scholarly journals Goodwill and Export Promotion Dynamics

2014 ◽  
Vol 46 (1) ◽  
pp. 73-88 ◽  
Author(s):  
Henry W. Kinnucan ◽  
Li Gong
Keyword(s):  
Time Series Data ◽  
Market Access ◽  
Foreign Market ◽  
Export Promotion ◽  
Market Development ◽  
Series Data ◽  
Export Demand ◽  
Development Programs ◽  
Department Of Agriculture ◽  
Federal Subsidies

Federal subsidies for nonprice export promotion of farm products have been criticized on the grounds that they merely substitute taxpayer dollars for private promotional expenditures. This “displacement hypothesis” is tested by estimating export demand and advertising-goodwill re-lations using time series data for 1975-2008. The displacement hypothesis receives some support in that three of the nine tests show an inverse relationship between industry and government expenditures. However, the remaining tests show no relationship. These results, coupled with the finding of Kinnucan and Cai (2011) that expenditures for export promotion may be too high when consumer impacts are taken into account, suggest it is time to let the Market Access and Foreign Market Development programs operated by the U.S. Department of Agriculture lapse.

scholarly journals Impact of Stock Market Development on Economic Growth in BRICS

2018 ◽  
Vol 10 (1) ◽  
pp. 23
Author(s):  
Godfrey Osaseri ◽  
Ifuero Osad Osamwonyi
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Stock Market ◽  
World Bank ◽  
Time Series Data ◽  
Market Development ◽  
Series Data ◽  
Stock Market Development ◽  
Development Indicators ◽  
Effect Estimation

The study examines Stock Market development and economic growth in BRICS, Quarterly time series data for the period 1994QI to 2015Q4 were sourced from World Bank Indicator. The Panel Least Squares based on the fixed effect estimation was employed to determine how stock market development impacts on the economic growth of BRICS. Diagnostics tests were conducted to ascertain the robustness and stability of the regression results. The findings reveal that stock market development exerts significant impact on the economic growth. The study revealed that there is a positive correlation between stock market development indicators and BRICS’s economic growth. The study recommends that the weakness of each of the BRICS member country should be taken as policy focus and strategies necessary to strengthen them should be swiftly applied by the governments.

scholarly journals DOES STOCK MARKET DEVELOPMENT PLAY ANY ROLE IN THE EFFECT OF FDI ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION

2016 ◽  
pp. 51-61
Author(s):  
Oziengbe Scott Aigheyisi
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Time Series Data ◽  
Ordinary Least Squares ◽  
Growth Effect ◽  
Market Development ◽  
Series Data ◽  
Domestic Investment ◽  
Government Consumption ◽  
Stock Market Development

The objective of the paper is to investigate whether stock market development plays any role in the effect of foreign direct investment (FDI) on economic growth in Nigeria. Using annual time series data that span the period from 1981 to 2014, and employing the fully modified ordinary least squares (FMOLS) estimation technique, the empirical evidence indicates that FDI, domestic investment and stock market development positively and significantly affect economic growth, but the effect of the interaction between stock market development and FDI on economic growth is negative and significant, indicating that the Nigerian bourse is not yet fully developed to engender positive growth effect of FDI. The study further finds that government consumption expenditure and trade openness adversely affect the growth of the country’s real GDP per capita. Recommendations of the paper include efforts by the government to design and implement programmes and policies aimed at enhancing the attractiveness of the country to foreign and local investors, efforts by capital market regulators to enhance stock market efficiency, reduction of government consumption expenditures and import control.

IMPACT OF MONETARY POLICY TARGETS ON CAPITAL MARKET DEVELOPMENT IN NIGERIA

2021 ◽  
Vol 8 (1) ◽  
pp. 85-95
Author(s):  
Abdulkarim Musa ◽  
◽  
Uwaleke Uche ◽  
Nwala Nneka ◽  
◽  
...  
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Capital Market ◽  
Time Series Data ◽  
Market Development ◽  
Series Data ◽  
Distributed Lag ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study empirically examines the impact of monetary policy targetson capital market development in Nigeria from 1986-2018. Time series data and econometric tools were used to test for the stationarity and causality effect. The Auto-Regressive Distributed Lag Model (ARDL) and Error Correction Model (ECM) techniques were used to examine the short-run and long-run impact and relationship between Monetary Policy and Capital Market Development in Nigeria. The study revealed that both in the long run and short run Exchange Rate (EXCHR), Inflation Rate (INFR), and Interest Rate in Nigeria (INTR)were negatively related to Capital Market Development (CAMKTD) in Nigeria and they were statistically insignificant in explaining changes in Capital Market Development (CAMKTD) in Nigeria. On the other hand, inthe long run, Money Supply was positively related to Capital Market Development (CAMKTD) in Nigeria and was statistically significant at a 5% level significant while Money Supply (M2) was positively related to Capital Market Development (CAMKTD) in Nigeria both in the long run and short-run and was statistically significant at 5% level of significance. Therefore, the study recommends that government should improve the efficiency and effectiveness of the money supply in Nigeria since it was statistically significant in determining the improvement of Capital Market Development (CAMKTD) in Nigeria.

scholarly journals Stock market development and economic growth in Tanzania: an ARDL and bound testing approach

2020 ◽  
Vol 5 (3) ◽  
pp. 187-206
Author(s):  
Saganga Mussa Kapaya
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Time Series Data ◽  
Market Development ◽  
Series Data ◽  
Content Type ◽  
Stock Market Development ◽  
Testing Procedures ◽  
Long Run ◽  
Short Run

Purpose The purpose of this paper is to contribute to empirical evidence by recognizing the importance of stock markets in the financial system and consequently its causality to economic growth and vice versa. Design/methodology/approach The study used the autoregressive distribute lag model (ARDL) with bound testing procedures, the sample covered quarterly time-series data from 2001q1 to 2019q2 in Tanzania. Findings The results suggest that stock market development have both negative and positive causality for both short-run dynamics and long-run relationship with economic growth. Economic growth is found to only cause and relate negatively to liquidity both in the short-run and in the long-run. The results show predominantly a unidirectional causality flow from stock market development to economic growth and finds partial causality flow from economic growth to stock market development, as represented by stock market turnover which proxied liquidity. Originality/value The use of quarterly data to reflect more realistically the dynamics of the variables because yearly data may sometimes cover-up specific dynamics that may be useful for prediction and policy planning. The study uses indices to capture general aspects within the stock market against economic growth as an intuitive way to aggregate the stock market development effects.

scholarly journals Financial Market Development and Income Distribution Inequality in the Emerging Markets

2019 ◽  
Vol 4 (3) ◽  
pp. 6
Author(s):  
Dingli Xi
Keyword(s):  
Income Distribution ◽  
Emerging Markets ◽  
Financial Market ◽  
Time Series Data ◽  
Panel Data Analysis ◽  
Developed Countries ◽  
Market Development ◽  
Series Data ◽  
Financial Market Development ◽  
The Relationship

The disruptive effects of the subprime financial crisis have raised new global concerns toward the increasing income distribution inequality. Nowadays, it has become one of the mainstays of public and scientific discourse around the world. Theoretical financial Kuznets curve suggests that the relationship between financial market development and income distribution inequality follows an inverted U-shaped pattern. However, current literature failed to support this hypothesis. The expansion of the financial market truly provides more relative opportunities for the poor which benefits the equalization. But those advantage opportunities are likely to be captured by some specific groups instead of all population. The majority literature on this academic field focus on developed countries with cross-sectional and panel data analysis that providing controversial results. They emphasize the financial development as a consequence of economic growth without deep analysis of the financial market development as an independent entity in determining the inequality. This study proposes to use a more comprehensive and rigorous method to identify the direct relationship between financial market development and income distribution inequality in 10 most typical emerging markets. Both short-run and long-run impacts of financial market development on income distribution inequality are examined and defined by utilizing time-series data and error-correction modelling technique. By providing a better understanding of the relationship, the findings of the research would make contributions to financial market policy adjustments in developing countries.

scholarly journals Total Factor Productivity Growth in Indian Agriculture

2010 ◽  
Vol 6 (4) ◽  
pp. 286-298 ◽  
Author(s):  
Amarnath Tripathi
Keyword(s):  
Total Factor Productivity ◽  
Economies Of Scale ◽  
Time Series Data ◽  
Market Access ◽  
Output Growth ◽  
Series Data ◽  
Factor Productivity ◽  
Indian Agriculture ◽  
The People ◽  
Future Growth

n this study, time series data has been related to broad agricultural outputs which included farming, livestock, forestry, and fisheries and 3 conventional inputs: labour, land, and capital, to construct an index of total factor productivity (TFP) between 1969-70 to 2005-06. A TFP index is simply the ratio of an output index to an input index. Therefore, growth in TFP is the residual share of output growth after accounting for changes in land, labor, and other conventional agricultural inputs. Changes in TFP can be interpreted as a measure of the collective contribution of non-conventional inputs in agriculture, such as improvements in input quality, market access, economies of scale, and technology. What emerges from this exercise is a picture that raises concern about future growth in Indian agriculture, and the welfare of the people who depend on agriculture for their livelihood. Agricultural productivity in India appeared to stagnate in the late 1990s after enjoying two decades of rapid growth.

Insurance market development and economic growth

2016 ◽  
Vol 43 (3) ◽  
pp. 321-339 ◽  
Author(s):  
Abdul Latif Alhassan
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Causal Relationship ◽  
Time Series Data ◽  
Insurance Market ◽  
Market Development ◽  
Series Data ◽  
African Countries ◽  
Content Type ◽  
Bound Test

Purpose – The purpose of this paper is to examine the causal relationship between insurance penetration and economic growth in eight selected African countries. Design/methodology/approach – The auto-regressive distributed lags bounds approach to cointegration is employed on annual time-series data from 1990 to 2010 to test the causal relationship between insurance and economic growth in Algeria, Gabon, Kenya, Madagascar, Mauritius, Morocco, Nigeria and South Africa. The ratio of life and non-life insurance premiums to gross domestic product are employed as proxies for insurance market development. Findings – The results of the bound test shows a long-run relationship between insurance market activities and economic growth for Kenya, Mauritius, Morocco, Nigeria and South Africa. Causality analysis within the vector error correction model indicates a uni-directional causality from insurance market development to economic growth except for Morocco where there is evidence of a bi-directional causality. Causality within the vector autoregressive framework also provides evidence of a uni-directional causality for Algeria and Madagascar to support the “supply-leading” hypothesis while mixed causality was found for Gabon. Practical implications – This findings provides policy direction for governments and regulatory authorities for developing insurance market in the sample countries. Originality/value – This is the first study to examine the finance-growth relationship from the perspective of insurance markets in a cross-section of African countries.

Stock Market Development and Economic Growth: Empirical Evidence from Nepal

2021 ◽  
pp. 097215092110168
Author(s):  
Jeevan Kumar Bhattarai ◽  
Ramji Gautam ◽  
Keshab Khatri Chettri
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Time Series Data ◽  
Control Variable ◽  
Market Development ◽  
Series Data ◽  
Stock Market Development ◽  
Market Capitalization ◽  
Testing Procedures ◽  
Distributed Lag

This study examines the relationship between stock market development and economic growth in Nepal by employing autoregressive distributed lag (ARDL) model with bound testing procedures. The study period covers annual time series data from 1994 to 2019. Indicators of the stock market development used are size, depth and efficiency represented by market capitalization as a percentage of gross domestic product (GDP), total value of shares traded as a percentage of GDP and total shares traded as a percentage of market capitalization, respectively. Following high correlations among these indicators, an aggregated index is constructed and used in the study. Real GDP per capita growth is taken as an economic growth indicator. The results suggest that there exists a long-run uni-directional causality relationship running from stock market development index to economic growth. Stock market size and liquidity are significant contributors, showing that stock market is able to mobilize capital and diversify risks with increased easiness in trading of stocks. The control variable market inflation shows no significant impact on either of the examined primary variables.

scholarly journals Stock Market Development And Economic Growth In Hong Kong: An Empirical Investigation

2012 ◽  
Vol 11 (7) ◽  
pp. 795 ◽  
Author(s):  
SY Ho ◽  
NM Odhiambo
Keyword(s):  
Economic Growth ◽  
Hong Kong ◽  
Stock Market ◽  
Time Series Data ◽  
Market Development ◽  
Series Data ◽  
Stock Market Development ◽  
Long Run ◽  
Short Run ◽  
Market Capitalisation

This paper examines the relationship between stock market development and economic growth using time-series data from Hong Kong. The study uses three proxies of stock market development, namely: stock market capitalisation, stock market traded value, and stock market turnover. Given the weaknesses associated with the traditional co-integration techniques, the current study uses the recently introduced ARDL-bounds testing approach to examine the nexus between stock market development and economic growth in a dynamic setting. The empirical results show that the direction of causality between stock market development and economic growth depends on the proxy used to measure the level of stock market development. When stock market capitalisation is used as a proxy for stock market development, a distinct unidirectional causal flow from stock market development to economic growth is found to prevail, without any feedback. However, when stock market turnover is used, a causal flow from economic growth to stock market development is found to prevail in the short run and in the long run, while a causal flow from stock market development to economic growth is only found in the short run. The causality between stock market traded value and economic growth, however, failed to yield any long-run causal relationship from either direction. Only a short-run causality flow from economic growth to stock market traded value could be detected in this case.

scholarly journals FORECASTING THE BASIC CONDITIONS OF INDONESIA'S RICE ECONOMY 2019-2045

2021 ◽  
Vol 21 (02) ◽  
pp. 111-120
Author(s):  
Arifin Zainul ◽  
Nuhfil Hanani ◽  
Djoko Kustiono ◽  
S Syafrial ◽  
Rosihan Asmara
Keyword(s):  
United States ◽  
Time Series Data ◽  
Safety Information ◽  
The United States ◽  
Series Data ◽  
United States Department ◽  
Department Of Agriculture ◽  
Food And Agriculture ◽  
Food And Agriculture Organization ◽  
Rice Consumption

By 2045, Indonesia's population is expected to reach 321.4 million, the fifth largest in the world after China, India, Nigeria, and the United States. It is an excellent challenge for Indonesia to provide food in the future as it keeps pace with the rapid population growth. This study aims to analyze forecasting the basic conditions of Indonesia’s rice economy 2019-2045. The research data use time-series data from 1961-2018, including data from the Central Bureau of Statistics (BPS), Ministry of Agriculture/Pusdatin, Food and Agriculture Organization (FAO), International Rice Research (IRR), Department of Commerce, United States Department of Agriculture (USDA), and ASEAN Food Safety Information System (AFSIS). Data analysis using the simultaneous equations model approach. The results show that in 2019-2045 the projection of rice productivity in 2025 is 64,465 quintals per hectare; in 2035, it is 68,797 quintals per hectare, and in 2045 it is 77,462 quintals per hectare. In 2045, the projected land area is 27.64 million hectares. Although Indonesia is forecast to experience a rice surplus of 37.80 million tonnes in 2045, the projected rice production and domestic rice consumption level indicate the potential for rice imports of 15 million tonnes.

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