Wealthy individual investors and stock markets' tail risk.

This paper employs a unique data set to analyze the trading behavior of wealthy individual investors across Mainland China and their impact on Chinese stock markets' tail risk. Results show that the wealthy individual investors' trading behavior can explain Chinese stock markets' tail risk, and the daily investment portfolios based on the network density of wealthy individual investors have significant excess returns. This paper also investigates the determinants of wealthy individual investors' trading behavior with the social network method and the spatial econometric model, and reveals that wealthy individuals benefit from the spillover effect of their trading behavior through the investor networks. The results of this paper not only reveal micro evidence for the formation mechanism of asset prices, but also provide insight into the behavior of wealthy individual investors.

Global burden and economic impact of vaccine-preventable cancer mortality.

BACKGROUND: Infections are responsible for approximately 13% of cancer cases worldwide and many of these infections can be prevented by vaccination. Human papillomavirus (HPV) and hepatitis B virus (HBV) are among the most common infections that cause cancer deaths globally, despite effective prophylactic vaccines being available. This analysis aims to estimate the global burden and economic impact of vaccine-preventable cancer mortality across World Health Organization (WHO) regions. METHODS: The number of deaths and years of life lost (YLL) due to five different vaccine-preventable cancer forms (oral cavity, liver, laryngeal, cervical, and oropharyngeal cancer) in each of the WHO regions (African, Eastern Mediterranean, European, the Americas, South-East Asia Pacific, and Western Pacific) were obtained from the Institute for Health Metrics Evaluation global burden of disease dataset. Vaccine-preventable mortality was estimated considering the fraction attributable to infection, to estimate the number of deaths and YLL potentially preventable through vaccination. Data from the World Bank on GDP per capita were used to estimate the value of YLL (VYLL). The robustness of these results was explored with sensitivity analysis. Given that several Epstein-Barr virus (EBV) vaccines are in development, but not yet available, the impact of a potential vaccine for EBV was evaluated in a scenario analysis. RESULTS: In 2019, there were 465,740 potentially vaccine-preventable cancer deaths and 14,171,397 YLL across all WHO regions. The estimated economic impact due to this mortality was $106.3 billion globally. The sensitivity analysis calculated a range of 403,025-582,773 deaths and a range in productivity cost of $78.8-129.0 billion. In the scenario analysis EBV-related cancer mortality increased the global burden by 159,723 deaths and $32.4 billion. CONCLUSION: Overall, the findings from this analysis illustrate the high economic impact of premature cancer mortality that could be potentially preventable by vaccination which may assist decision-makers in allocating limited resources among competing priorities. Improved implementation and increased vaccination coverage of HPV and HBV should be prioritized to decrease this burden.

Research on the spatial effect of digital economy development on urban carbon reduction.

Cities are one of the main sources of regional carbon emissions, and reducing urban carbon emission is the key to reducing emissions. The digital economy has transformed the economic operation mode, and it is a significant approach to support the "dual carbon goals" (carbon peaking and carbon neutrality). This article considers the externalities of the digital economy and carbon emissions. And we use spatial econometric models to analyze the effectiveness of digital economy in empowering carbon emissions reduction. Besides, we explore the static and dynamic spillover effects, and use spatial Durbin panel quantile model to analyze the digital economy's heterogeneity on carbon emissions. Research has shown that the digital economy has a remarkable carbon reduction effect, and the conclusion remains valid after considering robustness tests such as replacing the weight matrices, calculation methods, and proxy variables. The analysis of static and dynamic spillover effects indicates that the degree of the digital economy's impact on carbon emissions are significantly different. Heterogeneity analysis shows that as the digital economy develops from a low level to a high level, its impact on carbon emissions also shifts from positive promotion to negative suppression. This paper proposes a policy reference to help the development of digital economy and promote carbon neutrality in the face of severe environmental challenges.

The cost-effectiveness of a bimekizumab versus IL-17A inhibitors treatment-pathway in patients with active axial spondyloarthritis in Scotland.

OBJECTIVE: To estimate the cost-effectiveness of a treatment-pathway initiated with bimekizumab, a monoclonal IgG1 antibody that selectively inhibits interleukin (IL)-17F and IL-17A, in patients with axial spondyloarthritis (axSpA) compared with IL-17Ai's, ixekizumab, and secukinumab, from the NHS Scotland perspective. METHODS: The axSpA treatment-pathway was modeled using a decision tree followed by a lifetime Markov model. The pathway included first- and second-line biologic disease-modifying antirheumatic drugs (bDMARD), followed by best supportive care (bDMARD, nonbiologic). Bimekizumab followed by any bDMARD ("BKZ") was compared with IL-17Ai's: secukinumab 150 mg followed by a blend ("SEC") of dose up-titration to secukinumab 300 mg and any bDMARD, or ixekizumab followed by any bDMARD ("IXE"). Transition to the next therapy was triggered by Bath Ankylosing Spondylitis Disease Activity Index-50% (BASDAI50) non-response or any-cause discontinuation. A published network meta-analysis provided efficacy data. EuroQoL-5-dimensions utilities were derived by mapping from Ankylosing Spondylitis Disease Activity Score. Costs included disease management (linked to functional limitations), biologics acquisition (list prices), administration and monitoring (NHS 2021/22). Discounting was 3.5%/year. Probabilistic results from patients with non-radiographic axSpA and ankylosing spondylitis were averaged to reflect the axSpA disease spectrum. Scenario and sensitivity analyses were performed. RESULTS: The incremental cost-effectiveness ratio (ICER) of BKZ was £24,801/quality-adjusted life-year (QALY) vs. SEC (95% credible interval £24,163-£25,895). BKZ had similar costs (Δ -£385 [-£15,239-£14,468]) and QALYs (Δ 0.039 [-0.748-0.825]) to IXE, with £1,523 (£862-£2,222) net monetary benefit. Conclusions remained unchanged in most scenarios. Results' drivers included BASDAI50 response rate and disease management cost. LIMITATIONS: Results were based on list prices. Data concerning up-titration to secukinumab 300 mg was scarce. CONCLUSIONS: The bimekizumab treatment-pathway represents a cost-effective option across the axSpA disease spectrum in Scotland. Bimekizumab is cost-effective compared to a secukinumab-pathway that includes dose up-titration, and has similar costs and QALYs to an ixekizumab-pathway.

Economic impact analysis of a minimally invasive temperature-controlled radiofrequency device versus nasal surgery for the treatment of nasal airway obstruction in the United States.

OBJECTIVE: To determine the economic impact of a minimally invasive temperature-controlled radiofrequency (TCRF) device for treating nasal airway obstruction (NAO). METHODS: A budget impact model was developed for two scenarios: a reference scenario of functional rhinoplasty surgery with concomitant septoplasty and inferior turbinate reduction (ITR) performed in the hospital outpatient department where TCRF is not an available treatment option and a new scenario consisting of in-office TCRF treatment of the nasal valve and ITR. A payor perspective was adopted with a hypothetical population plan size of one million members. Costs were estimated over a time horizon of 4 years. The eligible population included patients with severe/extreme NAO and nasal valve collapse (NVC) as the primary cause or significant contributor. Data inputs were sourced from targeted literature reviews. Uncertainty within the model structure and input parameters was assessed using one-way sensitivity analysis. RESULTS: The introduction of a TCRF device resulted in population-level cost savings of $20,015,123 and per-responder average cost savings of $3531 through a 4-year time horizon due to lower procedure costs and complication rates of the device relative to the surgical comparator. Results were robust when varying parameter values in sensitivity analyses, with cost savings being most sensitive to the prevalence of NAO and estimated response rates to functional rhinoplasty and TCRF. CONCLUSIONS: In patients with severe/extreme NAO, with NVC as the primary or major contributor, introducing TCRF with ITR as a treatment option demonstrates the potential for significant cost savings over functional rhinoplasty with septoplasty and ITR.

Nasal valve dysfunction is a common cause of nasal airway obstruction (NAO) that has a significant impact on heath and quality of life for affected individuals. Previously, patients were offered temporary measures or a type of surgery called functional rhinoplasty which is a highly complex surgery that can be costly, requires recovery time, and in rare cases, not be successful. Recently, a new minimally invasive treatment alternative for NAO called temperature-controlled radiofrequency (TCRF) that may be performed in a surgery center or a doctor's office has become available. This paper provides the results of budget impact analysis performed to assess whether adding the TCRF procedure in place of surgery as a choice for patients with NAO will result in cost savings to an insurance payer with 1 million covered individuals in the United States over a period of 4 years. Results show that TCRF may result in an average of 9,416 fewer rhinoplasty surgeries, provide an average 4-year cost-savings of $3,531 for every patient that responds to TCRF treatment, and a savings of $20,015,123 over 4 years for the insurance provider. These potential cost savings over 4 years would likely be due to reduced procedure costs and complication rates compared to surgery.

Cost-effectiveness analysis of transcatheter aortic valve implantation in aortic stenosis patients at low- and intermediate-surgical risk in Japan.

OBJECTIVE: To analyze the cost-effectiveness of transcatheter aortic valve implantation (TAVI) using the SAPIEN 3 (Edwards Lifesciences, Irvine, CA) compared to surgical aortic valve replacement (SAVR) in low- and intermediate-risk patients from a Japanese public healthcare payer perspective. METHODS: A Markov model cost-effectiveness analysis was developed. Clinical and utility data were extracted from a systematic literature review. Cost inputs were obtained from analysis of the Medical Data Vision claims database and supplemented with a targeted literature search. The robustness of the results was assessed using sensitivity analyses. Scenario analyses were performed to determine the impact of lower mean age (77.5 years) and the effect of two different long-term mortality hazard ratios (TAVI versus SAVR: 0.9-1.09) on both risk-level populations. This analysis was conducted according to the guidelines for cost-effectiveness evaluation in Japan from Core 2 Health. RESULTS: In intermediate-risk patients, TAVI was a dominant procedure (TAVI had lower cost and higher effectiveness). In low-risk patients, the incremental cost effectiveness ratio (ICER) for TAVI was ¥750,417/quality-adjusted-life-years (QALY), which was below the cost-effectiveness threshold of ¥5 million/QALY. The ICER for TAVI was robust to all tested sensitivity and scenario analyses. CONCLUSIONS: TAVI was dominant and cost-effective compared to SAVR in intermediate- and low-risk patients, respectively. These results suggest that TAVI can provide meaningful value to Japanese patients relative to SAVR, at a reasonable incremental cost for patients at low surgical risk and potentially resulting in cost-savings in patients at intermediate surgical risk.

Aortic Stenosis (AS) is the most common valvular heart disease in Japan, and, if left untreated, severe symptomatic AS (sSAS) is associated with a dramatic increase in mortality and morbidity. Transcatheter Aortic Valve Implantation (TAVI) is a minimally invasive treatment option for replacing the aortic valve in patients with sSAS and has been associated with similar or better outcomes compared to Surgical Aortic Valve Replacement (SAVR), which involves open-heart surgical replacement of the aortic valve. The objective of this study was to compare the costs and health outcomes associated with TAVI compared to SAVR in Japanese patients deemed low- or intermediate-risk for surgery. Despite the expanding use of TAVI in Japan, a cost-effectiveness analysis (CEA) does not exist that evaluates the economics of TAVI with the current generation SAPIEN 3 implant in patients with low- and intermediate-risk from a public perspective. Our study suggests that TAVI represents strong value for money among low- and intermediate-risk patients in Japan: compared to SAVR, TAVI is associated with better clinical outcomes and quality of life for patients, at a reasonable additional cost for low-risk patients and at a lower cost for intermediate-risk patients.

The indirect costs of human papillomavirus-related cancer in Central and Eastern Europe: years of life lost and productivity costs.

BACKGROUND: Human papilloma virus (HPV) is a common cause of several types of cancer, including head and neck (oral cavity, pharynx, oropharynx, hypopharynx, nasopharynx, and larynx), cervical, vulval, vaginal, anal, and penile cancers. As HPV vaccines are available, there is potential to prevent HPV-related disease burden and related costs. METHOD: A model was developed for nine Central Eastern European (CEE) countries (Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia). This model considered cancer patients who died from 11 HPV-related cancers (oropharynx, oral cavity, nasopharynx, hypopharynx, pharynx, anal, larynx, vulval, vaginal, cervical, and penile) in 2019. Due to data limitations, Bulgaria only included four cancer types. The model estimated the number of HPV-related deaths and years of life lost (YLL) based on published HPV-attributable fractions. YLL was adjusted with labor force participation, retirement age and then multiplied by mean annual earnings, discounted at a 3% annual rate to calculate the present value of future lost productivity (PVFLP). RESULTS: In 2019, there were 6,832 deaths attributable to HPV cancers resulting in 107,846 YLL in the nine CEE countries. PVFLP related to HPV cancers was estimated to be €46 M in Romania, €37 M in Poland, €19 M in Hungary, €15 M in Czechia, €12 M in Croatia, €10 M in Serbia, €9 M in Slovakia, €7 M in Bulgaria and €4 M in Slovenia. CONCLUSIONS: There is a high disease burden of HPV-related cancer-related deaths in the CEE region, with a large economic impact to society due to substantial productivity losses. It is critical to implement and reinforce public health measures with the aim to reduce the incidence of HPV-related diseases, and the subsequent premature cancer deaths. Improving HPV screening and increasing vaccination programs, in both male and female populations, could help reduce this burden.

The impact of the digital economy on creative industries development: Empirical evidence based on the China.

Digital economy has become a "new engine" that driving global economic growth. Nevertheless, numerous controversies persist regarding whether and how digital economy can facilitate the development of emerging industries. Thus, this paper investigates how digital economy affects creative industries development in China and whether innovation efficiency mediates this relationship. Drawing upon a panel data set containing 29 Chinese provinces from 2012 to 2019, an econometric model is constructed for empirical analysis. We find that digital economy significantly promotes creative industries development, and innovation efficiency plays a partial mediating role between digital economy and creative industries development. According to the influence mechanism, the digital economy of various regions could promote the creative industries development by improving the innovation efficiency. Finally, relevant suggestions were put forward from the expanding application paths, improving regional innovation efficiency, and creating an innovative environment.

Can fintech pave the way for a transition towards low-carbon economy? Examination based on machine learning algorithm.

Realizing the coordination between the economic and environmental systems through a green growth model is an important goal for China to enter the high-quality development stage. Meanwhile, financial technology (fintech) is rapidly developing in China. To explore the relationship between the two, this research uses panel data from 276 cities in China from 2011 to 2022 and empirically tests through constructing econometric models and machine learning algorithms. The empirical result shows that fintech has an impact on green growth. Specifically, there is a U-shaped relationship between fintech and green growth, meaning that before a certain stage, fintech may have a certain inhibitory effect on green growth. After fintech exceeds a certain development level, it will promote the improvement of green growth. Further mediation tests show that innovation plays a mediating role in the impact of fintech on green growth. Additionally, this research also conducts consistency tests based on different criteria including the location, scale, and financial development level of cities. Based on the research findings, policy suggestions are proposed in this paper to promote the development of fintech and stimulate the growth of the green economy. Overall, our research sheds more light on the fintech-green growth linkage and provides new insights into comprehending the role of fintech in advancing towards a low-carbon economy.

Can the integration of sports and health industries drive the upgrade of the sports industry?-An empirical study based on Chinese-style modernization.

BACKGROUND: In the course of China's modernization, the sports industry's advancement plays a dual role in enhancing national health and driving economic transformation. The integration and coalescence of the sports and health sectors have emerged as pivotal avenues for the structural elevation of China's sports industry. Hence, empirically scrutinizing the influential mechanisms and outcomes of sports and health industry integration on the sports industry's structural enhancement holds substantial practical significance. METHOD: This study formulates theoretical hypotheses regarding the impact mechanism of sports and health industry integration on the sports industry's sophisticated industrial structure. Drawing insights from literature review and categorization, three dimensions-industrial integration, government role, and market mechanism-are delineated. Employing panel data spanning 2015 to 2020 from four primary Chinese cities, an econometric model is devised to empirically dissect the influence of sports and health industry integration on the sports industry's structural advancement. FINDINGS: The three pivotal explanatory variables-integration of sports and health industries, government role, and market mechanism-exert a positive influence on the sports industry's sophisticated industrial structure. Notably, the impact of market mechanisms outweighs that of government roles, with government roles exhibiting comparatively weaker individual impact effects. CONCLUSION: The dynamic development process characterizing the structural advancement of China's sports industry in first-tier cities exhibits positive and sustained developmental traits, with discernible convergence in trends. While market mechanisms demonstrate a more immediate and pronounced direct promotional effect than government roles, the enduring influence of government roles over an extended timeframe is evident from a dynamic long-term development perspective. Building upon these findings, the study suggests relevant stakeholders foster advanced sports industry structures by: refining the integration system of sports and health industries; fortifying the fundamental role of market mechanisms; and fully leveraging the government's impact in promoting sports and health industry integration.

Research on the dynamic mechanism of digital economy system coupling to enhance urban ecological resilience.

Urban ecological environment resilience is an important characteristic that should be possessed in the process of urban development. It is conducive to coping with the challenges of multiple risks and disturbances such as climate change, resolving chronic pressure, improving the ability to resist disaster risk, self-adjustment, and recovery, to maintain the structure and function stability of the urban system. The digital economy is a new economic form caused by the new technological revolution, which may effectively promote economic ecology and ecological economization. We clarify the elements of the digital economic system, construct the coupling evaluation index system of "digital infrastructure-industrial digitization-digital industrialization," and establish the coupling degree model to analyze the characteristics of the integration interaction, coordination, and self-organization of the digital economy subsystem. Based on emergency management theory, adaptive management concept, and resilient city theory, an evaluation index system is constructed from four levels of prevention, resistance, adaptation, and recovery to measure urban ecological resilience. Taking 278 cities in China from 2011 to 2021 as the research object, we established a spatial econometric model to explore the dynamic mechanism of digital economy system composition and coupling coordination to enhance urban resilience and summarize the theoretical model form. Based on this, we further propose countermeasures and suggestions for improving urban ecological resilience by using a digital economic system.

Which model is more efficient in carbon emission prediction research? A comparative study of deep learning models, machine learning models, and econometric models.

Accurately predicting future carbon emissions is of great significance for the government to scientifically promote carbon emission reduction policies. Among the current technologies for forecasting carbon emissions, the most prominent ones are econometric models and deep learning, but few works have systematically compared and analyzed the forecasting performance of the methods. Therefore, the paper makes a comparison for deep learning model, machine learning model, and the econometric model to demonstrate whether deep learning is an efficient method for carbon emission prediction research. In model mechanism, neural network for deep learning refers to an information processing model established by simulating biological neural system, and the model can be further extended through bionic characteristics. So the paper further optimizes the model from the perspective of bionics and proposes an innovative deep learning model based on the memory behavior mechanism of group creatures. Comparison results show that the prediction accuracy of the heuristic neural network is higher than that of the econometric model. Through in-depth analysis, the heuristic neural network is more suitable for predicting future carbon emissions, while the econometric model is more suitable for clarifying the impact of influencing factors on carbon emissions.

Does intellectual capital efficiency measured by modified value-added intellectual coefficient affect the financial performance of insurance companies in Ethiopia?

Insurance company managers and shareholders should be conscious of the effect of intellectual capital efficiency and its components on financial performance. The purpose of this study is to examine the role of intellectual capital efficiency and its components on the financial performance of insurance companies. To achieve study objectives Modified value-added intellectual coefficient is adopted to measure the effect of intellectual capital efficiency. The study adopted an explanatory research design with an arrangement of secondary data analysis via document analysis, quantitative approach, and deductive method of inquiry. Panel data was used with a sample of 14 insurance companies from 2012-2022. Descriptive and regression analyses were performed to analyze the data using STATA version 15.0. Econometric model estimation procedures and multiple regression assumptions were tested accordingly. The random effect regression result revealed that the value-added intellectual capital and its component human capital and capital employed efficiency have a positive significance association with financial performance. Whereas, relational capital efficiency and structural capital efficiency do not have a significant contribution to the financial performance of insurance sectors in Ethiopia. The findings of this study contribute to the theoretical and practical understanding of the relationship between intellectual capital efficiency and financial performance in the context of insurance companies in Ethiopia.

Can the construction of a high-speed rail alleviate haze pollution: an empirical analysis based on social networks and dynamic spatial econometric models.

With the increase in haze pollution in Chinese cities, answering the question of whether using a high-speed rail (HSR) as a green and efficient transportation system can alleviate haze pollution in China has become a research hotspot. This study empirically tests the impact of HSR network construction on haze pollution and its spatial spillover effects. (1) The construction of a HSR would have a mitigation effect on haze pollution in node cities and surrounding cities, and the more developed the HSR is, the more significant that this effect would be. (2) Haze pollution persists for a long time, the haze pollution from the previous year may have a positive promoting effect on the haze pollution in the following year. (3) The use of a HSR reduces haze pollution by replacing traditional road transportation and promoting industrial structure upgrading and technological innovation. (4) The inhibitory effect of HSR use on haze pollution varies due to regional differences and variation in city size.

How ICT capital affects the spatial correlation of energy consumption-a new perspective based on spatially correlation network.

ICT has significantly transformed the traditional energy production and service methods, changed the correlation characteristics of energy consumption network, and contributed to the establishment of cross-regional, open, and synergistic energy ecological networks. In this paper, social network analysis (SNA), dynamic SYS-GMM model, and mediating effects model are employed to deliberate on the mechanism of ICT capital's influence on the spatial correlation of energy consumption from 2000 to 2019. Firstly, this study employs an enhanced gravity model to precisely delineate the spatial correlation network of energy consumption in China, further applies the SNA to analyze the network structural characteristics, and then uses the econometric model to investigate the influence mechanism and heterogeneity of ICT capital on the spatial correlation of energy consumption. The study demonstrates a progressive spatial correlation in energy consumption in China, with eastern provinces emerge as the center of the network, assuming the position of the "dominant player." Conversely, the central provinces act as the "bridge," and western provinces are positioned at the periphery, referred to as the "edge" of the network. ICT capital contributes to improving the energy consumption spatial correlation, mainly by stimulating green technology innovation, promoting industrial structure optimization, accelerating human capital accumulation, and reducing income inequality. As ICT capital expands, the eastern region becomes more preeminent as a network hub for energy consumption, the central region increases its dominance slightly, and the western region's marginal position does not change significantly. Furthermore, the presence of ICT capital significantly enhances the intensity of energy consumption spatial correlation more prominently for low-carbon pilot areas and high Internet level areas. This study guides provinces to fully utilize ICT capital to reach collaborative energy-saving goals, and promotes the breaking down of regional competitive barriers in energy systems to build cooperative energy conservation ecological networks.

Uncovering financial distress conditions and its determinant factors on insurance companies in Ethiopia.

The study examines the financial distress situation and its determinants in insurance sectors in Ethiopia. To achieve study objectives, revised Altman's 2000 is adopted to measure the financial distress situation. The study adopted an explanatory research design with an arrangement of secondary data analysis via document analysis, quantitative approach, and deductive method of inquiry. The study used panel data from ten insurance companies over the study period 2010/11-2020/21. Descriptive and regression analyses were performed to analyze the data using STATA 14. Econometric model estimation procedures and multiple regression assumptions were tested accordingly. The random effect regression result revealed that firm-specific factors (liquidity and profitability) have a significant positive association, whereas firm size significantly negatively impacts financial distress. While the random effect regression result also proposed inflation has a positive and significant association with financial distress. However, firm-specific factors (revenue growth and leverage) have positive and negative, respectively, and macroeconomic factors (Gross Domestic Product) have positive but statically insignificant to the financial distress situation of insurance sectors in Ethiopia.

Evaluating the influence of green growth, institutional quality and financial inclusion on financial stability: evidence by sustainable finance theory.

Financial stability is essential for economic growth because it fosters confidence and trust and promotes investment in green development. However, it is a dilemma for the world economies to create an equilibrium between financial stability and environmental sustainability. In the extent of these challenges, the present study aims at grabbing the link of financial inclusion to attain financial stability. Further, the present study investigates the association of institutional quality, renewable energy, green growth, environmental sustainability, and financial inclusion with financial stability. Two basic econometric models are applied that focused on the basic and interaction term outcomes. In addition, principal component analysis (PCA) is analyzed to design an index for five proxies of financial inclusion. Additionally, the research inspected the interaction term of institutional quality and financial inclusion (FIN*INSQ) and determined the multiplied impact on financial stability in a separate model. This research employed the linear autoregressive distributed lag approach from 1990 to 2020 for long- and short-term dynamics. Theoretically, the research supports the sustainable finance and financial development theory. Hence, results showed that financial inclusion and institutional quality are positively associated with financial stability, while green growth, environmental sustainability, and renewable energy mechanisms are achieved through financial stability. Following our findings, the government should establish consistency between financial development and economic policies to maintain financial instability and ensure financial soundness. Furthermore, countries require viable financial institutions prioritizing green growth and institutional quality to achieve financial stability and long-term development.

Impact of Internet development on carbon emission efficiency under carbon neutral target: evidence from global 58 economies.

With the introduction of economy carbon neutral target policies one after another worldwide, the carbon emission reduction actions of economies around the world have become a hot topic attracting international attention. Meanwhile, the role of the Internet in energy saving and emissions reduction in economies around the world is also becoming more prominent. However, for now, there is still a lack of in-depth research on the impact and role relationship between Internet development and global economy carbon emission efficiency. Therefore, based on the availability of data, this study used the Malmquist index based on game intersection to measure and analyze carbon emission efficiency based on 58 economies around the world that proposed carbon neutrality targets between 2000 and 2019. The study used a spatial econometric model to explore the impact of Internet development on carbon emission efficiency. The objective was to provide a policy reference for high-, medium-, and low-income economies worldwide to achieve their carbon neutrality targets as soon as possible. The results of the study showed that carbon emission efficiency was closely linked to economic development level in economies around the world, that the gap between the development levels of high- and low-Internet-connected economies is gradually widening, that Internet development significantly improved carbon emission efficiency, that levels of economic and financial development played a mediating role in the relationship between Internet development and carbon emissions efficiency, and that the level of urbanization played a moderating role in the relationship between Internet development and carbon emissions efficiency. Exploring the influence and the mechanism of action between Internet development and carbon emission efficiency will contribute to early achievement of global carbon neutrality targets in all economies.

Digital inclusive finance, consumer consumption and high-quality economic development.

Against the backdrop of the COVID-19 pandemic and China's pursuit of the "double circulation" strategy, scholars are increasingly focusing on ensuring high-quality economic development in China. In this regard, digital inclusive finance and consumer consumption are of utmost significance. This study employs panel data from 30 provinces and cities spanning 2011 to 2020 to explore the impact of digitized inclusive finance on consumer consumption and high-quality economic development through a spatial econometric model. Our findings indicate that integrating digital finance with consumer consumption and economic development fosters high-quality economic growth. Furthermore, our semi-parametric spatial lag model suggests a nonlinear relationship between digital inclusive finance and high-quality economic growth, shaped like an inverted "U". Additionally, we examine the mediating effect of consumer consumption on the relationship between digital inclusive finance and high-quality economic development. Our results reveal a substitution effect between digital inclusive financing and consumer consumption in promoting high-quality economic development. Therefore, it is essential to promote the development of digital inclusive finance, harness its positive spillover effects between regions, and encourage an increase in consumer consumption to optimize the consumption structure, upgrade and adjust the industrial structure, and spur growth in emerging industries.

Health care expenditure and income in Canada: Evidence from panel data.

This paper investigates the long-run relationship between health care expenditures (HCE) and income using Canadian provincial data spanning a period of 40 years from 1981 to 2020. We study the non-stationary and cointegration properties of HCE and income and estimate the long-run income elasticities of HCE. Using heterogeneous panel models that incorporate cross-section dependence via unobserved common correlated factors to capture global shocks, we estimate long-run income elasticities that lie in the 0.11-0.16 range. Our results indicate that health care is a necessity good for Canada. These elasticity estimates are much smaller than those estimated in other studies for Canada. We find that HCE and income in Canada are cointegrated and that short-run changes in federal transfers significantly and positively affect HCE.