Economics - Journal Articles
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Item Drivers of water use change: A multiscale integrated analysis for 13 European countries(Elsevier Ltd., 2025) Andreoni, ValeriaIn this paper, the water metabolism of 13 European countries and the main drivers of water use 6 are analysed for the time period 2010-2020. By combining the MuSIASEM approach and an 7 index decomposition technique, the water changes of countries is investigated through sectoral 8 disaggregation, human time allocation and GDP generation. Compared to existing studies, the 9 proposed methodology allows the integration of information across levels and domains and is 10 suitable to analyse the water use in relation to the socio-economic characteristics of countries. 11 The results of this study, show that the EU integration strategies and the policy initiatives 12 aiming to improve the water management of the Member States have contributed to the water 13 efficiency increase. However, consumer responsibility and demand related strategies are also 14 needed, as GDP change was the main driver of water use. The proposed methodology is 15 suitable to be replicated across different geographical areas, as it compares the water use in 16 relation to the specific characteristics of countries. Given the rising challenges imposed by 17 climatic changes further analyses are needed to investigate how efficiency and demand-related 18 policies can be used to support the transition from a crisis to a risk management strategy.Item A multiscale integrated analysis of six developing countries with established tourism economies: the case of Cuba, Dominican Republic, Jamaica, Malaysia, Jordan, and Tunisia(Elsevier Ltd., 2025-06) Andreoni, Valeria; Jeyacheya, JuliaThis paper investigates the socio-economic and the energy changes that have taken place in six developing countries characterized by established tourism economies. By considering the years 2000 and 2021, the MuSIASEM approach is used to analyse the energy allocation and use that have taken place in Cuba, Dominic Republic, Jamaica, Jordan, Malaysia, and Tunisia. Results show that for all the countries the percentage variation of GDP has been higher than the energy consumption increase, denoting efficiency improvements across all the sectors, with exception of the service compartment of Tunisia and Jamaica. Tunisia has also been the only country to increase the exosomatic metabolic rate of the household and the paid sectors, denoting an energy consumption rise per unit of human time. All the areas have increased the percentage contribution of the service sector to employment and GDP generation. Given the extensive role that tourism activities are playing in these countries, further analysis should be devoted to investigating alterative development approaches and the related sustainability goals.Item Household financial behaviour and systemic blind spots: a multidimensional framework for early warning indicators(Elsevier Ltd., 2025-04-30) Ryan, Marie; Xiong, Huanhuan; Carton, Fergal; McCarthy, J. B.This paper develops a behavioural framework to analyse how household financial vulnerabilities transform into systemic risks. Using structural equation modelling on Ireland's 2020 Survey on Income and Living Conditions, we identify five behavioural dimensions as early warning indicators for financial stability: Financial Behaviours, Financial Satisfaction, Financial Difficulty, Minimum Income, and Financial Technology. Our decomposition analysis reveals financial vulnerability distribution consists of 37.2% between demographic groups and 62.8% within groups, creating distinct transmission channels for financial instability. Young adults display present-focused decision patterns that amplify economic shocks, while financial technology disparities introduce fragmentation risk as population segments interact with the financial system through opposing channels. Education attainment serves as a behavioural buffer against financial vulnerability, while the "squeezed middle" creates potential systemic vulnerability clusters. Financial stability authorities can implement our framework by integrating behavioural indicators into monitoring dashboards, establishing vulnerability thresholds for demographic segments, and developing graduated policy responses. The framework offers practical guidance for integrating technology-enabled monitoring with traditional macroprudential tools, balancing implementation costs with blind spot detection across diverse statistical capabilities and regulatory contexts. These empirically validated indicators complement traditional macroprudential tools, by identifying stability blind spots, and thus financial stability monitoring across diverse economic conditions.Item Subsidising innovation outside or within firms’ existing knowledge bases: which is best for radical innovation?(Routledge, 2025) Perez-Alaniz, Mauricio; Lenihan, Helena; Doran, Justin; Rammer, Christian; Research IrelandPublic financial support for firm-level Research and Innovation (R&I) can generate important socio-economic returns. This is especially true if firms use this support to develop radical innovation, defined as new-to-market goods and services. However, radical innovation is risky, and prone to failure. Therefore, subsidising radical innovation can also generate sub-optimal socio-economic returns (i.e. policy failure). Understanding how public funding for R&I can be allocated in a way that encourages radical innovation, while avoiding policy failure is crucial. Our paper investigates whether public funding for R&I generates more radical innovation in firms seeking to exploit their existing knowledge base, versus firms seeking to innovate by engaging in knowledge areas that are new to them. We make this distinction using a novel approach, based on the knowledge challenges that firms face when innovating. By merging firm-level survey data with administrative data on public funding for R&I in Ireland, we find that subsidising firms seeking to engage in new knowledge areas, can result in more radical innovation and turnover from radical innovation, compared to firms seeking to exploit their existing knowledge base. These are critical insights from theoretical and policymaking perspectives, regarding the allocation of public funding for R&I.Item Can risk-free and zero-beta portfolios be constructed? UK and US Evidence(Elsevier B.V., 2025-03-29) He, Zhen; O'Connor, Fergal; Thijssen, JaccoThis paper determines whether a risk-free portfolio can be formed using gold, T-bills, silver, platinum, and palladium. We construct zero-variance portfolios composed of two assets showing that it is possible to construct risk-free portfolios based on zero variance. We apply Wald tests to Black's zero-beta CAPM to examine whether these constructed risk-free portfolios qualify as zero-beta portfolios. We find that a risk-free portfolio is not always a zero-beta portfolio. Results show that a risk-free portfolio and a zero-beta portfolio in one market is not necessarily so in another.