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Articles 1 - 30 of 35
Full-Text Articles in Finance
Fiscal And Monetary Policies For Inclusive Growth In Developing And Emerging Markets, Collins Anosike
Fiscal And Monetary Policies For Inclusive Growth In Developing And Emerging Markets, Collins Anosike
Journal of Global Awareness
The study examined the effects of monetary and fiscal policies in attaining inclusive growth for some developing countries and emerging markets. The study selected 20 countries and grouped them into group one and group two. The study is unique because it captures a broader range of countries compared to previous studies and shows their effect on economic growth. We use panel data and employ OLS regression and Johansen cointegration. We examine how each variable, general government expenditure, gross national expenditure, total revenue, official exchange rate, broad money, and deposit interest rate, affects the dependent variable (real GDP) from 1980 to …
An Assessment Of Macroeconomic Effects Of Financial Liberalization In Tanzania: 1990-2022, Cornel Joseph
An Assessment Of Macroeconomic Effects Of Financial Liberalization In Tanzania: 1990-2022, Cornel Joseph
Journal of Humanities and Social Sciences
This study provides a comprehensive analysis of the effects of financial liberalization on key macroeconomic indicators in Tanzania, specifically focusing on savings, investment, and economic growth. Utilizing extensive annual time series data from 1990 to 2022, the research employs the Autoregressive Distributed Lag (ARDL) method and incorporates bound testing procedures to ensure robust results. The analysis reveals several significant findings: financial liberalization has a positive impact on savings and promotes economic growth in the long-run, demonstrating its role as a catalyst for economic advancement in Tanzania. However, the study also uncovers a concerning trend: while savings and growth benefit from …
The Interaction Effects Of Fintech And Bank Lending On Growth: Evidence From The Asean Region, Tan Swee Liang
The Interaction Effects Of Fintech And Bank Lending On Growth: Evidence From The Asean Region, Tan Swee Liang
Research Collection School Of Economics
This study examined the interaction effects of traditional bank lending and emerging fintech credit on economic growth in six ASEAN economies from 2013 to 2020. Using a two-way fixed effects (FE) model and the panel-corrected standard error (PCSE) method, the study found a statistically significant and positive interaction effect between bank lending and fintech credit. Specifically, fintech credit became increasingly important in shaping economic growth as bank lending ratios exceeded a certain threshold. Countries with high bank lending ratios experienced greater GDP per capita growth when accompanied by greater fintech credit. These findings suggest that policies supporting fintech development alongside …
Digitalization And Economies Of Oic Countries, Mohsin Ali, Urooj Anwar, Mudeer Ahmed Khattak, Muhammad Umar Islam
Digitalization And Economies Of Oic Countries, Mohsin Ali, Urooj Anwar, Mudeer Ahmed Khattak, Muhammad Umar Islam
Bulletin of Monetary Economics and Banking
This paper studies the impact of digitalization on the Organization of Islamic countries (OIC) economies. The study is conducted to see whether digitalization is playing its role in enhancing economic growth. We employ a panel dataset consisting of twenty-one years from 2000 to 2020 for 57 OIC countries. We use the system generalized method of moments (GMM) estimator. The results indicate that digitalization positively impacts the economies of OIC countries. As for policy implication, this study recommends governments of OIC member countries to invest in digital infrastructure in order to foster economic growth.
Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, Alexander Castillo
Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, Alexander Castillo
CMC Senior Theses
This paper examines the evaluation of investment opportunities in emerging markets (EMs) through real options analysis, against the backdrop of their unique risk profiles and the recent trend of EMs exhibiting resilience in economic performance. While EMs are associated with high growth rates and infrastructure gaps, they have shown adaptability, particularly in monetary policy responses to inflation. This paper explores the sensitivity of net present value (NPV) and real options (RO) to changes in the capital asset pricing model, adapting the yield spread to capture default risk and local risk-free rates. Utilizing oil benchmark price data, the paper constructs a …
Modelling The Impact Of Government Expenditure On Economic Growth In Nigeria: The Moderating Effects Of Oil And Non-Oil Revenue, Victor U. Ijirshar, Gaius M. Asombo, Florence D. Bundepuun, Ashifa Tersugh, Ayila Ngutsav
Modelling The Impact Of Government Expenditure On Economic Growth In Nigeria: The Moderating Effects Of Oil And Non-Oil Revenue, Victor U. Ijirshar, Gaius M. Asombo, Florence D. Bundepuun, Ashifa Tersugh, Ayila Ngutsav
CBN Journal of Applied Statistics (JAS)
This study examines the relationship between government expenditure and economic growth and assesses the moderating effects of oil revenue and non-oil revenue in Nigeria from 1981 to 2021. The study uncovered short-term asymmetry in the government expenditure-economic growth nexus while the long-term relationship was symmetric. The study found that government expenditure is a significant determinant of economic growth in Nigeria and that oil and non-oil revenue influences the nexus between government expenditure and economic growth in Nigeria positively. The study recommends efficient management of oil revenue, directing investments during high revenue periods and ensuring fiscal sustainability. Government should also establish …
Simultaneous Relationship Between Financial Inclusion, Economic Growth, And Income Inequality In Sulawesi Island, 2011-2019, Adella Siti Nursaliyawati, Siskarossa Ika Oktora
Simultaneous Relationship Between Financial Inclusion, Economic Growth, And Income Inequality In Sulawesi Island, 2011-2019, Adella Siti Nursaliyawati, Siskarossa Ika Oktora
Economics and Finance in Indonesia
Sulawesi Island has fairly high economic growth but is not followed by a significant decrease in income inequality. Therefore, a new strategy is needed to overcome these problems, one of them by increasing the role of the financial sector through financial inclusion. This study aims to analyze the relationship between financial inclusion, economic growth, and income inequality, as well as the factors influencing them in Sulawesi Island from 2011 to 2019. The analytical method used is the simultaneous equation model with panel data using the EC2SLS model. The results show that there is a simultaneous relationship between financial inclusion and …
Economic Growth And Co2 Emission In Asean: Panel-Ardl Approach, Feriansyah Feriansyah, Hari Nugroho, Aura Asyda Larre, Qori’Atul Septiavin, Cintya Khairun Nisa
Economic Growth And Co2 Emission In Asean: Panel-Ardl Approach, Feriansyah Feriansyah, Hari Nugroho, Aura Asyda Larre, Qori’Atul Septiavin, Cintya Khairun Nisa
Economics and Finance in Indonesia
This paper investigates the relationship between economic growth and CO2 emissions from 1994 to 2018 using a panel approach from eight ASEAN countries. We found an established result using the Panel ARDL Pooled Mean Group method. First, the panel Cointegration analysis shows a significant long-term relationship between GDP and CO2 emissions. Second, the error correction mechanism shows a stable and consistent value. Third, we found that GDP has a significant long-term effect on CO2 emissions in ASEAN countries. Fourth, our results also show that GDP significantly impacts CO2 emissions in the short term for four countries: Indonesia, Malaysia, Thailand, and …
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
What, Why And How Financial Development Matters: Evidence Of Asean-5, Asia-5 And Oecd-7 Economies, Swee Liang Tan
Research Collection School Of Economics
This paper analyzed the association between bank and capital markets financial development with income per capita in three regions; ASEAN-5 economies (Singapore, Malaysia, Thailand, Philippines, Indonesia), Asia-5 (Japan, China, Hong Kong SAR, South Korea, and India), and OECD-7 (Australia, Canada, Denmark, Norway, Sweden, UK, and US) from 2000 to 2017 using panel data regressions. A key lesson ASEAN-5 can learn from Asia-5 and OECD-7 experience is that bank size does matter despite digital disruptions to their banking system; yet large financial structure that favors banks is negatively associated with Asia-5, and importantly, efficient banking system (not bank size alone) is …
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Bank, Stock Market Efficiency And Economic Growth: Panel Data Evidence From Asean-5, Asia-5 And Oecd-7 Countries, Swee Liang Tan
Research Collection School Of Economics
This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Beck-Katz Panel-Corrected Standard Errors (PCSE) regression. It allows heteroskedastic and/or contemporaneously correlated disturbances across panels, with to specify a common first-order autocorrelation within the panel. The results suggest efficiency effects on growth is not unambiguous. The results suggest a threshold beyond which increase in bank overhead cost hurts economic growth, for developing countries. Likewise, there is a threshold beyond which increase in stock market turnover ratio hurts economic growth, for developed countries. One policy implication of the …
The Impact Of The Capital Market, The Insurance Sector And The Mortgage Finance Sector On Economic Growth In Egypt, 2005-2019, Hana Anis
Theses and Dissertations
This thesis aims to explore the relationship between financial markets and economic growth in Egypt for the 15 years period, starting from 2005 to 2019. The study concentrates on the non-banking financial sector which includes the stock market, the debt market, the mortgage and the insurance sectors. The Vector Autoregressive (VAR) model is utilized to describe the relationship between GDP growth rate, as a proxy for economic growth, and a number of variables from the financial sector. Results of the analysis show that there is a significant relationship and statistical causality between the growth rate and the debt market, represented …
The Effects Of Imf's Lending And Conditionalities On Economic Growth: Case Of Sadc Countries, Lutete Celina Carlos
The Effects Of Imf's Lending And Conditionalities On Economic Growth: Case Of Sadc Countries, Lutete Celina Carlos
Masters Theses
I examine the impact of IMF credit use and its conditions on economic growth performance in 12 South African countries over a period of 1999-2019. The work adopts an empirical and quantitative approach to analyzing the relationship between the GDP per Capita, the use of IMF Credit, Government Final Consumption Expenditure, Net Domestic Credit and Current Account balance. These variables are the most recommended in the IMF conditionalities during the lending arrangements with SADC members. The study uses Fixed-effect approach to evaluate how the use of IMF program and the conditions imposed directly affects economic growth. A dummy variable is …
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha
Bullion
The main objective of this research is to assess empirically the impact of tax revenue on economic growth in Nigeria, spanning from 1981 to 2017. It employs, time series data obtained from the CBN statistical bulletins, FIRS annual publications and National Bureau of Statistics (NBS) portal. To achieve the objectives of the study, OLS and ARDL techniques were employed to estimate the relationships and the dynamics and longrun effects of independent variables on dependent variable. ARDL bound test revealed that the variables are cointegrated while ARDL long-run estimation indicated that petroleum profit, value added tax and government domestic debt are …
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke
Bullion
This paper investigated efficiency gain argument of fiscal federalism and economic growth with evidence from five selected developing federal economies. The curiosity is to ascertain whether the efficiency gain –the fundamental argument why countries adopt fiscal federalism is justified in these economies. The paper uses stochastic frontier model to achieve this objective. The evidence from the selected developing federal economies revealed diverging results. While in Nigeria, Ethiopia and India there is more expenditure decentralization than revenue decentralization suggesting that efficiency gains from fiscal federalism may remain elusive, in Brazil and South Africa there is more revenue decentralization than expenditure decentralization …
Essays On Heterogeneous Large Panel Data Models, Ke Miao
Essays On Heterogeneous Large Panel Data Models, Ke Miao
Dissertations and Theses Collection (Open Access)
This dissertation consists of three papers which contribute to the estimation and inference theory of the heterogeneous large panel data models. The first chapter studies a panel threshold model with interactive fixed effects. The least-squares estimators in the shrinking-threshold-effect framework are explored. The inference theory on both slope coefficients and the threshold parameter is derived, and a test for the presence of the threshold effect is proposed. The second chapter considers the least-squares estimation of a panel structure threshold regression (PSTR) model, where parameters may exhibit latent group structures. Under some regularity conditions, the latent group structure can be correctly …
Household Debt, Expected Economic Conditions, And Income Inequality, Edmond Berisha, John Meszaros
Household Debt, Expected Economic Conditions, And Income Inequality, Edmond Berisha, John Meszaros
Department of Economics Faculty Scholarship and Creative Works
The high level of debt among households outside the top end of the income distribution has led many economists to assert that household debt has been an important component of the increase in income inequality in the United States. In addition, the yield spread provides information about the overall condition of the economy and may also be tied into the distribution of income. The paper's results show that increases in the yield spread and household debt correspond with increases in top income shares, resulting in increases in income inequality. However, as household debt and income inequality increase, the yield spread …
Financial Sector Development And Agricultural Productivity, John J. Onoja
Financial Sector Development And Agricultural Productivity, John J. Onoja
Master's Theses
Global concern is rising about the performance of the agricultural sector in view of its integral role in poverty alleviation, economic development and meeting an ever-increasing nutritional demand. At the epicenter of the concern is declining productivity due to poor financial inclusion of the sector leading to low investment and returns to agriculture. A cursory examination of the existing literature on the subject reveals quite varied dimensions to the analysis of agriculture productivity-financial development nexus. Focusing on the role of financial sector development as a catalyst to agricultural productivity, we employ panel data and advances fixed-effects econometrics approach to empirically …
Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose
Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose
Asian Management Insights
Indian banks are currently experiencing poor performance when it comes to debt risk. Burdened with high non-performing loans (NPL), they are putting at risk the funds of investors as well as India’s industrial and economic growth. In addition, the loan management process itself is riddled with inefficiencies. To overcome them, we propose to use blockchain technology.
The Place Of Collateral Registry In Credit Delivery Services, Muhammad Mainasara
The Place Of Collateral Registry In Credit Delivery Services, Muhammad Mainasara
Bullion
Micro, small and medium enterprises (MSMEs) are the main engines of economic growth. The sub-sector constitutes on integral part of the economy, providing products and services to Nigeria's teeming population, yet they are grossly underfunded. The huge financing gap, which characterized the MSMES, inhibits their development, thus having a telling effect on the economy.
Keynote Address On Financing Government Programmes In Economic Downturn -The Role Of Central Bank Of Nigeria? Delivered At The 2016 Central Bank Of Nigeria Executive Seminar, G.I. Emefiele
Economic and Financial Review
This is a keynote address delivered by the Governor of Central Bank of Nigeria at the 2016 executive seminar with the theme "financing government programmes in economic downturn - the role of central bank of Nigeria
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Economic and Financial Review
The author discussed the role of non-oil exports in the structural transformation and sectoral diversification processes which are inherently associated with sustainable growth and development outcomes as well as the focus of the analysis shifts to an examination of the role of non-oil exports in promoting economic growth and development.
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Economic and Financial Review
This author examines the various policy options for the manufacturing sector of the economy in an economic downturn.
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
Economic and Financial Review
The author examine both the traditional and developmental roles central banks plays in financing government programmes/projects.
The Nexus Of Financial Deepening, Economic Growth, And Poverty: The Case Of Pakistan, Abdur Rehman Aleemi, Muhammad Azam
The Nexus Of Financial Deepening, Economic Growth, And Poverty: The Case Of Pakistan, Abdur Rehman Aleemi, Muhammad Azam
Business Review
This study investigates the nexus of financial development, economic growth, and poverty for Pakistan over a prolonged period of time, 1960- 2012. Autoregressive Distributed Lag (ARDL)-Bounds testing approach to co integration and Unrestricted Error Correction Model (UECM)along with VECM Granger causality have been applied to examine the long-run dynamic relationship among financial development, economic development and poverty. For that purpose, we have developed two models and adopted a new and relatively strong proxy for financial development. The results suggest that financial development negatively affects both long-run and short-run economic growth. However, financial development is found to be positively affecting per …
Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh
Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh
Economic and Financial Review
This study estimated the interest rate elasticity of private sector credit in Nigeria using the Vector Error Correction mechanism. The variables specified included real private sector credit. real GDP. Prime and maximum lending rates, exchange rate, 9)-day Treasury bill rate, inflation rate and all share index of the Nigerian Stock Exchange. The data utilised covered the period: 1998 Q1 to 2013 Q4. Granger causality tests were performed, and the co-integration analysis of the Johansen system-wide procedure was employed. The results indicated thot private sector credit was fairly interest inelastic in terms of both maximum and prime lending rates. The estimated …
2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams
2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams
Gettysburg Economic Review
Good afternoon everyone and thank you for having us here today. Though the recession began in 2007 and officially ended in 2009, recovery has been painfully slow. GDP growth has been insufficient to close the output gap, there continues to be slack in the labor market and inflation has stabilized below the Federal Reserve percent target. We are not meeting our dual mandate of full employment and stable prices even 6 years after the end of the recession. Despite some signs of strengthening in the economy during the past year, we do not believe that economy is on a self-sustaining …
Book Review Of: Why Nations Fail, Ashutosh Mani Dixit
Book Review Of: Why Nations Fail, Ashutosh Mani Dixit
Business Review
The purpose of this article is to assess the contribution of Why Nations Fail about its forefront claim that institution is exclusive determinant of nation’s economic outcome. This paper will examine its findings and put forward arguments and claims of prominent studies about economic development. The paper has been organized in two more section. Immediate section presents chapter wise summary of the book highlighting strengths and key outcomes. While the third section, which is the purpose of the article, offers a critique, than sums up in final section providing some concluding comments.
Expectations And The Dynamic Feedback Between Foreign Direct Investment And Economic Growth, Diego Escobari, Diego E. Vacaflores
Expectations And The Dynamic Feedback Between Foreign Direct Investment And Economic Growth, Diego Escobari, Diego E. Vacaflores
School of Economics and Finance Faculty Publications
This paper seeks to analyze the dynamic feedback between Foreign Direct Investment (FDI) and economic growth – larger FDI promotes higher GDP, while higher GDP can be achieved with higher levels of FDI. We use panels and a sample of 19 Latin American countries to estimate a dynamic FDI and a dynamic GDP equation that jointly characterize the evolution of both variables. We find that the dynamics of GDP and FDI are mostly driven by the expectations. Shocks of GDP or FDI were found to play no role affecting the dynamics.
The Future Of State And Local Economic Development Policy: What Research Is Needed?, Timothy J. Bartik
The Future Of State And Local Economic Development Policy: What Research Is Needed?, Timothy J. Bartik
Presentations
No abstract provided.
Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo
Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo
Bullion
The fully funded defined contributory benefit pension system was introduced in Nigeria in July, 2004 to replace the old fiscally unsustainable defined benefit (Pay-As-You-Go) pension system. The new pension scheme, coming at the heels of earlier reforms in Nigeria's financial sector, could be deemed to serve as a further boost towards savings mobilisation, increased financial instruments acquisition and economic growth. After a survey of relevant literature was conducted, secondary data on relevant macroeconomic indices in the Nigerian economy were collected. The data were descriptively analysed. The results showed that TDS (total domestic savings) increased during the post-pension reform period and …