscal decentralization also exhibit notable spatial spillover effects and emission reduction potential. The contribution of this study lies in its integrated analysis of multidimensional fiscal decentralization, spatial econometric methods, and underlying mechanisms, thereby addressing underexplored dimensions of China’s environmental fiscal policy. These findings not only provide policy insights for China but also offer valuable references for other developing and transitional economies striving to align fiscal and environmental governance.

Research Problem: Despite growing recognition that digital transformation strategies affect economic coordination, no study has empirically tested whether different national digital development models create systematically different transaction cost environments, particularly in emerging economies pursuing Sustainable Development Goals (SDGs). Research Gap and Novelty: This study addresses a critical gap by providing the first comprehensive empirical validation of how equity-focused versus scale-intensive digital development strategies influence coordination efficiency outcomes. Unlike previous studies that focus on aggregate digital infrastructure investment or single-country analyses, we develop a novel multi-dimensional Digital Coordination Efficiency Index and systematic development model classification framework to test transaction cost economics (TCE) predictions across diverse emerging economy contexts. Methodology: Using panel data from 16 strategically selected emerging economies (2017–2022) representing distinct development pathways, we apply advanced econometric techniques including comprehensive diagnostic testing, jackknife analysis, and bootstrap procedures to ensure robust causal inference. Key Findings: Development model choice explains 63.4% of variation in digital coordination efficiency compared to only 8.9% explained by GDP per capita—a 7.1-fold improvement in explanatory power—though this finding is based on a limited sample of 16 countries. Countries pursuing equity-focused strategies achieve 15.42 points higher coordination efficiency (p < 0.05) and demonstrate 49.4% superior mobile infrastructure penetration in our sample. The Vietnam–India comparison illustrates how an equity-focused model can systematically outperform a scale-intensive approach, with Vietnam achieving 68.4% higher GDP per capita, though we acknowledge this represents one specific case rather than a universal pattern. Practical Implications: Emerging economies can achieve superior economic outcomes by prioritizing digital inclusion over concentrated innovation, with equity-focused approaches providing measurable coordination advantages that translate into higher GDP growth and better SDG attainment. Multinational corporations should consider coordination capabilities when making location decisions, as equity-focused countries offer superior environments for distributed operations.

This study examines the influence of economic growth, energy consumption, a shadow economy, and foreign direct investment (FDI) on the ecological footprint in ASEAN countries. The analysis covers a panel of nine member states—Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—over the period from 1993 to 2017 due to data availability. To ensure robustness, various panel econometric techniques were employed, including cross-sectional dependence, panel unit root, and cointegration tests, as well as estimation methods such as Driscoll–Kraay standard errors, feasible generalized least squares (FGLS), and panel-corrected standard errors (PCSE). The results do not support an inverted U-shaped Environmental Kuznets Curve (EKC) between economic growth and ecological footprint in the ASEAN countries. Moreover, the findings consistently show that energy consumption, the size of the shadow economy, and FDI exert a statistically significant and positive impact on the ecological footprint towards the Driscoll–Kraay standard errors, FGLSs, and PCSE estimators. For policy recommendations, a country’s pursuit of economic growth should be aligned with a higher degree of environmental sustainability by strategically reducing energy consumption, curbing the shadow economy, and managing foreign direct investment responsibly.