scholarly journals Will Green Finance Contribute to a Green Recovery? Evidence From Green Financial Pilot Zone in China

2021 ◽  
Vol 9 ◽  
Author(s):  
Jun Hu ◽  
Juncheng Li ◽  
Xiangyu Li ◽  
Yueyue Liu ◽  
Wenwei Wang ◽  
...  
Keyword(s):  
Eastern Region ◽  
Finance Reform ◽  
Long Run ◽  
Green Finance ◽  
Implementation Effect ◽  
Development Levels ◽  
Set Up ◽  
The Impact ◽  
Micro Enterprises

In the post-epidemic era, green finance plays a more significant role in supporting the “green recovery” of the economy, so it is necessary to evaluate the implementation effect of previous green financial policies. In 2017, the green finance reform and innovation pilot zone set up in five provinces and autonomous regions made an exploration in the development of green finance. From the perspective of micro-enterprises, can this policy play a beneficial policy effect in the long run? Based on the quasi-natural experiment of green finance pilot, using the data of A-share listed companies, this paper empirically tests the impact of pilot policies on the long-term value of green enterprises in pilot areas. It is found that, compared with non-pilot zones, the green finance pilot enables a significant increase in the Tobin Q-measured value of green enterprises in the pilot zones. Heterogeneity analysis shows that green finance pilot has a more significant impact on non-state-owned enterprises, enterprises in traditional industries, large enterprises, and enterprises in the eastern region of China. Green finance pilot zone can achieve better policy effects in areas with stronger environmental impact regulation and higher financial development levels. The mechanism test shows that the green finance pilot affects the long-term value of green enterprises through the capital market effect improving the stock trading activity of enterprises and through the real effect improving the operational efficiency and profitability of enterprises. From the perspective of micro-enterprises, this paper enriches the research on the development effect of green finance and provides theoretical support for the effect evaluation of green finance pilot policies.

Does Public Debt Service Expenditure Crowd-Out Economic Growth? Empirical Evidence from an African Developing Country

2019 ◽  
Vol 64 (3) ◽  
pp. 23-38
Author(s):  
Talknice Saungweme ◽  
Nicholas M. Odhiambo
Keyword(s):  
Economic Growth ◽  
Public Debt ◽  
Time Series Data ◽  
Policy Formulation ◽  
Debt Service ◽  
Series Data ◽  
Long Run ◽  
Short Run ◽  
The Impact

Abstract This paper contributes to the ongoing debate on the impact of public debt service on economic growth; and it provides an evidence-based approach to public policy formulation in Zimbabwe. The empirical analysis was performed by applying the autoregressive distributed lag (ARDL) technique to annual time-series data from 1970 to 2017. The study findings reveal that the impact of public debt service on economic growth in Zimbabwe is negative in the short run but positive in the long run. The results are suggestive of the existence of a crowding-out effect of public debt service in Zimbabwe in the short run and a crowding-in effect in the long run. In view of these findings, the government should consider fiscal and financial policies that promote a constant supply of long-term finance, long-term fixed investments, and extension of a government securities maturity structure so as to ensure sustainable short- and long-term public debt service expenditures. The study further recommends the strengthening of non-distortionary revenue mobilisation reforms to reduce market distortions and boost domestic investment.

scholarly journals Exploring the Road to Agricultural Sustainability by Assessing the EU Debt Influencing Factors

2018 ◽  
Vol 10 (7) ◽  
pp. 2465
Author(s):  
Laura Brad ◽  
Gabriel Popescu ◽  
Alina Zaharia ◽  
Maria Claudia Diaconeasa ◽  
Daniela Mihai
Keyword(s):  
Poverty Reduction ◽  
Fixed Costs ◽  
The European Union ◽  
Labor Costs ◽  
Short Term ◽  
Total Debt ◽  
Long Run ◽  
Periodic Analysis ◽  
The Impact

The importance of agricultural financing in ensuring food security and safety, jobs, poverty reduction, economic growth and more recently, climate change mitigation, natural resource conservation and sustainable development imposes periodic analysis of the factors which might influence the farmers’ financial situation, in order to improve it. One way of assessing this is to analyze the agricultural debt. In this context, based on previous models, the paper aims to assess the impact of specific factors on the agricultural debt level in the European Union during 2008–2015, as these should be considered in future common agriculture policies as well as in achieving sustainable agriculture. The research was conducted based on econometric techniques, by applying panel models in the Eviews 7.0 software-64 bit version. More than 20 variables were considered in the analysis. Some of the findings suggest that an increase in subsidies as well as the share of cash flow in the total existing capital would determine considerable reductions of the total debt. Decoupled subsidies seem to have a higher impact than coupled subsidies on short term debt, while its value is between the one found for coupled subsidies in the case of long term debt. Large farms/companies, to which decoupled payments are granted, have higher debts on long run and on total debt. The same units, to which coupled subsidies were granted, have smaller short-term debt. In contrast, the increases of labor costs, fixed costs, and crop/livestock costs lead to an increase in the total debt, since the farms require additional financial resources to cover the expanded costs. Also, the results suggest that short-term debts are mainly formed of long-term loans that reached maturity. In this case, the authors support the idea of differentiated financing programs for the agricultural activities because of their peculiarities and reinforced by the need to turn the intensive agriculture into a sustainable and plentiful one.

scholarly journals The Impact of Exchange Rate on Bangladesh’s Export: A Cointegration Approach

2020 ◽  
pp. 22-30
Author(s):  
Takrima Sayeda
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange Market ◽  
Export Performance ◽  
Long Run ◽  
Time Period ◽  
Floating Exchange Rate ◽  
Short Run ◽  
Year 2000 ◽  
The Impact

The purpose of the paper is to see if there is any relationship exist between free floating exchange rate and export performance of Bangladesh. It inspects the monthly data of exchange rate and export value for the time period between year 2000 and 2017. It utilized the Johansen [1] cointegration approach to identify the extent of long run and short run relationship between them. The study could not establish neither any long term trend nor any short term dynamics between the variables. Respective variables are significantly related to their own immediate past values. Distant past values do not have any implications. This study suggests that short run macroeconomic policy would be beneficial to influence the foreign exchange market and eventually the performance of export of Bangladesh.

scholarly journals Expected performances of the Characterising Exoplanet Satellite (CHEOPS)

2020 ◽  
Vol 635 ◽  
pp. A22 ◽  
Author(s):  
A. Deline ◽  
D. Queloz ◽  
B. Chazelas ◽  
M. Sordet ◽  
F. Wildi ◽  
...  
Keyword(s):  
Light Curve ◽  
High Precision ◽  
Background Level ◽  
Monte Carlo Algorithm ◽  
Complete Analysis ◽  
Transiting Planets ◽  
End To End ◽  
Set Up ◽  
The Impact

Context. The characterisation of Earth-size exoplanets through transit photometry has stimulated new generations of high-precision instruments. In that respect, the Characterising Exoplanet Satellite (CHEOPS) is designed to perform photometric observations of bright stars to obtain precise radii measurements of transiting planets. The CHEOPS instrument will have the capability to follow up bright hosts provided by radial-velocity facilities. With the recent launch of the Transiting Exoplanet Survey Satellite (TESS), CHEOPS may also be able to confirm some of the long-period TESS candidates and to improve the radii precision of confirmed exoplanets. Aims. The high-precision photometry of CHEOPS relies on careful on-ground calibration of its payload. For that purpose, intensive pre-launch campaigns of measurements were carried out to calibrate the instrument and characterise its photometric performances. This work reports on the main results of these campaigns. It provides a complete analysis of data sets and estimates in-flight photometric performance by means of an end-to-end simulation. Instrumental systematics were measured by carrying out long-term calibration sequences. Using an end-to end model, we simulated transit observations to evaluate the impact of in-orbit behaviour of the satellite and to determine the achievable precision on the planetary radii measurement. Methods. After introducing key results from the payload calibration, we focussed on the data analysis of a series of long-term measurements of uniformly illuminated images. The recorded frames were corrected for instrumental effects and a mean photometric signal was computed on each image. The resulting light curve was corrected for systematics related to laboratory temperature fluctuations. Transit observations were simulated, considering the payload performance parameters. The data were corrected using calibration results and estimates of the background level and position of the stellar image. The light curve was extracted using aperture photometry and analysed with a transit model using a Markov chain Monte Carlo algorithm. Results. In our analysis, we show that the calibration test set-up induces thermally correlated features in the data that can be corrected in post-processing to improve the quality of the light curves. We find that on-ground photometric performances of the instrument measured after this correction is of the order of 15 parts per million over five hours. Using our end-to-end simulation, we determine that measurements of planet-to-star radii ratio with a precision of 2% for a Neptune-size planet transiting a K-dwarf star and 5% for an Earth-size planet orbiting a Sun-like star are possible with CHEOPS. These values correspond to transit depths obtained with signal-to-noise ratios of 25 and 10, respectively, allowing the characterisation and detection of these planets. The pre-launch CHEOPS performances are shown to be compliant with the mission requirements.

scholarly journals Expansions in Maternity Leave Coverage and Children's Long-Term Outcomes

2012 ◽  
Vol 4 (3) ◽  
pp. 190-224 ◽  
Author(s):  
Christian Dustmann ◽  
Uta Schönberg
Keyword(s):  
Return To Work ◽  
Maternity Leave ◽  
Work Behavior ◽  
Strong Impact ◽  
Policy Changes ◽  
Long Term Outcomes ◽  
Long Run ◽  
Causal Impact ◽  
The Impact

This paper evaluates the impact of three major expansions in maternity leave coverage in Germany on children's long-run outcomes. To identify the causal impact of the reforms, we use a difference-indifference design that compares outcomes of children born shortly before and shortly after a change in maternity leave legislation in years of policy changes, and in years when no changes have taken place. We find no support for the hypothesis that the expansions in leave coverage improved children's outcomes, despite a strong impact on mothers' return to work behavior after childbirth. (JEL J13, J16, J22, J32)

scholarly journals School Uniforms, Short-Run Participation, and Long-Run Outcomes: Evidence from Kenya

2020 ◽  
Author(s):  
David K Evans ◽  
Mũthoni Ngatia
Keyword(s):  
Educational Interventions ◽  
School Uniforms ◽  
Completion Rates ◽  
Percentage Points ◽  
Long Run ◽  
Short Run ◽  
School Uniform ◽  
The Impact ◽  
Improve Access

Abstract In recent decades, the number of evaluated interventions to improve access to school has multiplied, but few studies report long-term impacts. This paper reports the impact of an educational intervention that provided school uniforms to children in poor communities in Kenya. The program used a lottery to determine who would receive a school uniform. Receiving a uniform reduced school absenteeism by 37 percent for the average student (7 percentage points) and by 55 percent for children who initially had no uniform (15 percentage points). Eight years after the program began, there is no evidence of sustained impact of the program on highest grade completed or primary school completion rates. A bounding exercise suggests no substantive positive, long-term impacts. These results contribute to a small literature on the long-run impacts of educational interventions and demonstrate the risk of initial impacts depreciating over time.

The colonial exports pattern, institutions and current economic performance

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tania El Kallab ◽  
Cristina Terra
Keyword(s):  
Human Capital ◽  
Economic Development ◽  
Resource Curse ◽  
Data Set ◽  
Content Type ◽  
Long Run ◽  
French Colonies ◽  
Colonial Institutions ◽  
The Impact

PurposeThis paper explores the role of colonial heritage on long-term economic development from a resource-curse perspective. The authors investigate the impact of colonial exports on long-term economic development through two channels: (1) a direct impact of the economic dependency on natural resources and (2) an indirect impact via its effect on colonial institutions, which persisted over time and influenced current economic development.Design/methodology/approachTo address this issue, the authors use an original data set on French bilateral trade from 1880 to 1912. The authors use partial least square structural equation modeling (PLS-SEM) in the empirical analysis, so that the authors are able to construct latent variables (LVs) for variables that are not directly observable, such as the quality of institutions.FindingsThe authors find that exports of primary goods to France had a negative impact on colonial institutions and that for French colonies, this impact was driven by minerals exports. Despite its impact on colonial institutions, exports of French colonies had no significant indirect impact on their current institutions. The authors find no significant direct impact of colonial trade on current development for French colonies. Finally, colonial exports of manufactured products had no significant impact on colonial institutions among French colonies and a positive impact among non-French ones.Research limitations/implicationsResearch implications regarding the findings of this paper are, namely, that the relative poor performance within French colonies today cannot be attributed to the extraction of raw materials a century ago. However, human capital and institutional development, instead of exports, are more relatively important for long-term growth. Some limitations in trying to determine the simultaneous relationship among colonial trade, institutions and economic performance are the relation between colonial trade and the extent of extraction from the colonizer, which is hard to quantify, as well as its precise mechanism.Practical implicationsSince the initial institutions set in those former colonies presented a strong persistence in the long run, their governments should focus now on building sound and inclusive political and economic institutions, as well as on investing in human capital in order to foster long-term growth. Once a comprehensive set of institutional and human resources are put in place, the quality and quantity of exports might create a positive spillover on the short-run growth.Social implicationsOne social implication that can be retrieved from this study is the ever-lasting effect of both human capital investment and introduction of inclusive political and economic institutions on the long-run impact of growth.Originality/valueThe paper uses an original primary data set from archival sources to explore the role of colonial heritage on long-term economic development from a resource-curse perspective. It applies a relatively new model partial least squares path modeling (PLS-PM) that allows the construction of LVs for variables that are not directly observable, as well as channeling the impact on growth through both direct and indirect channels. Finally, it allows for the simultaneous multigroup analysis across different colonial groups.

scholarly journals BANKING SECTOR LIBERALIZATION AND ECONOMIC GROWTH: CASE STUDY OF PAKISTAN

2016 ◽  
Vol 17 (1) ◽  
pp. 125-139 ◽  
Author(s):  
Najia SAQIB
Keyword(s):  
Economic Growth ◽  
Banking Sector ◽  
Time Series Data ◽  
Series Data ◽  
Omitted Variables ◽  
Financial Systems ◽  
Long Run ◽  
Banking Sector Development ◽  
The Impact

Economic theory suggests that sound and efficient financial systems channel capitals to its most productive uses are beneficial for economic growth. Sound and efficient financial systems are especially important for sustaining growth in developing countries. This paper examines the impact of banking sector liberalization on long-term economic growth in Pakistan by using a time series data for the period 1971–2011. The results show that there exist a significant positive long run relationship between banking sector development and economic growth in the country. The sensitivity analysis also shows that the relationship remain positive and significant no matter what combination of the omitted variables are used in the basic model. Thus, our findings support the core idea that banking sector development stimulates long term economic growth in a country.

Privatisation, Myopia and the Long-Run Provision of Economic Infrastructure in Australia

2008 ◽  
Vol 19 (1) ◽  
pp. 57-72 ◽  
Author(s):  
Michael Johnson
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Short Term ◽  
Public Economic ◽  
International Financial Crisis ◽  
Long Run ◽  
Infrastructure Provision ◽  
Economic Infrastructure ◽  
The Impact

The privatisation of economic infrastructure in Australia that began in the 1980s has continued to be actively pursued by state and federal governments. Evaluations of the effects of the change of policy, ownership, control and regulatory arrangements that have accompanied privatisation and their impact on the longer-term stock of infrastructure and the growth of the economy have received less attention than the immediate privatisation decisions. This article reviews some of the studies that have been carried out to evaluate the impact of privatisation, focusing on long-term impacts on infrastructure provision. In particular, it discusses the myopia created by the emphasis on commercial transactions and managing markets that continues to shape the debate about the provision of infrastructure to meet Australia's economic, environmental and other objectives. Objectives have become even more difficult to achieve as an increasingly extensive and complex regulatory framework is required to manage privatised activities. This adds to costs and limits the potential for the introduction of new initiatives to address pressing problems. The issue is increasingly relevant, given the current perceived shortage of infrastructure and the flow-on effects of the current international financial crisis on Australia. The slow-down in economic growth accompanying the financial crisis is putting pressure on government budgets and threatening to perpetuate the existing policy bias towards short-term solutions, exacerbating the longer run problem of ensuring an adequate supply of public economic infrastructure.

scholarly journals On the relativistic Lagrange-Laplace secular dynamics for extrasolar systems

2014 ◽  
Vol 9 (S310) ◽  
pp. 74-77
Author(s):  
M. Sansottera ◽  
L. Grassi ◽  
A. Giorgilli
Keyword(s):  
Normal Form ◽  
Relativistic Effects ◽  
Secular Dynamics ◽  
Extrasolar Systems ◽  
Term Evolution ◽  
Numerical Integrations ◽  
Long Time ◽  
Set Up ◽  
The Impact

AbstractWe study the secular dynamics of extrasolar planetary systems by extending the Lagrange-Laplace theory to high order and by including the relativistic effects. We investigate the long-term evolution of the planetary eccentricities via normal form and we find an excellent agreement with direct numerical integrations. Finally we set up a simple analytic criterion that allows to evaluate the impact of the relativistic effects in the long-time evolution.

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