scholarly journals Reassessing the relationship between the financial sector and economic growth: Dynamic panel evidence

2018 ◽  
Vol 23 (2) ◽  
pp. 155-173 ◽  
Author(s):  
Constantinos Alexiou ◽  
Sofoklis Vogiazas ◽  
Joseph G. Nellis
Keyword(s):  
Economic Growth ◽  
Financial Sector ◽  
Growth Dynamic ◽  
Dynamic Panel ◽  
The Relationship

Tourism-Led Growth Hypothesis: A New Global Evidence

2017 ◽  
Vol 59 (3) ◽  
pp. 304-311 ◽  
Author(s):  
Chor Foon Tang ◽  
Eu Chye Tan
Keyword(s):  
Economic Growth ◽  
Method Of Moments ◽  
Generalized Method Of Moments ◽  
Political Stability ◽  
Dynamic Panel ◽  
Beneficial Impact ◽  
The Relationship ◽  
Different Levels ◽  
Growth Hypothesis ◽  
Global Evidence

The primary aim of this study is to determine whether the tourism-led growth hypothesis is globally valid by accounting for countries’ income levels and their institutional qualities, against a panel dataset of 167 countries. The institutional qualities referred to are political stability and corruption control. We employ the dynamic panel generalized method of moments (GMM) approach to examine the relationship. It can be inferred from the exercise that tourism positively contributes to economic growth but the effect varies across countries at different levels of income and institutional qualities. Therefore, the effect of tourism on economic growth is contingent on levels of income and institutional qualities of the host tourism countries. Policy initiatives that aim to promote and strengthen institutional qualities should be undertaken for a country to enjoy the beneficial impact of tourism on economic growth and development.

scholarly journals An econometric study of the role of the political stability on the relationship between democracy and economic growth

2020 ◽  
Vol 67 (2) ◽  
pp. 187-206
Author(s):  
Nedra Baklouti ◽  
Younes Boujelbene
Keyword(s):  
Economic Growth ◽  
Data Model ◽  
Generalized Method Of Moments ◽  
Political Stability ◽  
Dynamic Panel Data ◽  
The Political ◽  
Dynamic Panel ◽  
Mena Countries ◽  
The Relationship

This article examines the nexus between democracy and economic growth while taking into account the role of political stability, using dynamic panel data model estimated by means of the Generalized Method of Moments (GMM) over the period 1998 to 2011 for 17 Middle East and North Africa (MENA) countries. Our empirical results showed that there is a bidirectional causal relationship between democracy and economic growth. Moreover, it was found that the effect of democracy on economic growth depends on the political stability. The results also indicated that there is important complementarity between political stability and democracy. In fact, political stability is a key determinant variable of economic growth. Eventually, democracy and political stability, taken together, have a positive and statistically significant effect on economic growth. This finding suggests that, if accompanied by a stable political system, democracy can contribute to the economic growth of countries. Thus, the MENA governments should use policies to promote political stability in the region.

scholarly journals Energy–Growth Nexus in the MENA Region: A Dynamic Panel Threshold Estimation

2021 ◽  
Vol 13 (22) ◽  
pp. 12444
Author(s):  
Qusai Mohammad Qasim Alabed ◽  
Fathin Faizah Said ◽  
Zulkefly Abdul Karim ◽  
Mohd Azlan Shah Zaidi ◽  
Mohammed Daher Alshammary
Keyword(s):  
Economic Growth ◽  
Energy Consumption ◽  
Co2 Emissions ◽  
Threshold Model ◽  
Clean Energy ◽  
High Energy ◽  
Mena Region ◽  
Dynamic Panel ◽  
Energy Growth ◽  
The Relationship

This study provides new evidence regarding the nonlinear relationship between energy consumption and economic growth in the Middle East and North Africa (MENA) region for the 1990–2014 period. The empirical estimation is conducted using a dynamic panel threshold model. We found one threshold in the relationship between energy consumption and economic growth and one threshold in the relationship between carbon dioxide (CO2) emissions and economic growth. The results indicate that energy consumption positively and significantly affects economic growth in the low energy consumption regime. In contrast, it has a negative and significant impact on economic growth in the high energy consumption regime. Moreover, CO2 emissions are positively and significantly related to economic growth in the low regime of CO2 emissions. Nevertheless, the relationship between CO2 emissions and economic growth in the high CO2 emissions regime is negative and significant. Therefore, policymakers should implement other effective energy policies, such as stricter regulations on CO2 emissions, increase energy efficiency, and replace fossil fuels with cleaner energy sources to avoid unnecessary CO2 emissions and combat global warming. Future studies should identify the root causes of failures and issues in real time for inflation and link the energy–growth nexus to achieving the 2030 Sustainable Development Goals (SDGs) Agenda, Goal 7: Affordable and Clean Energy.

scholarly journals Hubungan Financial Deepening dan Pertumbuhan Ekonomi: Studi Empiris di Indonesia

2018 ◽  
Vol 12 (1) ◽  
pp. 45
Author(s):  
Jihad Lukis Panjawa ◽  
Ira Fitriani Widianingrum
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Exchange Rate ◽  
Financial Markets ◽  
Interest Rates ◽  
Financial Sector ◽  
Financial Deepening ◽  
Rate Of Development ◽  
The Exchange Rate ◽  
The Relationship

<p>Financial deepening has been identified as one of the strategies which can accelerate the rate of development. Deepening the financial sector is one important step in the effort to develop the country's financial markets especially developing countries one of which Indonesia. In this research will identify is the relationship between finacial deepening, the exchange rate of rupiah, interest rates and economic growth in Indonesia year of 1985-2015. The approach used in this study is the causality granger. The results in this study was the performance of the financial sector is still shallow. Financial deepening and economic growth have a one-way relationship, namely economic growth affects the financial deepening. Evidence that the introduction of Demand-Following Hypothesis in Indonesia. The exchange rate of the rupiah and financial deepening do not influence each other, as well as economic growth and the exchange rate of the rupiah not influence each other.</p><strong></strong><em></em><strong><em></em></strong>

Civil liberty and economic growth in the world: a long-run perspective, 1850–2010

2014 ◽  
Vol 10 (3) ◽  
pp. 427-449 ◽  
Author(s):  
JAVIER ALFONSO-GIL ◽  
MARICRUZ LACALLE-CALDERÓN ◽  
ROCÍO SÁNCHEZ-MANGAS
Keyword(s):  
Economic Growth ◽  
Data Model ◽  
Civil Liberty ◽  
Civil Liberties ◽  
Dynamic Panel Data ◽  
Dynamic Panel ◽  
Long Run ◽  
Sensitivity Tests ◽  
Economic Growth Rates ◽  
The Relationship

Abstract:The objective of this paper is to study the relationship between economic growth and civil liberty across the globe in the long run. To fulfill this aim, we use an unbalanced panel of 149 countries for the period 1850–2010 with data on gross domestic product (GDP) from Maddison, and data on civil liberties from Polity IV. The dynamics of both variables are investigated. Once country and time effects are accounted for in a dynamic panel data model, our results show that movements toward higher levels of civil liberty are associated with higher economic growth rates. Therefore, we find that civil liberties are a relevant factor to explain economic growth. We perform some sensitivity tests that confirm the robustness of our results.

scholarly journals Uncovering the Dynamic Relationship between Credit and Sustainable Economic Growth in Selected CEE Countries

2021 ◽  
Vol 13 (11) ◽  
pp. 6349
Author(s):  
Adam Altăr ◽  
Matei Nicolae Kubinschi ◽  
Alina Zaharia
Keyword(s):  
Economic Growth ◽  
Banking Sector ◽  
Emerging Market ◽  
Strong Relationship ◽  
Financial Sector ◽  
Dynamic Framework ◽  
Dynamic Relationship ◽  
Sustainable Economic Growth ◽  
The Relationship

Establishing a functional financial sector has been one of the pillars of transition to a functional market economy over the last three decades in the CEE region. The present paper provides a comprehensive analysis of the relationship between credit and economic growth in selected CEE countries, namely, Czechia, Romania, Poland and Hungary, aiming to answer questions related to (i) the role of the banking sector in fostering sustainable economic growth and the causality direction between the financial and real sector, (ii) the relationship between consumption and investment and certain categories of loans and (iii) the identification of loan supply shocks and their role in explaining the dynamics associated with other macroeconomic variables. Using a time-varying parameter structural vector autoregression model with stochastic volatility (TVP-SVAR) and sign restrictions, we identify a non-financial corporations (NFC) credit supply shock and an investment shock. Potential policy solutions to ensure a sound contribution of the financial sector to economic growth in the analyzed economies relate to the strong relationship identified between the two variables. From this perspective, the study is among the first to employ a robust dynamic framework for assessing the role of the financial sector in fostering sustainable economic growth in European emerging market economies.

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