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1573-966x, 1083-0898

Author(s):  
Emmanuel Amissah ◽  
Katarzyna Świerczyńska

AbstractStudies on the determinants of financial development have been silent on the role of religion. Growing evidence in the literature about how financial development positively affects economic growth and development highlights a greater interest in understanding the determinants of financial development. Despite the growing interest in this direction, less focus has been given to the role of religion in financial development. Using data from the World Values Survey, this study explores the relationship between finance and religion. In this study, finance is modelled through different measures of financial development and religion is represented by the intensity of religiosity. Results showed that on average there is a significant negative relationship. Subsequent analysis showed that as countries become financially developed, this negative relationship becomes insignificant. The quantile regression technique was employed to capture the nature of the relationship at different levels. The analysis showed that as countries become financially developed, the negative relationship becomes insignificant to financial development. These results account for some of the differences in the level of financial development between developed and developing countries where the latter tend to be more religious than the former.


Author(s):  
Ahmad Hassan Ahmad ◽  
Olalekan Bashir Aworinde

AbstractThis paper investigates the relationship between fiscal and external deficits in five European Union countries (Greece, Ireland, Italy, Portugal, and Spain) using quarterly data for the period 1980:1–2020:1. Literature on the relationship between these series used linear techniques, but generally reported inconclusive results. Nonlinearity has been overlooked even though fiscal policy is likely to exhibit nonlinearity due to its sensitivity to political decisions. To capture this nonlinearity behaviour, nonlinear causality techniques are applied here in addition to the usual linear techniques used in the extant literature. The results show that there is evidence of unidirectional nonlinear causality from trade balances to government deficits in Greece and Italy, and a nonlinear unidirectional causality from government deficits to trade balance in Portugal. The results also indicate evidence of a nonlinear bi-directional causality between the trade and government balances in Ireland and Spain. The policy implication of these results is that governments of these countries need to address fiscal deficits to manage their trade balances. Policies that will improve the countries’ revenue base, such as tax and labour market reforms as well as capital market reforms to engender productivity and increase competitiveness, would be beneficial.


Author(s):  
Athanasia Stylianou Kalaitzi ◽  
Trevor William Chamberlain

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