Does basic infrastructure shape the urbanization–growth relationship? Evidence from a cross-country panel

2026-10-05T16:08:12+00:00

Urbanization has the potential to create agglomeration advantages; however, the extent to which these advantages are realized may vary with the infrastructure available to support increasingly concentrated populations. This study examines whether the relationship between urbanization and economic growth varies with the level of basic-services infrastructure using an unbalanced panel of 158 economies over 2000–2024. Data are drawn from the World Bank’s World Development Indicators. A Basic Services Infrastructure Index is constructed using principal component analysis of access to electricity, urban drinking water, and urban sanitation, while Internet penetration is treated separately as a measure of digital connectivity. Using two-way fixed-effects estimation, the study examines direct and moderating relationships while accounting for country and year effects. The results indicate no statistically significant direct association between urbanization and GDP-per-capita growth. However, the positive and statistically significant interaction between urbanization and basic-services infrastructure indicates that the urbanization–growth association becomes more favourable as access to basic services increases. In contrast, Internet penetration does not exhibit a statistically significant moderating relationship. The basic-services interaction remains stable across multiple robustness specifications, although it weakens in the restricted sample for which human-capital data are available. Finally, marginal-effects analysis does not identify a statistically significant positive infrastructure threshold within the observed range. Overall, the findings highlight the importance of considering basic-service capacity when examining the relationship between urbanization and economic growth.

Mapping the research landscape of behavioural finance and artificial intelligence in retail stock market investment

2026-09-28T07:15:50+00:00

Retail investors’ decisions increasingly reflect a complex interplay between psychological biases and technology-driven tools, particularly Artificial Intelligence (AI), in contemporary financial markets. This bibliometric and thematic review maps the evolving intellectual landscape at the intersection of behavioural biases, Artificial Intelligence (AI), and retail investment decision-making. Using 428 English-language, peer-reviewed articles indexed in Scopus and Web of Science from 2020 to 2026, the study applies the bibliometrix R package and the PRISMA framework to ensure systematic screening and analysis. The findings indicate a strong upward growth trajectory, with nearly 74% of publications appearing between 2024 and 2026, reflecting the rapid expansion of scholarly interest in this area. The publication landscape is concentrated in a limited number of influential journals, with IEEE Access and the Journal of Behavioral and Experimental Finance emerging as key sources and Author-level analysis also reveals a small group of highly influential researchers. Geographically, research output is dominated by China, India, and the United States, with limited international collaboration. The thematic structure identifies investments, financial markets, machine learning, and forecasting as core themes, while artificial intelligence, fintech, and behavioural finance are emerging areas. Overall, the study shows a clear shift from fintech-oriented research toward a more AI-driven agenda, with growing attention to investor sentiment, financial stability, algorithmic trading, and natural language processing.

International journal of economic perspectives

Does basic infrastructure shape the urbanization–growth relationship? Evidence from a cross-country panel

Mapping the research landscape of behavioural finance and artificial intelligence in retail stock market investment