WorldWideScience

Sample records for asian economic growth

  1. Economic Analysis of Asian Growth Triangles : The Johor-Singapore-Riau Growth Triangle

    OpenAIRE

    Koch, Glenn G.

    2000-01-01

    In looking at the Asian economy, particularly the Growth Triangle which includes Singapore, Malaysia and Indonesia, one can infer a great deal. With the Asian monetary crisis affecting the world, and certainly the Asian region in particular, some economists believe it is a mistake to evaluate such matters based on tradition. Rather, a school of thought dubbed the New Institutional Economics has come into being and while not everyone considers it to be a truly new approach, the bottom line is ...

  2. The Impact of Government Expenditure on Economic Growth: A Study of Asian Countries

    OpenAIRE

    K. P. K. S. Lahirushan; W. G. V. Gunasekara

    2015-01-01

    Main purpose of this study is to identify the impact of government expenditure on economic growth in Asian Countries. Consequently, main objective is to analyze whether government expenditure causes economic growth in Asian countries vice versa and then scrutinizing long-run equilibrium relationship exists between them. The study completely based on secondary data. The methodology being quantitative that includes econometrical techniques of cointegration, panel fixed effe...

  3. Back to oil: Indonesia economic growth after Asian financial crisis

    Directory of Open Access Journals (Sweden)

    Heru Iswahyudi

    2016-04-01

    Full Text Available This paper examines the growth experience of Indonesia in the years before and after the Asian financial crisis. Particular attention is paid to the relationship between economic growth and petroleum sector’s total factor productivity (TFP. It finds the possibility that post-crisis Indonesian economic growth has ‘recoupled’ with petroleum sector’s TFP – fluctuations in petroleum TFP is directly correlated with fluctuations in economic growth. Further, although keeping Indonesia’s petroleum sector open to fair competition should be the prime policy, the fact regarding resource nationalism might need to be taken into account in designing the policy to develop the productivity of Indonesia’s petroleum sector.

  4. Greenhouse Gas Emissions, Energy Consumption and Economic Growth: A Panel Cointegration Analysis for 16 Asian Countries.

    Science.gov (United States)

    Lu, Wen-Cheng

    2017-11-22

    This research investigates the co-movement and causality relationships between greenhouse gas emissions, energy consumption and economic growth for 16 Asian countries over the period 1990-2012. The empirical findings suggest that in the long run, bidirectional Granger causality between energy consumption, GDP and greenhouse gas emissions and between GDP, greenhouse gas emissions and energy consumption is established. A non-linear, quadratic relationship is revealed between greenhouse gas emissions, energy consumption and economic growth, consistent with the environmental Kuznets curve for these 16 Asian countries and a subsample of the Asian new industrial economy. Short-run relationships are regionally specific across the Asian continent. From the viewpoint of energy policy in Asia, various governments support low-carbon or renewable energy use and are reducing fossil fuel combustion to sustain economic growth, but in some countries, evidence suggests that energy conservation might only be marginal.

  5. Greenhouse Gas Emissions, Energy Consumption and Economic Growth: A Panel Cointegration Analysis for 16 Asian Countries

    Science.gov (United States)

    2017-01-01

    This research investigates the co-movement and causality relationships between greenhouse gas emissions, energy consumption and economic growth for 16 Asian countries over the period 1990–2012. The empirical findings suggest that in the long run, bidirectional Granger causality between energy consumption, GDP and greenhouse gas emissions and between GDP, greenhouse gas emissions and energy consumption is established. A non-linear, quadratic relationship is revealed between greenhouse gas emissions, energy consumption and economic growth, consistent with the environmental Kuznets curve for these 16 Asian countries and a subsample of the Asian new industrial economy. Short-run relationships are regionally specific across the Asian continent. From the viewpoint of energy policy in Asia, various governments support low-carbon or renewable energy use and are reducing fossil fuel combustion to sustain economic growth, but in some countries, evidence suggests that energy conservation might only be marginal. PMID:29165399

  6. Greenhouse Gas Emissions, Energy Consumption and Economic Growth: A Panel Cointegration Analysis for 16 Asian Countries

    Directory of Open Access Journals (Sweden)

    Wen-Cheng Lu

    2017-11-01

    Full Text Available This research investigates the co-movement and causality relationships between greenhouse gas emissions, energy consumption and economic growth for 16 Asian countries over the period 1990–2012. The empirical findings suggest that in the long run, bidirectional Granger causality between energy consumption, GDP and greenhouse gas emissions and between GDP, greenhouse gas emissions and energy consumption is established. A non-linear, quadratic relationship is revealed between greenhouse gas emissions, energy consumption and economic growth, consistent with the environmental Kuznets curve for these 16 Asian countries and a subsample of the Asian new industrial economy. Short-run relationships are regionally specific across the Asian continent. From the viewpoint of energy policy in Asia, various governments support low-carbon or renewable energy use and are reducing fossil fuel combustion to sustain economic growth, but in some countries, evidence suggests that energy conservation might only be marginal.

  7. Unemployment and Economic Growth of Developing Asian Countries: A Panel Data Analysis

    OpenAIRE

    Muhammad Imran; Khurrum S. Mughal; Aneel Salman; Nedim Makarevic

    2015-01-01

    This study presents the new regression estimates of the relationship between unemployment and economic growth for 12 selected Asian countries over the period 1982-2011. Fixed effect and Pooled OLS techniques are used to analyze the panel data for measuring individual country effects, group effects and time effects while exploring the relationship between Unemployment rate and the Economic Growth. The results showed that higher unemployment rate has significant negative impact on GDP per capit...

  8. Public revenue, fiscal deficit and economic growth: Evidence from Asian countries

    OpenAIRE

    AMGAIN, Jeeban; DHAKAL, Nanda Kumar

    2017-01-01

    Abstract. This paper examines the impact of public revenue and fiscal deficit on economic growth in 20 Asian Countries. We use panel Autoregressive Distributed Lag Model (ARDL) to estimate both the short-run and long-run impact of the fiscal variables. The results indicate that fiscal deficit adversely affect growth both in short-run and long-run. In the long-run, deficit finance leads to debt accumulation which is also negatively associated with growth. However, panel ARDL results show that ...

  9. Economic Growth and Poverty Reduction in Indonesia Before and After the Asian Financial Crisis

    OpenAIRE

    Asep Suryahadi; Asep Suryahadi; Gracia Hadiwidjaja; Gracia Hadiwidjaja; Sudarno Sumarto; Sudarno Sumarto

    2012-01-01

    This paper assesses the relationship between economic growth and poverty reduction in Indonesia before and after the asian financial crisis (afc). Indonesia has a significantly slower poverty reduction post-afc compared to the pre-afc era. the trend in the growth elasticity of poverty indicates that the power of each% of economic growth to reduce poverty did not change greatly between the pre and post-afc time periods. during both these periods, the growth of services sector is the largest co...

  10. Causal relationship between trade openness, economic growth and energy consumption: A panel data analysis of Asian countries

    International Nuclear Information System (INIS)

    Nasreen, Samia; Anwar, Sofia

    2014-01-01

    This paper explores the causal relationship between economic growth, trade openness and energy consumption using data of 15 Asian countries. The study covers the period of 1980–2011. We have applied panel cointegration and causality approaches to examine the long-run and causal relationship between variables. Empirical results confirm the presence of cointegration between variables. The impact of economic growth and trade openness on energy consumption is found to be positive. The panel Granger causality analysis reveals the bidirectional causality between economic growth and energy consumption, trade openness and energy consumption. - Highlights: • This study analyzes causality between energy, growth and trade in the Asian region. • Empirical results supported cointegrating relationship between variables. • Positive impact of growth and trade openness on energy usage is found in the long run. • Bidirectional Granger causality is observed between selected variables in the long run

  11. Effect of economic growth and environmental quality on tourism in Southeast Asian Countries

    Science.gov (United States)

    Firmansyah

    2017-02-01

    The tourism is an important sector in generating income for a country, nevertheless, tourism is sensitive toward the changes in economy, as well as changes in environmental quality. By employing econometric models of error correction on annual data, this study examines the influence of environmental quality, domestic and global economic growth on foreign tourist arrivals in selected Southeast Asian countries, namely Indonesia, Malaysia, Thailand, Philippines, and Singapore. The findings of this study showed that all of countries long run model were proved statistically, indicated that world economic growth as well as environmental quality affect foreign tourism arrivals.

  12. The effects of HIV/AIDS on economic growth and human capitals: a panel study evidence from Asian countries.

    Science.gov (United States)

    Roy, Shongkour

    2014-01-01

    Human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) affects economic growths by reducing the human capitals are among the most poorly understood aspect of the AIDS epidemic. This article analyzes the effects of the prevalence of HIV and full-blown AIDS on a country's human capitals and economic growths. Using a fixed effect model for panel data 1990-2010 from the Asia, I explored the dynamic relationships among HIV/AIDS, economic growths, and human capitals within countries over time. The econometric effects concerned that HIV/AIDS plays an important role in the field of economic growths and it is measured as a change in real gross domestic product (GDP) per capita and human capitals. The modeling results for the Asian countries indicates HIV/AIDS prevalence that has a hurtful effect on GDP per capita by reducing human capitals within countries over time.

  13. The contribution of international trade to economic growth through human capital accumulation: Evidence from nine Asian countries

    Directory of Open Access Journals (Sweden)

    Mirajul Haq

    2014-12-01

    Full Text Available This study is an attempt to test the hypothesis “international trade contributes to economic growth through its effects on human capital accumulation.” To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth models. We thus ended up with a model in which the change in human capital is sensitive to change in trade policies. Unlike conventional approaches, the model serves to assess and determine the impact of international trade on the accumulation of human capital. The empirical analysis estimates dynamic panel growth equations by using a data-set of nine Asian countries, over the period 1972–2012. The overall evidence substantiates the fact that in countries under consideration, international trade enhances the accumulation of human capital and contributes to economic growth positively through human capital accumulation.

  14. Emerging Asian Economics.

    Science.gov (United States)

    Trezise, Philip H.

    What we can expect in the future from the miracle economies of Japan, South Korea, Taiwan, Singapore, and Hong Kong, whether they pose a threat to the older industrial states of Western Europe and North American, and whether China is to be the next emerging Asian economy are discussed. The amazing economic recovery of these East Asian countries…

  15. Asian Economic Integration Monitor July 2012

    OpenAIRE

    Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)

    2012-01-01

    The Asian Economic Integration Monitor is a semiannual review of Asia’s regional economic cooperation and integration. It covers 48 regional member countries of the Asian Development Bank. This issue includes a special section—Regional Integration: A Balanced View.

  16. Exogenous vs Endogenous Growth in the EU’s EaP and Central Asian Countries

    Directory of Open Access Journals (Sweden)

    Sharipov Ilkhom

    2016-12-01

    Full Text Available The main purpose of this paper is to determine and analyse the factors that affected economic growth in the EU’s Eastern Partnership and Central Asian countries in the 2000-2015 period. Economic growth is one of the main targets of economic policy of any country and influenced by various determinants. Of particular interest is the endogenous and exogenous nature of these factors. Having classified these factors into exogenous and endogenous ones, we examined and determined the significance and robustness of various factors influencing the economic growth in these countries, like investment, human capital, research and development, economic policies and macroeconomic conditions, openness to trade, geography, political factors and others. Correlation and factor analysis showed significance and strong association of GDP per capita with physical, human capital, and R&D in EaP countries and with natural resources and active population share in Central Asian countries.

  17. Is Pan-Asian Economic Integration Moving Forward?: Evidence from Pan-Asian Trade Statistics

    OpenAIRE

    Sapkota, Jeet Bahadur; Shuto, Motoko

    2016-01-01

    Asia is growing economically faster than any other region in the world; this led to the shift of the center of gravity of the global economy from the West to the East. However, it is not clear whether the Asian economy is integrating regionally or globally. In the context of the growing efforts of regional or sub-regional pan-Asian integration, it is worthwhile to explore the pan-Asian trade flows regionally as well as globally. Thus, this paper examines the trend and determinants of economic...

  18. Trade Openness and its Effects on Economic Growth in selected Asian Countries

    OpenAIRE

    Ganbold, Delgermaa

    2014-01-01

    This bachelor thesis examines the effect of international trade on economic growth in China, Kazakhstan and Mongolia. The determinants of international trade and their impact on economic development are reviewed in the Theoretical background. Subsequently, the countries' major trading factors and trade strategies which contribute to their economic growth are also analysed in this thesis. The main aim - the quantification of relationship between international trade and economic growth is appli...

  19. Comparison of Macroeconomic Performance of Selected Asian Countries. An Econometric Analysis of China Economic Growth and Policy Implications

    Directory of Open Access Journals (Sweden)

    Hasret Benar Balcioglu

    2009-09-01

    Full Text Available This paper compares the key macroeconomics indicators for the selected countries: China, Malaysia, Indonesia, Korea, Rep. and India and also makes an econometric analysis for China for the period 1961-2007. These countries are chosen on the basis of comparability of data and time without measurement errors. This study also investigates six hypotheses considering the impact of several key macroeconomic variables such as domestic saving rate, domestic investment rate, and volatility of savings, volatility of inflation, growth rate of exports and growth rate of real GNP. By using suitable statistical and econometric tests, this paper finds that prevailing performance of China depends on its superior rates of domestic saving and exports. Policies are also suggested from the differentials between the economic performances of China and other chosen Asian countries.

  20. Economic openness and economic growth: A cointegration analysis for ASEAN-5 countries

    Directory of Open Access Journals (Sweden)

    Klimis Vogiatzoglou

    2016-11-01

    Full Text Available The paper considers three channels of economic openness, namely FDI, imports, and exports, and examines their short-run and long-run effects on the economic growth in the five founding member countries of the Association of Southeast Asian Nations (ASEAN over the period from 1980 to 2014. Besides the impact on the economic growth, the authors analyze all possible causal interrelationships to discern patterns and directions of causality among FDI, imports, exports, and GDP. The quantitative analysis, which is based on the vector error correction co-integration framework, is conducted separately for each country in order to assess their individual experiences and allow for a comparative view. Although the precise details differ across countries, the findings indicate that there is a long-run equilibrium relationship between economic openness and GDP in all ASEAN-5 economies. FDI, imports and exports have a significantly positive short-run and long-run impact on the economic growth. Our results also show that export-led growth is the most important economic growth factor in most countries, followed by FDI-led growth. Another crucial finding is the bi-directional causality between exports and FDI across the ASEAN-5 countries. This indicates the presence of direct and indirect effects on GDP and a self-reinforcing process of causality between those two variables, which strengthens their impact on the economic growth.

  1. The Asian methanol market

    International Nuclear Information System (INIS)

    Nagase, Hideki

    1995-01-01

    For the purpose of this presentation, Asia has been broadly defined as a total of 15 countries, namely Japan, Korea, Taiwan, China, Hong Kong, the Philippines, Thailand, Malaysia, Singapore, Indonesia, Myanmar, India, Vietnam, Australia and New Zealand. In 1994 and the first half of 1995, the methanol industry and its derivative industries experienced hard time, because of extraordinarily high methanol prices. In spite of this circumstance, methanol demand in Asian countries has been growing steadily and remarkably, following Asian high economic growth. Most of this growth in demand has been and will continue to be met by outside supply. However, even with increased import of methanol from outside of Asia, as a result of this growth, Asian trade volume will be much larger in the coming years. Asian countries must turn their collective attention to making logistics and transportation for methanol and its derivatives more efficient in the Asian region to make better use of existing supply resources. The author reviews current economic growth as his main topic, and explains the forecast of the growth of methanol demand and supply in Asian countries in the near future

  2. The causal relationship between electricity consumption and economic growth in the ASEAN countries

    International Nuclear Information System (INIS)

    Yoo, S.-H.

    2006-01-01

    This paper investigates the causal relationship between electricity consumption and economic growth among the Association of South East Asian Nations (ASEAN) 4 members, namely Indonesia, Malaysia, Singapore, and Thailand, using modern time-series techniques for the period 1971-2002. The results indicate that there is a bi-directional causality between electricity consumption and economic growth in Malaysia and Singapore. This means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in the two countries. However, uni-directional causality runs from economic growth to electricity consumption in Indonesia and Thailand without any feedback effect. Thus, electricity conservation policies can be initiated without deteriorating economic side effects in the two countries

  3. A new approach towards the enhancement of northeast Asian economic cooperation

    Directory of Open Access Journals (Sweden)

    Chang-Jae Lee

    1999-09-01

    Full Text Available This study proposes the formation of the Northeast Asian Economic Cooperation Council (NAECC to discuss comprehensive economic cooperation and major economic issues between Korea, Japan and China. In order to meet the challenge of risign regionalism and to prevent another Asian economic crisis, it is imperative for the central governments of the region to involve themselves more actively in Northeast Asian Economic Cooperation. Given the diversity of Northeast Asian countries, it seems to be more realistic to vegin with the central governments of the three major countries in terms of economic size. However, even amongst these three countries, the prospects for reaching a regional trade agreement such as the North American Free Trade Agreement (NAFTA, let alone a more advanced economic integration type like the EU, are quite dim in the foreseeable future. Thus, Korea, Japan and China must try to get as many benefits of economic integration as possible through a non-traditional approach.

  4. Finance-Growth-Crisis Nexus in Asian Emerging Economies: Evidence from VECM and ARDL Assessment

    OpenAIRE

    Takashi Fukuda; Jauhari Dahalan

    2012-01-01

    This paper examines the causal relationship between financial development, economic growth and financial crisis in the five Asian emerging economies (India, Indonesia, South Korea, Malaysia and Thailand) during the period 1982 to 2007. All of these countries are known as emerging economies with well known financial crisis episodes (i.e., India's 1991 crisis and the Asian 1997 crisis). The summary indicators of financial development, financial crisis and financial repression are constructed th...

  5. Urban population and economic growth: South Asia perspective

    Directory of Open Access Journals (Sweden)

    Sandip Sarker

    2016-07-01

    Full Text Available Previously economic growth was generally discussed in terms of foreign direct investment (FDI, educational growth, savings, investments, inflation as well as trade openness of a nation. Very recently it has been identified that population is one of the major determinants of economic growth of a nation. In the recent years, the study of urbanization has gained a matter of concern in developing countries as it has been recognized as part of a larger process of economic development which is affecting developing countries. South Asian countries are one of the emerging economics and growing at a faster rate over the past few years. At the same time, population of South Asia is growing at a significant rate. Therefore the study has attempted to identify the causal relationship between urban population and economic growth in South Asia using a panel data analysis. The study makes use of the Augmented Dickey-Fuller (ADF and Phillips-Perron (PP, Pesaran as well as Fisher methods for panel unit root test. The panel Pedroni cointegration test suggests that there is long run relationship between the variables. The further panel Vector Error Correction Model (VECM suggests that there is long run causality running from urban population growth to economic growth in South Asia. The study concludes that the growth of urban population can have significant impact on economic growth in South Asia in the long run.

  6. Economic Growth, Institutional Development and Personal Freedom: The Educational Needs of China.

    Science.gov (United States)

    Clarke, Thomas

    1999-01-01

    To sustain growth requires changes in the Chinese economy and society. The Asian financial crisis shows that independent institutions and individual freedoms are necessary to stimulate entrepreneurship and innovation. Conservative social values often promoted by the education and training system could hinder economic growth. (SK)

  7. International labour migration in the Asian-Pacific region: patterns, policies and economic implications.

    Science.gov (United States)

    Athukorala, P

    1993-11-01

    "This paper reviews the literature on international labour migration from and within the Asian-Pacific region. It deals with patterns and characteristics of migration flows, government policies towards labour migration, and economic implications of labour migration for both labour-exporting and importing countries in the region. The indications are that, despite gradual slowing down of labour flows to the western industrial countries and the Middle East, labour migration will continue to be a major economic influence on surplus-labour countries in the region. As an integral part of the growth dynamism in the region, labour migration has now begun to take on a regional dimension, with immense implications for the process of industrial restructuring in high growth economies and the changing pattern of economic interdependence among countries." excerpt

  8. Stock Market Development and Economic Growth: Evidences from Asia-4 Countries

    OpenAIRE

    Azam, Muhammad; Haseeb, Muhammad; Samsi, Aznita binti; Raji, Jimoh Olajide

    2016-01-01

    The main purpose of this study is to examine the role of stock markets in economic growth for four Asian countries namely Bangladesh, India, China and Singapore. Annual time series cross country data over the period 1991 to 2012 and Autoregressive Distributed Lag (ARDL) bound testing approaches an analytical technique are used. Our results suggest that there is long-term cointegration among economic growth, Foreign Direct Investment (FDI), stock market development and inflation. The long-ter...

  9. Regional Integration of the Association of Southeast Asian Nations Economic Community: An Analysis of Malaysia - Association of Southeast Asian Nations Exports

    OpenAIRE

    Abidin, Irwan Shah Zainal; Haseeb, Muhammad; Islam, Rabiul

    2016-01-01

    Malaysia is a rapid growing economy especially in the Association of Southeast Asian Nations (ASEAN) region. The exports with ASEAN countries plays vital role in economic growth and development of Malaysia. Additionally, current chairmanship of ASEAN makes Malaysia more prominent in the region. Consequently, exploring the determinants of Malaysia – ASEAN-5 countries, namely Singapore, Thailand, Indonesia, Philippine and Vietnam exports performance is a fundamental objective of this study. The...

  10. Growth scenarios for sub-Saharan countries in the framework of economic complexity

    OpenAIRE

    Cristelli, Matthieu; Tacchella, Andrea; Zaccaria, Andrea; Pietronero, Luciano

    2014-01-01

    We present a comparative analysis of the medium-long term perspectives of development for sub-Saharan countries in the framework of economic complexity. This analysis is made in comparison with the development of Asian tigers. Economic complexity is a data-driven framework which aims at providing a more scientific basis for the economic theory and it has a specific focus on understanding the determinants of growth by means of two new economic dimensions: the country fitness and the produc...

  11. Growth and Economic Opportunities for Women: Strengthening ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Asian outlook: New growth dependent on new productivity. There is no doubt that Canada is tying its future growth prospects to Asia. View moreAsian outlook: New growth dependent on new productivity ...

  12. Asian oil refining. Demand growth and deregulation - an uncertain future

    International Nuclear Information System (INIS)

    Sameer Nawaz.

    1996-01-01

    The objective of the report is to identify the most important features of the oil refining industry in Asia. Major developments in consumption patterns changes in regional importance of countries are discussed, highlighting potential future developments. The first chapter introduces the various refining processes and presents a simple model for the analysis of complex refineries. Chapter 2 examines the development of the Asian refining industry against a background of economic growth and analyses trends in consumption of all products in Asian countries. In Chapter 3, the key issues concerning the refining industry are examined, among them the forces driving consumption, including the importance of economic development, and electricity and transport demand. The importance of product imports and international trade is discussed, and the extent of government involvement and the effects of changing retail and market prices are analysed. Chapter 4 looks at the strategies that oil and gas companies are following in the Asian refining industry. Particular significance is attached to the vertical integration of the oil majors, Japanese and Middle Eastern oil companies. A brief overview of the importance of the petrochemical industry is presented. The countries of Asia that are involved in the refining industry are profiled in Chapter 5. The future trend in oil consumption is examined in Chapter 6. There follows a brief discussion of the plans to expand crude refining capacity in the various countries and a forecast of the state of overcapacity which will result. In the final chapter, brief profiles of some of the most important companies in the Asian refining industry are presented, discussing their major activities and future plans. (Author)

  13. South Asian Labour and Employment Report: Promoting Inclusive ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    South Asian workers, especially women and lower caste workers, face ... Asian Employment Report will present policy options to promote growth and employment. ... IHD will work with the South Asian offices of the United Nations Economic ...

  14. Migration, Remittances, Economic Growth and Poverty Reduction: Reflections on Some South Asian Developments

    OpenAIRE

    Ballard, Roger

    2005-01-01

    This report presents a global account of the historical relationship between migration, industrialization and economic growth, and then goes on to present an empirical examination of the dynamics immigration from Mirpur (Pakistan) and Jullundur (India) to the UK. It closes by considering the 'Smart Aid' strategies which might facilitate more positive process of economic growth in areas where migration has led to the emergence of 'capital-rich underdevelopment'.

  15. Multinationals and East Asian Integration | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... and the United States, in the recent and rapid economic growth and integration in East Asia. ... "dragons" of East Asia have emerged among the world's leading economic powers. ... Asian outlook: New growth dependent on new productivity.

  16. Why is electricity consumption inconsistent with economic growth in China?

    International Nuclear Information System (INIS)

    Lin, Boqiang; Liu, Chang

    2016-01-01

    Studies have indicated that there exists a relatively stable and positive correlation between electricity consumption and economic growth and there should not be a large deviation between them. However, the deviation between electricity consumption and economic growth in China during the Asian Financial Crisis and Global Economic Crisis sparks intense debates. We attempt to explain the deviation from the perspective of inventory investment adjustment in the business cycle using the SVAR model in this paper. The results show that the effects of inventory investment adjustment shock and electricity consumption structure shock on the deviation are positive but tend to be negative for electricity efficiency shock. The results of historical decomposition of these shocks also show that the inventory investment adjustment shock is the main factor that influences the deviation during the Global Economic Crisis. Economic fluctuation in the short term can not change the economic development pattern and the characteristics of electricity demand. Once the economy returns to stable growth, the deviation between electricity consumption and economic growth will shrink and disappear soon. - Highlights: • We analyze the deviation between GDP and electricity consumption in business cycle. • The inventory investment adjustment mainly impacts the deviation in China. • Concentrated electricity consumption of heavy industry magnifies the deviation.

  17. The relationship between population ageing and the economic growth in Asia

    Science.gov (United States)

    Brendan, Lo Rick; Sek, Siok Kun

    2017-08-01

    Asia has witnessed robust economic growth since the 1960s. Today, emerging markets in Asia have managed to maintain rapid growth even when the world's main economies suffer from debt and banking crises. However, declining total fertility rate, increasing life expectancy, continuous change of birth and death patterns, and increasing share of old age population in the age distribution in Asia exert significant pressure on its economies. This paper analyses the relationship between population ageing and economic growth using 2 different panels of countries; one Asian and another the from the oldest countries worldwide between 1970 and 2014. The analysis is based on the Auto Regression Distributed Lag models. The MG (Mean Group) and PMG (Pooled Mean Group) estimations are applied in this analysis. The Hausman Test is conducted to decide between the MG and PMG estimators. We find that ageing will negatively affect the economy in the long run. The growing number of youths will initially have a negative effect on the economy but would eventually lead to a positive growth in the future. The old age dependency ratio has yet to have affect the Asian economy but is expected eventually to impose a negative effect as seen in the oldest nations of the world.

  18. The relationship between energy and economic growth: Empirical evidence from 66 countries

    International Nuclear Information System (INIS)

    Sharma, Susan Sunila

    2010-01-01

    In this study, we use dynamic panel data models to examine the impact of electricity and non-electricity variables on economic growth for a global panel consisting of 66 countries. The time component of our dataset is 1986-2005 inclusive. We also estimate this relationship for four regional panels; namely, East/South Asian and the Pacific region, Europe and Central Asian region, Latin America and Caribbean region, and Sub-Saharan, North Africa and Middle Eastern region. In total, we use six proxies for energy. The empirical analysis is based on a sound theoretical framework, in that we draw on growth theory and augment the classical growth model, which consists of inflation, capital stock, labour force and trade, with energy. Generally, the results on the impact of energy are mixed. (author)

  19. Ecological economics and economic growth.

    Science.gov (United States)

    Victor, Peter A

    2010-01-01

    Boulding's 1966 paper on the economics of spaceship Earth established the framework for ecological economics and an understanding of economic growth. In ecological economics, economies are conceptualized as open subsystems of the closed biosphere and are subject to biophysical laws and constraints. Economic growth measured as an increase in real gross domestic product (GDP) has generally been associated with increases in the use of energy and materials and the generation of wastes. Scale, composition, and technology are the proximate determinants of environmental impacts. They are often reduced to two: scale (GDP) and intensity (impact per unit GDP). New work described in this paper defines "green" growth as intensity that declines faster than scale increases. Similarly, "brown" growth occurs when intensity declines more slowly than increases in scale, and "black" growth happens when both scale and intensity increase. These concepts are then related to the environmental Kuznets curve, which can be understood as a transition from brown to green growth. Ecological economics provides a macroperspective on economic growth. It offers broad policy principles, and it challenges the primacy of economic growth as a policy objective, but many important questions remain.

  20. About the Geographic Distribution of Economic Science in Asian Russia

    Directory of Open Access Journals (Sweden)

    Alexander Nikolaevich Demyanenko

    2014-12-01

    Full Text Available The article presents the results of empirical studies of modern geographic distribution of economic science in Asian Russia (i. e. three macro-regions of Russia: Far East, Siberia and the Urals Region. The study is based on an original database of articles on Economics and related disciplines which arearranged within the Elibrary platformfor 2005-2013. These articles arewritten by fellows of research organizations that are located in the Asian part of Russia.Statistical analysis of the main indicators of publication activity shows that there are significant differences in the scope, dynamics, and quality of the results of this activity among the research organizations of various types.The authors focused on the territorial structure of the study of the economy defined as a set of scientific centers of varying scale and type, as well as networks of scientific communication.It is revealed that publication activity of economic research institutions in Asian Russia has a high level of spatial concentration and the system of scientific communication, formed by the scientific journals of the region, has a high level of fragmentation

  1. Determinants of economic freedom of the Association of Southeast Asian Nation economic community

    OpenAIRE

    Karen Debbie C. Magallon

    2016-01-01

    One of the determinants of the well-being of people across the world is economic freedom. It is the freedom to choose the ways to produce, sell, and use your private resources, while respecting rights of the other to practice the same. The primordial intention of the study was to investigate the factors affecting economic freedom in the Association of Southeast Asian Nations (ASEAN) Economic Community. Human Development Index (HDI), Corruption Perceptions Index (CPI) and GDP per capita are...

  2. The impact of rapid economic growth and globalization on zinc nutrition in South Korea.

    Science.gov (United States)

    Kwun, In-Sook; Do, Mi-Sook; Chung, Hae-Rang; Kim, Yang Ha; Beattie, John H

    2009-08-01

    Zn deficiency may be widespread in Asian countries such as South Korea. However, dietary habits have changed in response to rapid economic growth and globalization. Zn nutrition in South Koreans has therefore been assessed during a period (1969-1998) of unprecedented economic growth. Cross-sectional food consumption data from the Korean National Nutrition Survey Reports (KNNSR) of South Korea at four separate time points (1969, 1978, 1988 and 1998) were used to calculate Zn, Ca and phytate intakes using various food composition tables, databases and literature values. Nutrient values in local foods were cited from their analysed values. Average Zn intake was 5.8, 4.8 and 5.3 mg/d for 1969, 1978 and 1988 respectively, increasing to 7.3 mg/d in 1998 (73 % of the Korean Dietary Reference Intake). The phytate:Zn molar ratio decreased from 21 to 8 during the study period. Dietary Zn depletion due to marked decreases in cereal consumption, particularly barley which has a low Zn bioavailability, was counterbalanced by marked increases in the consumption of meat and fish, which are also Zn-rich foods. Reduced phytate consumption coincident with increased Zn intake suggests that Zn bioavailability also improved, particularly by 1998. Although total Zn intake was not greatly affected over the initial period of economic growth in South Korea (1969-1988), Zn contributions from different food sources changed markedly and both Zn intake and potential bioavailability were improved by 1998. The study may have implications for Zn nutrition in other Asian countries currently experiencing rapid economic growth.

  3. Does ICT Participate in Economic Convergence among Asian Countries: Evidence from Dynamic Panel Data Model

    Directory of Open Access Journals (Sweden)

    Bilal MEHMOOD

    2013-01-01

    Full Text Available Conventional Convergence models usually oversee the role of information and communications technology (ICT as a determinant of convergence. This paper introduces ICT as a factor contributing towards economic convergence in Asian countries. In addition to ICT, other factors like demographic traits, level of human development and electricity consumption are used as regressors. System GMM technique is used to estimate convergence regression for se-lected Asian countries for data of time span 2001-2010. Support for ICT-augmented conver-gence is found, implying that ICT has the tendency to participate in convergence process. Suitable demographic features, human development and electricity consumption are also found to contribute to economic convergence in the sample countries of Asia. Findings of this paper indicate the need to complement the favorable demographic endowments in Asian economies with economically productive usage of ICT to proceed towards economic convergence in Asian Region.

  4. Macroeconomic Stabilization and Monetary Policyof Four Asian CountriesJapan, Korea, Indonesia, and the Philippines- Targets, Effectiveness and Results - (in Japanese)

    OpenAIRE

    Masaaki Kuroyanagi; Junji Yano; Yasuo Nakanishi; Masaaki Komatsu; Hidehiko Futamura; Tsuyoshi Mihira

    1996-01-01

    The rapid, stable economic development of Asian countries has been an important topic of empirical study in recent years. The remarkable results of this steady economic development have been called a "miracle" in the recent literature of development economics. This cross-country study attempts to investigate the roots of the rapid, sustained economic growth of East Asian countries. In "The East Asian Miracle" (The World Bank, 1993), rapid growth of human capital, productivity improvement and ...

  5. Go! Pasia. Asian market entry and development strategy of Poznan University of Economics

    OpenAIRE

    Das, Swajan

    2015-01-01

    Master Thesis: Go! Pasia. Asian market entry and development strategy of Poznan University of Economics. Temat pracy magisterskiej: Go! Pasia. Strategia wejścia i działania Uniwersytetu Ekonomicznego w Poznaniu na rynku azjatyckim. In his thesis, the author presents a market entry and development strategy for Poznan University of Economics in order to enter into 15 Asian markets, divided into 5 identical markets, for attracting students at its campus. After identifying the importance...

  6. THE RELATIONSHIP BETWEEN NUMBERS OF INTERNATIONAL TOURIST ARRIVALS AND ECONOMIC GROWTH IN THE ASEAN-8: PANEL DATA APPROACH

    OpenAIRE

    Anggraeni, Garnis Nur

    2017-01-01

    In an open economy, economic growth is not only supported by international trade but may also be supported through the development of tourism. We can use international tourist arrivals as one of indicators of international tourism. This study aimed to examine the factors that influence international tourist arrivals as well as to analyze the relationship between the number of international tourist arrivals and economic growth in the Southeast Asian regions. This study uses panel data regressi...

  7. Population growth and economic growth.

    Science.gov (United States)

    Narayana, D L

    1984-01-01

    This discussion of the issues relating to the problem posed by population explosion in the developing countries and economic growth in the contemporary world covers the following: predictions of economic and social trends; the Malthusian theory of population; the classical or stationary theory of population; the medical triage model; ecological disaster; the Global 2000 study; the limits to growth; critiques of the Limits to Growth model; nonrenewable resources; food and agriculture; population explosion and stabilization; space and ocean colonization; and the limits perspective. The Limits to Growth model, a general equilibrium anti-growth model, is the gloomiest economic model ever constructed. None of the doomsday models, the Malthusian theory, the classical stationary state, the neo-Malthusian medical triage model, the Global 2000 study, are so far reaching in their consequences. The course of events that followed the publication of the "Limits to Growth" in 1972 in the form of 2 oil shocks, food shock, pollution shock, and price shock seemed to bear out formally the gloomy predictions of the thesis with a remarkable speed. The 12 years of economic experience and the knowledge of resource trends postulate that even if the economic pressures visualized by the model are at work they are neither far reaching nor so drastic. Appropriate action can solve them. There are several limitations to the Limits to Growth model. The central theme of the model, which is overshoot and collapse, is unlikely to be the course of events. The model is too aggregative to be realistic. It exaggerates the ecological disaster arising out of the exponential growth of population and industry. The gross underestimation of renewable resources is a basic flaw of the model. The most critical weakness of the model is its gross underestimation of the historical trend of technological progress and the technological possiblities within industry and agriculture. The model does correctly emphasize

  8. Economic growth, ecological economics, and wilderness preservation

    Science.gov (United States)

    Brian Czech

    2000-01-01

    Economic growth is a perennial national goal. Perpetual economic growth and wilderness preservation are mutually exclusive. Wilderness scholarship has not addressed this conflict. The economics profession is unlikely to contribute to resolution, because the neoclassical paradigm holds that there is no limit to economic growth. A corollary of the paradigm is that...

  9. Levers for change: philanthropy in select South East Asian countries ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2016-04-29

    Apr 29, 2016 ... Levers for change: philanthropy in select South East Asian countries ... the low donor awareness of societal needs and the lack of donor education and skills development. ... Tourism is an important driver of economic growth throughout Southeast Asia. ... Supporting sustainable economic growth in ASEAN.

  10. Decades of urban growth and development on the Asian megadeltas

    Science.gov (United States)

    Small, Christopher; Sousa, Daniel; Yetman, Gregory; Elvidge, Christopher; MacManus, Kytt

    2018-06-01

    The current and ongoing expansion of urban areas worldwide represents the largest mass migration in human history. It is well known that the world's coastal zones are associated with large and growing concentrations of population, urban development and economic activity. Among coastal environments, deltas have long been recognized for both benefits and hazards. This is particularly true on the Asian megadeltas, where the majority of the world's deltaic populations reside. Current trends in urban migration, combined with demographic momentum suggest that the already large populations on the Asian megadeltas will continue to grow. In this study, we combine recently released gridded population density (circa 2010) with a newly developed night light change product (1992 to 2012) and a digital elevation model to quantify the spatial distribution of population and development on the nine Asian megadeltas. Bivariate distributions of population as functions of elevation and coastal proximity quantify potential exposure of deltaic populations to flood and coastal hazards. Comparison of these distributions for the Asian megadeltas show very different patterns of habitation with peak population elevations ranging from 2 to 11 m above sea level over a wide range of coastal proximities. Over all nine megadeltas, over 174 million people reside below a peak population elevation of 7 m. Changes in the spatial extent of anthropogenic night light from 1992 to 2012 show widely varying extents and changes of lighted urban development. All of the deltas except the Indus show the greatest increases in night light brightness occurring at elevations <10 m. At global and continental scales, growth of settlements of all sizes takes the form of evolving spatial networks of development. Spatial networks of lighted urban development in Asia show power law scaling properties consistent with other continents, but much higher rates of growth. The three largest networks of development in China all

  11. Economics of Sustainable Development. Competitiveness and Economic Growth

    Directory of Open Access Journals (Sweden)

    Dorel AILENEI

    2011-02-01

    Full Text Available Economic growth is one of the most important issues of humanity. Both in national economies and world economy, recession and prosperity periods are regularly succeeding with different amplitudes. But beyond these fluctuations and their effects, the results are important: performance and economic growth. Because of the problematical issue of economic growth, the authors are trying to critically reflect on the economic growth concept and on its implications on the praxis area. Although there is a large literature about economic growth modeling, it is intriguing that there still are some serious obstacles for conceptualization and praxis. Only the simple fact that the economic growth process needs serious thinking on the time dimension is sufficient for understanding the real difficulties of this problematical issue. As for the economic growth praxis, a clear analysis of the interests system within an economy is needed. Without trying to find miraculous solutions for the economic growth issue, the authors suggest a clear and correct analysis of this important subject.

  12. Fiscal Policy and Economic Growth: and Empirical Evidence in Malaysia and Indonesia

    OpenAIRE

    Sriyana, Jaka

    2002-01-01

    Since the financial crisis occurred in the mid of 1997, generally the government of Asian countries have difficulties in supporting their economic growth. This paper attempts to analyze the relationship between fiscal variables, including government expenditure, revenue and output in Malaysia and Indonesia. The relationship between government expenditure and revenue will be tested by co integration and causality test, meanwhile the effect of gov-ernment expenditure and revenue on output will ...

  13. Fiscal Policy And Economic Growth: And Empirical Evidence In Malaysia And Indonesia

    OpenAIRE

    Sriyana, Jaka

    2009-01-01

    Since the financial crisis occurred in the mid of 1997, generally the government of Asian countries have difficulties in supporting their economic growth. This paper attempts to analyze the relationship between fiscal variables, including government expenditure, revenue and output in Malaysia and Indonesia. The relationship between government expenditure and revenue will be tested by co integration and causality test, meanwhile the effect of gov-ernment expenditure and revenue on output will ...

  14. Economic growth and intangible capitals: Europe versus Asia

    Directory of Open Access Journals (Sweden)

    Navarro José-Luis Alfaro

    2014-01-01

    Full Text Available At present, the international growth model includes important restrictions about the consideration of GDP as a unique tool for measurement. In this sense, taking into consideration the wealth of a country, we must add intangibles such as human development, country image, employment conditions, environmental, innovation, public sector efficiency, and synergies to the variable production, which is defined as national intellectual capital. In this paper, we use a mathematical model of intellectual capital to determine, in monetary terms, the intangible elements that have a greater impact on long-term economic development in European and Asian countries. We have the main limitation of available information and we provide objective results using statistical method. By identifying these components, countries will be able to redirect their policies toward achieving sustainable long-term growth. The results show that the long-term growth of both continents are strongly dependent on the skills of their human resources, but register differences in structural factors such as trade, innovation, or environment.

  15. The relationship between GDP and electricity consumption in 10 Asian countries

    International Nuclear Information System (INIS)

    Chen, S.-T.; Kuo, H.-I; Chen, C.-C.

    2007-01-01

    The purpose of this study is to estimate the relationships between GDP and electricity consumption in 10 newly industrializing and developing Asian countries using both single data sets and panel data procedures. The empirical results from single data set indicate that the causality directions in the 10 Asian countries are mixed while there is a uni-directional short-run causality running from economic growth to electricity consumption and a bi-directional long-run causality between electricity consumption and economic growth if the panel data procedure is implemented. These empirical findings imply that electricity conservation policies through both rationalizing the electricity supply efficiency improvement to avoid the wastage of electricity and managing demand side to reduce the electricity consumption without affecting the end-user benefits could be initiated without adverse effect on economic growth. The findings on the long-run relationship indicate that a sufficiently large supply of electricity can ensure that a higher level of economic growth

  16. Economic Growth, Economic Freedom, and Governance

    OpenAIRE

    Cebula, Richard; Ekstrom, Marcus

    2008-01-01

    This exploratory study examines the impact of various forms of economic freedom and various dimensions of governance, as well as a number of economic factors, on economic growth among OECD nations. Empirical estimation finds that the natural log of per capita purchasing-power-parity adjusted real GDP in OECD nations is positively impacted by business freedom, monetary freedom, trade freedom, and property rights security. Economic growth is found to be negatively affected by perceived governme...

  17. Earthquakes and economic growth

    OpenAIRE

    Fisker, Peter Simonsen

    2012-01-01

    This study explores the economic consequences of earthquakes. In particular, it is investigated how exposure to earthquakes affects economic growth both across and within countries. The key result of the empirical analysis is that while there are no observable effects at the country level, earthquake exposure significantly decreases 5-year economic growth at the local level. Areas at lower stages of economic development suffer harder in terms of economic growth than richer areas. In addition,...

  18. The nexus of oil consumption, CO2 emissions and economic growth in China, Japan and South Korea.

    Science.gov (United States)

    Saboori, Behnaz; Rasoulinezhad, Ehsan; Sung, Jinsok

    2017-03-01

    This article attempts to explore the nexus between oil consumption, economic growth and carbon dioxide (CO 2 ) emissions in three East Asian oil importing countries (i.e. China, South Korea and Japan) over the period 1980-2013, by using the Granger causality, Johansen cointegration test, Generalised Impulse Response functions (GIRF) and variance decompositions. The empirical findings provide evidence for the existence of a long-run relationship between oil consumption and economic growth in China and Japan. The results also point to a uni-directional causality from running from oil consumption to economic growth in China and Japan, and from oil consumption to CO 2 emissions in South Korea. The overall results of GIRF reveal that while economic growth in China and South Korea shows a positive response to oil consumption, this variable responses negatively to the same shock in Japan. In addition, oil consumption spikes cause a negative response of CO 2 emissions in Japan and China, as well as a U-shape response in South Korea.

  19. The Asian Model: A Crisis Foretold?

    OpenAIRE

    Singh, Ajit

    1998-01-01

    The East Asian countries achieved extraordinarily fast economic growth during the last four decades. Indeed, it would be no exaggeration to say that they represented the most successful case of rapid industrialisation and sustained economic growth in the history of mankind. An economy like South Korea’s was unequivocally industrially backward in the mid-1950s. Its per capita industrial output was at the time US$ 8 compared with US$ 7 for India and US$ 60 for Mexico. By mid 1990, the cou...

  20. Environmentally Sustainable Economic Growth

    Directory of Open Access Journals (Sweden)

    Stelian Brad

    2016-05-01

    Full Text Available Economic growth and sustainable development are important issues for social prosperity. Sustainable development strives for moderate and responsible use within the economic activity of the limited resources of our planet, whereas economic growth does not limit the resource exploitation and energy, being mainly focused on productivity increase. From this perspective, both conceptual and operational contradictions occur between the two pillars of prosperity. This paper looks to these contradictions and proposes some streams of intervention such as economic growth and environmental sustainability to operate in harmony. A structured framework for innovative problem solving is considered in this respect. Results of this research show that it is possible to induce smart measures in the economic system for directing businesses towards new paradigms where economic growth is possible without negative effects on environmental sustainability.

  1. Beyond Economic Interests: Attitudes Toward Foreign Workers in Australia, the United States and East Asian Countries

    OpenAIRE

    Ming-Chang Tsai; Rueyling Tzeng

    2014-01-01

    We compare attitudes toward foreign workers between two wealthy Western and four developing East Asian countries, using data from the 2006 and 2008 Asian Barometer surveys to test hypotheses on economic interests, cultural supremacy, and global exposure. Respondent majorities in all six countries expressed high levels of restrictivism. Regression model results indicate a consistent cultural superiority influence across the six countries, but only minor effects from economic interest factors. ...

  2. Success in Asian refining -- Strategies for a growth industry

    International Nuclear Information System (INIS)

    Burke, B.F.

    1994-01-01

    Asia offers some of the best growth opportunities to the global refining industry. Many of its nations are in the process of industrializing, with a rapid rise in living standards and associated energy use. Growth trends are firmly established, with petroleum use in particular increasing rapidly as modern transport infrastructures develop. Of perhaps greater importance is Asia's potential for continued growth based on population and GDP trends. While the expected growth offers a wide range of opportunities, succeeding in the unique Asian marketplace will be a challenge mastered by only a few new entrants. This paper will examine some of the critical issues that will drive success and shape the refining business in Asia. Industry fundamentals will be reviewed, with a focus on growth and profit drivers. With the fundamental framework established, the unique challenges posed by the Asian environment, including cultural issues, investment requirements, regulatory trends and issues in market development will be discussed. The ability to succeed in Asia by identifying factors that create local advantage within a very diverse region will be discussed. The need to merge corporate capabilities and objectives with regional opportunities is the key requirement to succeed in entering or expanding in the region

  3. Determinants of economic freedom of the Association of Southeast Asian Nation economic community

    Directory of Open Access Journals (Sweden)

    Karen Debbie C. Magallon

    2016-01-01

    Full Text Available One of the determinants of the well-being of people across the world is economic freedom. It is the freedom to choose the ways to produce, sell, and use your private resources, while respecting rights of the other to practice the same. The primordial intention of the study was to investigate the factors affecting economic freedom in the Association of Southeast Asian Nations (ASEAN Economic Community. Human Development Index (HDI, Corruption Perceptions Index (CPI and GDP per capita are dimensions considered to characterize the level of a country’s economic freedom. Trend performance of AEC in these indexes was also determined. The empirical estimate was based on a panel dataset covering 6 member-countries of the ASEAN Economic Community from 2001 to 2010. The model was estimated through Ordinary Least Squares (OLS multiple linear regression analysis. For the trend performance of the indexes, Singapore found to have a remarkable performance. The empirical result strongly suggests that CPI and GDP per capita foster economic freedom. For every 1% decrease in CPI would lead to an increase in economic freedom index by.121 % and for every 1% increase in GDP per capita, EFI will increase by .019%.

  4. Financial development and domestic savings in emerging Asian countries

    OpenAIRE

    Yılmaz BAYAR

    2014-01-01

    Saving is one of the important determinants of economic growth. Therefore determinants of saving are indirectly important for a sustainable economic growth. Financial sector has come into prominence as a possible determinant of saving in the globalized financial markets. This study examines the relationship between gross domestic savings and financial development in the emerging Asian countries during the period 1992-2011 by using panel regression. We found that financial de...

  5. South Asian Diasporic Youth in Denmark: Socio-Economic Strategies

    DEFF Research Database (Denmark)

    Singla, Rashmi; Fabricius, Anne Sophie; Holm, Anne

    2009-01-01

    Based on two empirical studies, this article investigates some socioeconomic aspects of the South Asian diaspora in Denmark. The first longitudinal study explored young adults’ economic strategies in relation to their country of origin. The first wave investigation was conducted in the mid-1990s....... Within a theoretical framework combining positioning theory with life course perspective, in-depth interviews were conducted with young adults of  Indian and Pakistani background (n=5). The second study focussed on second generation Pakistani in Denmark and their remittances to Pakistan. The extent...... and nature of transnational activities among second generation Pakistani has been investigated within a theoretical framework of transnationalism and identity construction. The results indicate three emergent forms of socioeconomic strategies among South Asian youth in Denmark: 1) individual strategies...

  6. East Asian Regional Architecture: New Economic and Security Arrangements and U.S. Policy

    Science.gov (United States)

    2006-09-18

    objections by the United States to a proposed East Asian Economic Caucus (EAEC) propounded primarily by Malaysia under former Prime Minister Mahathir Mohamad...proposed in 1990 by former Prime Minister Mahathir Mohamad of Malaysia. At the time, the United States opposed such an exclusive East Asian grouping...proposed by Malaysian Prime Minister Mahathir Mohamad in 1990, the U.S. strategy took two tracks. The first was to oppose its founding through

  7. Energy, economic growth, and human welfare

    International Nuclear Information System (INIS)

    Schurr, S.H.

    1984-01-01

    The subject is covered in sections, entitled: economic growth and human welfare; world-wide economic growth; economic growth and energy consumption; assessing the future; caution advised; energy supply and economic growth; supply as constraint; sound policies needed. (U.K.)

  8. FDI- Economic Growth Nexus

    DEFF Research Database (Denmark)

    Bujac, Andreea Ioana; Corado Cretu, Emanuel

    2017-01-01

    Conducting a systematic literature review on the topic of FDI and Economic Growth and investigating this relationship, along with the determinants of an economy that attract FDI and the externalities resulting from Foreign activities, it is found that FDI does have a positive effect on a host...... country’s economic growth but only with the preexistence of certain determinants which facilitate the absorption capacity of the host country on reaping the spillover effects (externalities) of FDI. Lastly, a framework was built to illustrate the interaction between FDI, Determinants and condition...... of the host economy, barriers to growth, economic growth and externalities....

  9. Differences in East Asian Economic Institutions: Taiwan in a Regional Comparison

    Directory of Open Access Journals (Sweden)

    István Csaba Moldicz

    2017-04-01

    Full Text Available The term “developmental state” describes a very conscious, however, more or less market-friendly approach to economic development. The developmental states of the East Asian region can be characterized by a strong emphasis on diverse forms of state intervention generally; however, these sets of institutions differ in the Japanese, Taiwanese, and South Korean economies. The aim of this paper is to offer a comparative analysis of economic institutions and their alterations after the Asian financial crisis. The paper includes Taiwan, Japan and South Korea in the analysis. The paper seeks to define the peculiar features of Taiwanese economic institutions in contrast to Japan and South Korea. By doing so, the paper investigates different aspects of economic institutions in Japan, Taiwan and South Korea: firm structure, the ability of firms to shape and organize regional supply chains, the role of state and trade unions, the composition of GDP/GNP, economic openness (trade, exchange regimes and financial sectors’ capability to channel funds and encourage saving and investments. One of the findings of the paper is that Taiwan’s defining feature is its very close cooperation with Mainland China. However, the deep interconnectedness of the two economies, often called “Chiwan”, is going to be changed. The reason for this is not only a new economic policy, Taiwan’s “New Southbound Policy” of enhanced cooperation with countries of the Southeast Asia, South Asia and Oceania, but the upgrading of the Chinese economy, which is losing its place in the global supply chains as a cheap-labour country.

  10. ECONOMIC gROWTH, GLOBALIZATION AND TRADE

    OpenAIRE

    Nuno Carlos LEITÃO

    2012-01-01

    The purpose of this article is to investigate the relationship between economic growth, globalization and trade. The manuscript uses the assumptions of the economic growth exogenous and endogenous models. It introduces new proxies for explain the economic growth as in intra-industry trade, foreign direct investment and globalization index. The results indicate that economic growth is a dynamic process. The intra-industry has a positive impact on economic growth. This paper confirms relevan...

  11. Economic growth and business cycles

    NARCIS (Netherlands)

    Canton, E.J.F.

    1997-01-01

    This thesis contains five essays on economic growth and business cycles. The main focus is on the interaction between economic growth and the cycle: is cyclical variability good or bad for the long-run rate of economic growth? The introduction aims to provide some empirical evidence for an

  12. ECONOMIC GROWTH THEORIES, CONCEPTUAL ELEMENTS, CHARACTERISTICS

    Directory of Open Access Journals (Sweden)

    Florina, POPA

    2014-11-01

    Full Text Available The approach of economic growth involves understanding the concept and growth factors, respectively, analysing the growth theories, their trend in the context of the development of economic and social life. The economic growth signifies a process aimed at increasing activities in the national economy, expressed by macroeconomic indicators, respectively, the dynamics of the overall Gross Domestic Product or per inhabitant. It can appreciate that, in the short term, this process signifies phases of economic prosperity and on the long-term, expresses an upward trend, a consequence of the succession of increases and decreases. The study presents some elements which outlines the concept of economic growth, that is, definitions, meanings and the main characteristics of the theories of growth, as well as some of its determinant factors. Also, it gives a brief overview of the main theories of economic growth, as they have evolved over time, in line with the economic reality dynamics and the development of the instruments of economic analysis, starting from the classical theories to the new theories and models of economic growth of the modern age.

  13. China as leading Asian giant and her indispensability within BRICS ...

    African Journals Online (AJOL)

    China is unequivocally the “Leading Giant” of Brics Group. The rapid economic growth and expansion of influence throughout the whole Asian region inspires and accelerates the other Brics economies development. The countries are believed to “catch-up” Chinese growth- strategies and technologies. Foreign Direct ...

  14. China's Political-Economic Approach toward FTAs with East Asian Nations and Its Implications for Korea

    Directory of Open Access Journals (Sweden)

    Hyun-jun Cho

    2004-06-01

    Full Text Available Focusing on a political-economic perspective, this article examines on the background and objectives of China's approach toward FTAs with East Asian nations. It appears that China's strategy to regional economic integration recently has transformed from a passive direction to active initiative, pushing forward its winning strategies - economic liberalization and its resolve to become a regional leader - while spearheading projects to create a regional free trade zone. China has a tendency to take a serious view on the significance of non-economic factors or international politics and security in regard to pursuing FTAs with neighboring countries. Behind China's ASEAN+1 plan, the implication of security is deeply rooted; and through its pursuit of economic integration within the region, China seems to be seeking change in the regional security order. China has also been bringing security discussions into the mechanism of regional economic cooperation among Korea, China and Japan. China also appears to have a few types of ideological mentality when pursuing FTAs. It seems that China's "great-power mentality"(daguo xintai is somewhat robust. This mentality is prone to be extended to hegemonic contention within the region. If China combines the "great-power mentality" with nationalism in the process of pursuing FTAs with neighboring countries, then this might entail exclusive regionalism. Both Japan and China are basically in rivalry over regional hegemony, and competing for leadership in intra-regional FTA initiatives. In pursuing FTAs with South Korea, China and Japan seem to have quite a contradictory approach. Japan, which wants to control the rise of China, seems to be ruling out the China-Japan-Korea FTA plan and actively pursuing a Japan-Korea FTA. On the contrary, Beijing is expected to actively propose to pursue China-Korea FTA in order to hold back rapid progress in Japan-Korea FTA negotiations, which have already commenced. On the

  15. SECTORAL SHARES AND ECONOMIC GROWTH

    DEFF Research Database (Denmark)

    Ahmad, Nisar; Naveed, Amjad; Naz, Amber

    2013-01-01

    believe that structural change is an unimportant side effect of the economic development. On the contrary, economists associated with the World Bank and some others posit that growth is brought about by the changes in sectoral composition. The objective of this study is to empirically test...... the relationship between sectoral shares and economic growth by using the panel data for 20 developed countries. The results of the granger causality suggest that both services and agriculture sectors do granger cause economic growth, whereas industrial sector does not granger cause growth. Reverse causality does...... not hold for any of the three sectors. The results of Barro and Non-Barro regressions along with the set of control variables have suggested that services sector is negatively affecting growth, whereas both industrial and agriculture shares are positively affect economic growth....

  16. Sociological explanations of economic growth.

    Science.gov (United States)

    Marsh, R M

    1988-01-01

    Even if questions of how resources are distributed within and between societies are the main concern, it is necessary to continue to grapple with the issue of the causes of economic growth since economic growth and level of development continue to be among the most important causes of inequality, poverty, unemployment, and the quality of life. This paper's dependent variable is the economic growth rate of 55 less developed countries (LDCs) over 2 time periods. 1970-78 and 1965-84. The causal model consists of control variables--level of development and domestic investment in 1965--and a variety of independent variables drawn from major sociological theories of economic growth published during the last 3 decades. Multiple regression analysis shows that, net of the effects of the 2 control variables, the variables which have the strongest effect on economic growth are: 1) direct foreign investment, which has a negative effect, 2) the proportion of the population in military service, and 3) the primary school enrollment ratio, both of which have positive effects on economic growth. On the other hand, variables drawn from some theories receive no empirical support. The mass media of communications, ethnolinguistic heterogeneity, democracy and human rights, income inequality, and state-centric theory's key variable, state strength, all fail to show any significant impact on economic growth rates when the control variables and the significant independent variables are held constant. The theoretical implications of these findings are discussed.

  17. The Asian petrochemical industry

    International Nuclear Information System (INIS)

    Selwa, Christopher.

    1996-03-01

    The Asian Petrochemical Industry brings you up to date with the latest developments in this dynamic region and covers all the key issues, giving detailed analysis and comment on: the general economic outlook; demand and production trends for basic petrochemicals and specialities in individual countries; political stability and how with affects growth and investment opportunities; security of supply; the import of petrochemicals and the aim of the region to become a net exporter by 2000; capacity increases - the relative merits of new plant construction versus expanding existing plants; the financing of petrochemical projects; the use of appropriate projects; the use of appropriate technology and patent provision in the Gatt treaty; increasing environmental concerns and the 'responsible care' initiative. The Asian Petrochemical Industry presents an overview of each Asian player in the petrochemical and associated industries, comparing and contrasting the countries within the region. (Author)

  18. Quality, Export and Economic Growth

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer; Pedersen, Kurt

    1998-01-01

    in an international context. The paper, therefore, addresses the complicated interactions between economic growth, export performance and quality. The contribution of the paper, compared to other growth accounting research, is the inclusion of quality data, quality being a significant mirror of technological...... development. The countries covered by the research represent a wide variation in terms of economic development, from poor LDC's to the most developed industrial nations. The empirical results reveal a probable strong relationship between quality/price and export growth as well as economic growth. This new...

  19. Electricity regulation and economic growth

    OpenAIRE

    Costa, M. Teresa (Maria Teresa), 1951-; Garcia-Quevedo, Jose; Trujillo-Baute, Elisa

    2018-01-01

    The main objective of this paper is to analyse the effect of electricity regulation on economic growth. Although the relationship between electricity consumption and economic growth has been extensively analysed in the empirical literature, this framework has not been used to estimate the effect of electricity regulation on economic growth. Understanding this effect is essential for the assessment of regulatory policy. Specifically, we assess the effects of two major areas of regulation, rene...

  20. ECONOMIC GROWTH AND EQUALITY IN REDUCING POVERTY

    Directory of Open Access Journals (Sweden)

    Zaenal Muttaqin

    2016-02-01

    Full Text Available In some developing countries, the instrument to alleviate the poverty is by using the economic growth. So, the increasing in investment, infrastructure development, and macroeconomics stability always be priority from developing countries. In this article explain that economic growth is not the important factor to alleviate the poverty, because equality sometimes is more important rather than the economic growth. In this context, its measure by inequality growth trade off index (IGTI. This method is to measure the influence of economic growth to reducing the inequality, with this method every country can measure which one is better to reducing the poverty whether the economic growth or equality. With this method, Laos in 2000 show that economic growth is more important than equality, but in the same year in Thailand show that equality is more important than economic growth.DOI: 10.15408/sjie.v1i1.2592

  1. City Population Growth and Economic Growth

    DEFF Research Database (Denmark)

    Freire-Gibb, L. Carlos

    2008-01-01

    This article looks at the relationship between city population growth (intimately related to population proximity), and economic development. The hypothesis is that wherever dynamic and inclusive networks exist, there are more opportunities for economic development in this place. When these types...... of networks choose a tool (project, policy) to implement in the city, success will be more likely. Furthermore, virtuous circles will arise. The author gives an overview of two historical cases in urban growth, in Europe (1200-1800) and the U.S.A. (1800 to today)....

  2. Financial Development, Environmental Quality and Economic Growth

    Directory of Open Access Journals (Sweden)

    Shushu Li

    2015-07-01

    Full Text Available In this study, the relationships between financial development, environmental quality and economic growth are studied based on data from 102 countries over the period 1980–2010 using the generalized method of moments (GMM estimation. The econometric results show the following three basic conclusions: First, both financial development and environmental quality have a significant impact on economic growth and should be included in the production function of the economic growth model as important variables. Second, there is a significant and robust “inverted U-shaped” relationship between financial development and economic growth; with the improvement of the level of financial development, economic growth would first increase and then decrease, which is consistent with the results of previous studies. Third, there is also a significant and robust “inverted U-shaped” relationship between economic growth and carbon emissions, indicating that there exists a “critical point” at which achieving economic growth comes at the expense of environmental quality, and after passing the critical point, the deterioration of environmental quality will lead to a significant slowdown in economic growth. In addition, the econometric analysis in this paper also shows that there was a mutually promoting and strengthening relationship between financial development and environmental quality. Specifically, the degree of financial development can further strengthen the promoting effect of environmental quality on economic growth; meanwhile, an improvement in environmental quality can also strengthen the promoting effect of financial development on economic growth. Financial development and environmental quality could influence economic growth through strengthening the marginal product effects of capital and labor, which further indicates the that both financial and environmental factors play an important role in modern economic development.

  3. A new era of Asian urology: a SWOT analysis.

    Science.gov (United States)

    Kumar, Rajeev

    2016-11-01

    Economic prosperity and increasing connectivity have made Asia an emerging centre of growth in health care, including in the field of urology. Large and varied patient populations, the availability of a trained workforce, the use of English as a common communication language, and overall low costs have contributed to this change. Rapid growth of regional urological associations and journals has fuelled the aspirations and abilities of Asian urologists to not only keep abreast of but often lead the change in urological disease management. Asian urology has immense potential to expand in areas in which it currently lags behind, the most important being research. The increasing ability to travel aids in developing networks for collaboration. However, Asian urologists will need to look at sustainable models of engagement and temper the need for short-term results if these opportunities are to reach their maximal potential.

  4. Economic institutions and economic growth: Empirical evidence from the Economic Community of West African States

    Directory of Open Access Journals (Sweden)

    Lazarus Z. Wanjuu

    2017-12-01

    Background: Economic institutions are considered as the fundamental cause of economic growth. Economic institutions affect economic growth through allocation of resources like physical and human capital. Unfortunately, there is dearth of empirical studies showing the impact of economic institutions on growth of the Economic Community of West African States (ECOWAS. Aim: This study investigates the impact of economic institutions on economic growth of the ECOWAS. Setting and method: The study applied cause and effect relationship. The study used econometric research techniques of unit root and co-integration tests to establish the time series properties of the data; the vector error correction and co-integration regression models to estimate the population parameters. The research data comprised data obtained from the United Nations Conference on Trade and Development (UNCTAD, the Transparency International (TI and Heritage Foundation databases. The variables employed were the real gross domestic product (GDP per capita (RGDPPC, corruption perception index (CPI, property rights protection (PROPRGT, private investment per capita (INVESPC, government expenditure per capita (GOEXPPC and trade openness (TRAOPN. Results: The results of the data analysed showed that economic institutions represented by the property rights index engender RGDPPC growth in ECOWAS. The CPI could not stimulate RGDPPC growth in ECOWAS. The results also show that all the other variables stimulated growth except trade openness. Conclusion: The study concludes that good economic institutions, private investments, and government intervention by providing security, economic and social infrastructural facilities are conducive for economic growth in the ECOWAS region. The study recommended that more efforts be made at curbing corruption in the region

  5. Entrepreneurial Diversity and Economic Growth

    NARCIS (Netherlands)

    I. Verheul (Ingrid); A.J. van Stel (André)

    2007-01-01

    textabstractMost studies investigating the relationship between entrepreneurship and economic growth treat entrepreneurs as a homogeneous group. This study investigates the impact of entrepreneurial diversity on national economic growth. Using data for 36 countries participating in the Global

  6. Thaksinomics: A New Asian Paradigm; Strategic Insights: v.2, issue 12 (December 2003)

    OpenAIRE

    Looney, Robert

    2003-01-01

    This article appeared in Strategic Insights (December 2003), v.2 no.12 Prior to the Asian Economic Crisis sparked by the collapse of the Thai baht in 1997, Southeast Asia looked like a sure bet for a long period of high sustained economic growth. As a region, Southeast Asia's economies are the most open to international trade. While such openness spurred their growth for several decades, in the post 1997 period it has left them increasingly vulnerable to adverse economic and political sh...

  7. Corporate Stability and Economic Growth

    OpenAIRE

    He, Kathy S.; Morck, Randall; Yeung, Bernard

    2003-01-01

    Greater instability in a country's list of top corporations is associated with faster economic growth. This faster growth is primarily due to faster growth in total factor productivity in industrialized countries, and faster capital accumulation in developing countries. These findings are consistent with the view that economic growth is more closely tied to the rise of new large firms than to the prosperity of established large firms. Although a stable list of leading corporations is highly c...

  8. Robust Determinants of Growth in Asian Developing Economies: A Bayesian Panel Data Model Averaging Approach

    OpenAIRE

    LEON-GONZALEZ, Roberto; VINAYAGATHASAN, Thanabalasingam

    2013-01-01

    This paper investigates the determinants of growth in the Asian developing economies. We use Bayesian model averaging (BMA) in the context of a dynamic panel data growth regression to overcome the uncertainty over the choice of control variables. In addition, we use a Bayesian algorithm to analyze a large number of competing models. Among the explanatory variables, we include a non-linear function of inflation that allows for threshold effects. We use an unbalanced panel data set of 27 Asian ...

  9. How robust is the relationship between economic freedom and economic growth?

    NARCIS (Netherlands)

    Sturm, JE; De Haan, J

    Using various indicators for economic freedom, it is shown that increases in economic freedom are robustly related to economic growth. This conclusion holds even if the impact of outlying observations is taken into account. The level of economic freedom is not related to growth.

  10. [Economic growth with zero population growth and with declining population].

    Science.gov (United States)

    Kurz, R

    1982-05-01

    The effects of both zero population growth and a declining population on economic growth are considered. Although the neoclassical theory of economic growth leads to optimistic results in such cases, the author suggests that this theory cannot be used as a basis for political action. The need for further research into the economic effects of a stationary or declining population is stressed. (summary in ENG)

  11. Technical Education and Economic Growth

    Indian Academy of Sciences (India)

    First page Back Continue Last page Graphics. Technical Education and Economic Growth. Technical Education and Economic Growth. Review of the Present Status. Expanding no.s and impairment of quality; Faculty shortage; Grim situation at Masters and PhD levels; Regional imbalance; Absence of International flavour ...

  12. Armenia's Economic Growth Sustainability

    OpenAIRE

    Hayakawa, Tatsuji

    2015-01-01

    Armenia enjoyed 15 years of uninterrupted high economic growth prior to the global financial crisis in 2009. Investment, particularly in the mining and metallurgy sectors, played a key role as a driver of economic growth. Remittances,mostly from Russia, had an effect in sustaining consumption and boosting construction. Armenia has shown some weaknesses in the external sector, due to demands for natural gas, mineral products, machinery, and equipment. Armenia's exports and FDI suffer from the ...

  13. Innovation, resources and economic growth

    International Nuclear Information System (INIS)

    Curzio, A.Q.; Fortis, M.; Zoboli, R.

    1994-01-01

    The book is concerned with the following items: 1. Technological Creativity and Institutions, 2. Innovation at Work in an Historical-Economic Perspective: Energy and Industrial Materials, 3. Scientific Revolutions and Strategies of Economic Supremacy: Advanced Materials and Biotechnologies, 4. Economic Growth and Agro-Food Policies in Key Problem Regions: Former USSR and LDCs, 5. Economic Growth and Natural Resources at Risk: Climate Change, Forests and Water and in Conclusion: Innovation and Resources in a Global Policy Perspective. Only one chapter have regard to energy problems: Energie efficient technologies: past and future perspectives. (UA)

  14. ECONOMIC GROWTH – COSTS AND DEVELOPMENT DISCREPANCES

    OpenAIRE

    Ion Bucur

    2007-01-01

    The economic growth shows an ascending tendency of the economic evolution over a long period of time, having favorable social and economic effects. Each economic growth factor acts simultaneous trough three dimensions.

  15. Human Development and Economic Growth

    OpenAIRE

    Ranis, Gustav

    2004-01-01

    Recent literature has contrasted Human Development, described as the ultimate goal of the development process, with economic growth, described as an imperfect proxy for more general welfare, or as a means toward enhanced human development. This debate has broadened the definitions and goals of development but still needs to define the important interrelations between human development (HD) and economic growth (EG). To the extent that greater freedom and capabilities improve economic performan...

  16. Agglomeration Economies, Economic Growth and the New Economic Geography in Mexico

    OpenAIRE

    Alejandro Diaz-Bautista

    2005-01-01

    The present study of regional economic growth in Mexico is based on the new economic geography, where distance plays an important role in explaining urban regional economic growth. The results show that distance to the northern border of Mexico and labor migration between states of Mexico, after the passage of NAFTA are important factors that explain the regional state growth and agglomerations in Mexico between 1994 and 2000. The results also indicate that job growth and FDI are not signific...

  17. Factor-structure of economic growth in E-commerce

    Institute of Scientific and Technical Information of China (English)

    吴隽; 刘洪久; 栾天行

    2003-01-01

    In order to analyze the factors having effect on economic growth of E-commerce, the economic growthprocess of E-commerce is divided into three stages; growth stage, stabilization stage and re-growth stage. Thesethree different stages are analysed using several economic growth theories, a set of factor-structure is proposedfor each stage of the economic growth process of E-commerce.

  18. Relationship Between Education Expenditure And Economic Growth ...

    African Journals Online (AJOL)

    The empirical part of the result shows that there is unidirectional relationship between education and economic growth with causality running from education expenditure to economic growth. The result therefore suggests that policy makers should boost expenditure on education as it will further improve economic growth in ...

  19. CORRELATION BETWEEN ECONOMIC GROWTH AND UNEMPLOYMENT

    Directory of Open Access Journals (Sweden)

    Savu Mihaela

    2013-06-01

    Full Text Available The mankind progress is built on economic growth.Yet, the high rates of economic growth must be properly used and correlated with other macroeconomic indicators in order to get the aimed effects.At the Romanian economic level, there is an inverse ratio connection between the gross domestic product and the unemployed number, a connection of low intensity.The correlation of these two indicators was established using parametric and nonparametric methods of analyzing the statistic connection using the informatic soft. Setting the recession function allows us to calculate the unemployed number depending on the forecasting of the economic growth in Romania.

  20. Economic Structure and Development in an Emergent Asian Economy

    DEFF Research Database (Denmark)

    Tarp, Finn; Roland-Holst, David; Rand, John

    2003-01-01

    Vietnam started a wide-ranging process of economic reform in 1986 and is presently opening up its economy to regional and global economic forces. As a result, Vietnam faces significant challenges in the area of economic policy analysis in spite of a remarkable growth performance in recent years...

  1. REMITTANCES AND ECONOMIC GROWTH IN TURKEY

    Directory of Open Access Journals (Sweden)

    Huseyin KARAMELIKLI

    2015-07-01

    Full Text Available Savings are one of the important determinants beyond the theories of economic growth. Therefore remittances and foreign direct investment inflows have importance for the countries having insufficient savings. This study examines the relationship between economic growth, remittances, foreign direct investment inflows and gross domestic savings in Turkey during the period 1974-2013 by using Autoregressive Distributed Lag approach. We found that remittances, foreign direct investment and gross domestic savings had positive impact on economic growth.

  2. Rethinking Economics and Education: Exponential Growth and Post-Growth Strategies

    Science.gov (United States)

    Irwin, Ruth

    2017-01-01

    Education is increasingly vocational and structured to serve the ongoing exponential increase in economic growth. Climate change is an outcome of these same economic values and praxes. Attempts to shift these values and our approach to technology are continually absorbed and overcome by the pressing motif of economic growth. In this article, Ruth…

  3. Structural modelling of economic growth: Technological changes

    Directory of Open Access Journals (Sweden)

    Sukharev Oleg

    2016-01-01

    Full Text Available Neoclassical and Keynesian theories of economic growth assume the use of Cobb-Douglas modified functions and other aggregate econometric approaches to growth dynamics modelling. In that case explanations of economic growth are based on the logic of the used mathematical ratios often including the ideas about aggregated values change and factors change a priori. The idea of assessment of factor productivity is the fundamental one among modern theories of economic growth. Nevertheless, structural parameters of economic system, institutions and technological changes are practically not considered within known approaches, though the latter is reflected in the changing parameters of production function. At the same time, on the one hand, the ratio of structural elements determines the future value of the total productivity of the factors and, on the other hand, strongly influences the rate of economic growth and its mode of innovative dynamics. To put structural parameters of economic system into growth models with the possibility of assessment of such modes under conditions of interaction of new and old combinations is an essential step in the development of the theory of economic growth/development. It allows forming stimulation policy of economic growth proceeding from the structural ratios and relations recognized for this economic system. It is most convenient in such models to use logistic functions demonstrating the resource change for old and new combination within the economic system. The result of economy development depends on starting conditions, and on institutional parameters of velocity change of resource borrowing in favour of a new combination and creation of its own resource. Model registration of the resource is carried out through the idea of investments into new and old combinations.

  4. Is Urban Economic Growth Inclusive in India?

    OpenAIRE

    Tripathi, Sabyasachi

    2013-01-01

    This paper measures the overall inclusive growth of a city by considering changing trends in the key economic variables based on ‘Borda ranking’ and establishes a relationship between city economic growth and overall city inclusive growth. By using data of 52 large cities in India, this paper finds that higher urban economic growth is associated with an increase in urban inequality, a reduction in urban poverty, and a lower level of overall inclusive growth of a city.

  5. Corruption and economic growth with non constant labor force growth

    Science.gov (United States)

    Brianzoni, Serena; Campisi, Giovanni; Russo, Alberto

    2018-05-01

    Based on Brianzoni et al. [1] in the present work we propose an economic model regarding the relationship between corruption in public procurement and economic growth. We extend the benchmark model by introducing endogenous labor force growth, described by the logistic equation. The results of previous studies, as Del Monte and Papagni [2] and Mauro [3], show that countries are stuck in one of the two equilibria (high corruption and low economic growth or low corruption and high economic growth). Brianzoni et al. [1] prove the existence of a further steady state characterized by intermediate levels of capital per capita and corruption. Our aim is to investigate the effects of the endogenous growth around such equilibrium. Moreover, due to the high number of parameters of the model, specific attention is given to the numerical simulations which highlight new policy measures that can be adopted by the government to fight corruption.

  6. Coal consumption and economic growth in Taiwan

    International Nuclear Information System (INIS)

    Yang, H.Y.

    2000-01-01

    The purpose of this paper is to examine the causality issue between coal consumption and economic growth for Taiwan. The co-integration and Granger's causality test are applied to investigate the relationship between the two economic series. Results of the co-integration and Granger's causality test based on 1954--1997 Taiwan data show a unidirectional causality from economic growth to coal consumption with no feedback effects. Their major finding supports the neutrality hypothesis of coal consumption with respect to economic growth. Further, the finding has practical policy implications for decision makers in the area of macroeconomic planning, as coal conservation is a feasible policy with no damaging repercussions on economic growth

  7. GROWTH ECONOMICS AND DEVELOPMENT ECONOMICS: WHAT SHOULD DEVELOPMENT ECONOMISTS LEARN (IF ANYTHING) FROM THE NEW GROWTH THEORY?

    OpenAIRE

    Ruttan, Vernon W.

    1998-01-01

    Since their emergence as a distinct fields of inquiry in the early post World War II period there has been an uneasy relationship between growth economics and development economics. The emergence of a richer new growth economics' has opened up the possibilities of a more fruitful dialogue between the two subdisciplines. In spite of recent advances, particularly with respect to the human capital, and understanding of differences in growth rates and income levels across countries remains elusiv...

  8. REFERENCE MODELS OF ENDOGENOUS ECONOMIC GROWTH

    OpenAIRE

    GEAMĂNU MARINELA

    2012-01-01

    The new endogenous growth theories are a very important research area for shaping the most effective policies and long term sustainable development strategies. Endogenous growth theory has emerged as a reaction to the imperfections of neoclassical theory, by the fact that the economic growth is the endogenous product of an economical system.

  9. The economic growth of oil countries

    International Nuclear Information System (INIS)

    Arbod, G.

    2007-02-01

    The literature tries to apprehend the weakness of the economic growth of oil culminates by the assumption of ousted growth factors. In the Dutch Disease models the non-oil exporting sector would be ousted whereas in the analyses in terms of economic policies it would be the efficient economic policies. We consider the phenomenon through the growth theories, the oil income being regarded as an additional exogenous income for the economy. In this manner the growth dynamic of oil countries, even the most unfavourable, can be modelled without utilizing any concept of economic inefficiency. The last part of our work is devoted to the Saudi economy. After having developed a macro-econometric model, and using scenarios of oil prices, we lead a forecasted analysis of this economy. (author)

  10. Effects of Credit on Economic Growth, Unemployment and Poverty

    Directory of Open Access Journals (Sweden)

    Mangasa Augustinus Sipahutar

    2016-06-01

                  Effect of credit on economic growth, unemployment and poverty provides evidence from Indonesia on the role of banks credit for promoting economic growth and reducing both unemployment and poverty.  To document the link between banks credit and economic growth, we estimate a VAR model and variance decompositions of annual GDP per capita growth rates to examine what proxy measures of banks credit are most important in accounting for economic growth over time and how much they contribute to explaining economic growth.  We also estimate an ECM to document the relationship between banks credit to both unemployment and poverty.  This paper revealed bi-direction causality between banks credit and economic growth.  Banks credit promotes economic growth and economic growth affects credit depth and financial development.  Furthermore, banks credit is a growth accelerating factor on Indonesian economic growth.  Banks credit is an endogenous growth and a good predictor on Indonesian economy. Our estimation model explained that credit allocated by banks increases business escalation to the real sectors then promotes economic growth, decreases unemployment rate through increasing in labor demanded, increases income and then decrease poverty.  This overall transmission mechanism just occurred through presence of banks credit by increasing money supply to the real sectors, promotes growth and social welfare.   Keywords :  banks credit, economic growth, growth accelerating factor, poverty, unemployment   JEL Classification : E51, E52, E58

  11. The Impact of the 1997-1998 East Asian Economic Crisis on Health and Health Care in Indonesia

    NARCIS (Netherlands)

    Pradhan, M.P.; Waters, H.; Saadah, F.

    2003-01-01

    This article identifies the effects of the 1997-98 East Asian economic crisis on health care use and health status in Indonesia. The article places the findings in the context of a framework showing the complex cause and effect relationships underlying the effects of economic downturns on health and

  12. Social and environmental determinants of child health in Mongolia across years of rapid economic growth: 2000-2010.

    Science.gov (United States)

    Joshi, Nehal; Bolorhon, Bolormaa; Narula, Indermohan; Zhu, Shihua; Manaseki-Hollan, Semira

    2017-10-30

    To understand the effect of economic growth on health, we investigated the trend in socio-economic and regional determinants of child health in Mongolia. This Central Asian country had the fastest economic growth amongst low and middle-income countries (LMICs) from 2000 to 2010 and a healthcare system in transition. Data was from Mongolian multiple indicator cluster surveys (MICS) in 2000, 2005 and 2010. Child nutrition/growth was measured by height-for-age z-score (HAZ), weight-for-age z-score (WAZ), prevalence of stunted (HAZ economic and environmental health determinants on each outcome in each year; 2000, 2005 and 2010. T-tests were used to measure significant change in HAZ and WAZ over the decade. Overall, from 2000 to 2010, there was a significant improvement (p economic factors increased on both stunting and weight. In 2000, region was a significant determinant: children living in three provinces were significantly more likely to be stunted and less likely to be immunised than Ulaanbaatar, but this was not significant by 2010. By 2010, none of the factors were significant determinants of immunisation in children. In 2000, economic status had no effect on stunting (OR = 0.91; 95%CI:0.49,1.66), however by 2010, children in the poorest economic quintile were 4 times more likely to be stunted than the richest (OR = 0.24; 95% CI:0.13,0.45; p Economic growth in Mongolia from 2000 to 2010 resulted in an increase in the effect of social determinants of child health; whilst focused policy improved access to immunisation. Children with less educated mothers and lower household incomes should be targeted in interventions to reduce health inequity.

  13. Does FDI influence economic growth in Albania?

    Directory of Open Access Journals (Sweden)

    Aurel Koroci

    2018-03-01

    Full Text Available Foreign direct investment (FDI has been viewed as a power affecting economic growth (EG directly and indirectly during the past few decades. Foreign direct investment (FDI in developing countries brings economic development and enhances the international competitiveness of domestic enterprises. It is argued in the existing literature that foreign direct investment (FDI influences economic growth through technology diffusion, human capital formation, etc. FDI accounts for the largest and most important proportion of foreign capital in Albania, which undoubtedly plays an important role in the Albania’s economic development growth. However, as the country’s FDI increases, and in this paper I want to make an empirical research how the FDI has influenced the economic growth of the country. The findings revealed that there is a strong positive relationship between the FDI inflows and the GDP for the studied period which covers 1995 to 2012, thus a positive effect on the economic growth.

  14. Economic growth and gender equality | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    And conversely, does gender equality impact economic growth? ... change and growth in the economy on women's employment opportunities and the type ... sectors and their overall effect on development outcomes, such as economic growth ...

  15. 'The Iranian connection': the geo-economics of exporting Central Asian energy via Iran

    International Nuclear Information System (INIS)

    Stauffer, T.R.

    1998-01-01

    Of the possible routes to connect Caucasian and Central Asian oil to market, the 'Iranian connection' is the most interesting. The economic attraction of the Iranian route is clear: large transport capacities exist in the various pieces of Iran's existing network, large refining centers are located near the Caspian and there ate unutilized export terminals [it

  16. Changes in East Asian Food Consumption: Some Implications for Australian Irrigated Agriculture

    OpenAIRE

    Philip Taylor; Christopher Findlay

    1996-01-01

    This paper reviews the implications of economic growth for food consumption in Asia, the East Asian supply responses and the determinants of Australian competitiveness in meeting Asian demand from production in Australia. Our special interests are to draw out some implications for Australia’s irrigated agriculture and for the organisation of the export business of that sector of the economy. A key question is the scope for increased exports of fresh rather than processed products. Sources of ...

  17. On the relationship between economic freedom and economic growth

    NARCIS (Netherlands)

    Haan, Jakob de; Sturm, Jan-Egbert

    1999-01-01

    Often it is maintained that economic freedom may further high levels of economic growth. This paper compares various indicators for economic freedom. It is concluded that although these measures differ somewhat in their coverage, they show similar rankings for the countries covered. Some elements in

  18. ECONOMIC GROWTH - AN ILLUSION? STUDY CASE:ROMANIA

    Directory of Open Access Journals (Sweden)

    Camelia MORARU

    2013-12-01

    Full Text Available Literature has devoted considerable attention to economic growth because it creates the premises for achieving major goals such as route out of poverty of underdeveloped countries or contribute to raising the standard of living in developed countries. Economic growth has become an “order of the day” term, propagated by various "players" of economic and social life, in this way gaining various interpretations and meanings. This paper presents the results of the measures adopatate in order to recover Romanian economic situation. The austerity measures adopted until recently not allowed, however, to create a favorable environment for growth, taking into consideration that it is almost impossible for an economy to grow when conditions are limiting. Fiscal policies have focused on reducing the budget deficit, which led on slaughtering economic growth. Given the uncertain economic context, FDI was hardly drew into our country, their value last year has been insignificant. We can even say that the previous ended year was one economically, because our country did not recognize the road to the economic recovery.

  19. Electricity consumption and economic growth: evidence from Korea

    International Nuclear Information System (INIS)

    Yoo, Seung-Hoon

    2005-01-01

    This paper investigates the short- and long-run causality issues between electricity consumption and economic growth in Korea by using the co-integration and error-correction models. It employs annual data covering the period 1970-2002. The overall results show that there exists bi-directional causality between electricity consumption and economic growth. This means that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption

  20. The role of energy in economic growth.

    Science.gov (United States)

    Stern, David I

    2011-02-01

    This paper reviews the mainstream, resource economics, and ecological economics models of growth. A possible synthesis of energy-based and mainstream models is presented. This shows that when energy is scarce it imposes a strong constraint on the growth of the economy; however, when energy is abundant, its effect on economic growth is much reduced. The industrial revolution released the constraints on economic growth by the development of new methods of using coal and the discovery of new fossil fuel resources. Time-series analysis shows that energy and GDP cointegrate, and energy use Granger causes GDP when capital and other production inputs are included in the vector autoregression model. However, various mechanisms can weaken the links between energy and growth. Energy used per unit of economic output has declined in developed and some developing countries, owing to both technological change and a shift from poorer quality fuels, such as coal, to the use of higher quality fuels, especially electricity. Substitution of other inputs for energy and sectoral shifts in economic activity play smaller roles. © 2011 New York Academy of Sciences.

  1. Retail payments and economic growth

    OpenAIRE

    Hasan, Iftekhar; De Renzis, Tania; Schmiedel , Heiko

    2012-01-01

    This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995–2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption and trade. Among different payment instruments, this relationship is strongest for card payments, followed by credit transfers and direct debits. Cheque payments are found to have a relatively low macro...

  2. Political regime change, economic liberalization and growth accelerations

    NARCIS (Netherlands)

    Jong-A-Pin, Richard; De Haan, Jakob

    We examine whether the type of political regime, regime changes, and economic liberalization are related to economic growth accelerations. Our results show that growth accelerations are preceded by economic liberalizations. We also find that growth accelerations are less likely to happen the longer

  3. Beyond 'Asian Values': Rationales For Australian-Japan Cooperation In Asian Regionalism

    OpenAIRE

    Go Ito

    2010-01-01

    In the past, the experience of the ‘East Asian Miracle’ and the sufferings from the ‘East Asian Meltdown’ were the impetus to generate and develop East Asian regional identity. The situation, however, is changing drastically. The future of East Asia regionalism has become amorphous because of complicated new trends. Japan, one of the important actors that constitute triangular relationships in East Asia, has been encouraging development of East Asian regionalism in the economic arena. Austral...

  4. Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy

    Science.gov (United States)

    2010-07-22

    Mankiw , Principles of Economics (Ft. Worth, Dryden Press, 1998), p556, and Robert J. Barro, “Are Government Bonds Net Wealth?” Journal of Political...CRS Report for Congress Prepared for Members and Committees of Congress Economic Recovery: Sustaining U.S. Economic Growth in a Post...2. REPORT TYPE 3. DATES COVERED 00-00-2010 to 00-00-2010 4. TITLE AND SUBTITLE Economic Recovery: Sustaining U.S. Economic Growth in a Post

  5. Financial Development and Output Growth: A Panel Study for Asian Countries

    Directory of Open Access Journals (Sweden)

    Sangjoon Jun

    2012-03-01

    Full Text Available This paper investigates the relationship between financial markets and output growth for a panel of 27 Asian countries over 1960-2009. It utilizes the recently-developed panel cointegration techniques to test and estimate the long-run equilibrium relationship between real GDP and financial development proxies. Real GDP and financial development variables are found to have unit roots and to be cointegrated, based on various panel unit root tests and panel cointegration tests. We find that there is a statistically significant positive bi-directional cointegrating relationship between financial development and output growth by three distinct methods of panel cointegration estimation. Empirical findings suggest that financial market development promotes output growth and in turn output growth stimulates further financial development.

  6. Economic Growth as a Factor of Political Stability

    Directory of Open Access Journals (Sweden)

    Анна Олеговна Ярославцева

    2015-12-01

    Full Text Available The article analyzes actual problems of the impact of economic growth on the political stability of different state. The author shows that despite the undoubted correlation of the level of economic development and political stability, economic growth by itself is not a panacea for destabilization risks because of the effects of inflated expectations and transformations of social consciousness. The author argues that the impact of economic growth on political stability is largely ambivalent. On the basis of “Tocqueville's law” and the range of theories of “relative deprivation”, the author makes a conclusion about the principal limitations of predictive and interpretive capabilities of economic indicators (primarily economic growth for the analysis of political stability.

  7. THE CONNECTION BETWEEN ECONOMIC GROWTH AND STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Andreea Maria PECE

    2015-04-01

    Full Text Available This paper examines the connection between economic growth and stock market performance in the case of an emerging economy, namely Romania, by using quarterly financial data, during the period 2000-2013. This topic is widely studied in the financial literature and seeks to provide an answer for the following questions: does economic growth influences the capital market, does capital market influences economic growth, or there is no connection between these variables. I have analyzed the long term relationship between economic growth and stock market for Romania, by applying Johansen cointegration test, Granger causality and Gregory Hansen cointegration test, which allows the presence of the structural breaks in the time series. The empirical results obtained highlighted that portfolio investments have a positive impact on economic growth and the GDP growth engages in turn, a long term positive capital markets return. The main conclusion of this study is that in the case of Romanian economy, is a bi-directional link between the economic growth and the capital market performance.

  8. Road infrastructure, spatial spillover and county economic growth

    Science.gov (United States)

    Hu, Zhenhua; Luo, Shuang

    2017-09-01

    This paper analyzes the spatial spillover effect of road infrastructure on the economic growth of poverty-stricken counties, based on the spatial Durbin model, by using the panel data of 37 poor counties in Hunan province from 2006 to 2015. The results showed that there is a significant spatial dependence of economic growth in Poor Counties. Road infrastructure has a positive impact on economic growth, and the results will be overestimated without considering spatial factors. Considering the spatial factors, the road infrastructure will promote the economic growth of the surrounding areas through the spillover effect, but the spillover effect is restricted by the distance factor. Capital investment is the biggest factor of economic growth in poor counties, followed by urbanization, labor force and regional openness.

  9. What Drives Economic Growth in Some CEE Countries?

    Directory of Open Access Journals (Sweden)

    Simionescu Mihaela

    2018-03-01

    Full Text Available Considering the potential factors that might generate economic growth, a target for any economy, this paper identified some determinants of economic growth in the countries from Central and Eastern Europe (CEE countries that are member states of the European Union. The foreign direct investment was the most important determinant of economic growth in most of the countries (Bulgaria, Slovenia, Estonia, Hungary, Romania, Poland, Latvia, Lithuania in the period 2003-2016, according to Bayesian bridge regressions. The indicators related to the level and the quality of labour resources proved to be insignificant in explaining the economic growth in these countries. Moreover, in Croatia, Estonia, Latvia, Lithuania, and Poland, the government expenditure on education had a negative effect on economic growth.

  10. EVIDENCE ON EMPLOYMENT RATE AND ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Cornelia VĂCEANU

    2014-11-01

    Full Text Available This paper explores a causal relationship between employment rate and economic growth for European Union countries, in general, and produces a structural assessment of employment on the background of labour market dynamics. Economic growth is the key in economic theory and the main source of well-being and quality of life. Since the 2008 financial crisis, most European countries have experienced job shortage and unemployment problem, but today's European economic outlook is strengthening on the bases of a GDP growing momentum. Empirical data shows, regardless the GDP's moderate positive trend, the employment rate did not increase enough. Given this, the present analysis address the question: to what extent the employment rate is affected by economic growth?

  11. Export-led growth hypothesis : new evidence from Thirlwall's idea

    OpenAIRE

    Chee-Keong Choong; Zulkornain Yusop; Siong-Hook Law

    2007-01-01

    This study reexamines the relationship between exports and economic growth in ten East Asian and Pacific economies by building upon Verdoorn's [1941] idea. The cointegration tests indicate the existence of long-run and stable relationships between economic growth, exports, imports, capital, and labor in each economy. Granger-causality tests indicate short-run in causality (either export-led growth or growth-driven exports) in most economies. Besides, among the long-run estimated coefficients ...

  12. Economic growth factors system: theoretical and methodological aspect

    OpenAIRE

    H.Ya. Hlukha

    2014-01-01

    The aim of the article. The main objective of the article is to create theoretical grounds to build the system of economic growth factors, to modernize their classification, to define exogenous and endogenous factors, to analyze them within the state economic policy structure. The results of the analysis. The article focuses on economic growth factors theoretical studies: - economic growth factors classification characteristics have been highlighted; - various approaches to determine...

  13. What are the "ingredients" for economic growth?

    OpenAIRE

    Wolla, Scott A.

    2013-01-01

    Is there a recipe for economic growth? Perhaps some Miracle-Gro for the economy? If only it were that easy. While the exact recipe is a mystery, economists have identified some of the key ingredients. This month’s newsletter discusses the role that economic institutions play in fostering long-term economic growth.

  14. GROWTH AFTER THE ASIAN CRISIS: WHAT REMAINS OF THE EAST ASIAN MODEL?

    OpenAIRE

    JOMO K.S.

    2001-01-01

    This paper focuses on the prospects for sustained development in the four East Asian economies most adversely affected by the crises of 1997/98. These include all three second-tier South-East Asian newly industrializing countries (NICs) – Indonesia, Malaysia and Thailand – as well as the Republic of Korea, the most adversely affected of the first-generation newly industrialized economies (NIEs). The first section critically examines the East Asian model presented by the World Bank’s “East Asi...

  15. Asian and African Development Trajectories Revisiting Facts and Figures

    Directory of Open Access Journals (Sweden)

    Gilles Carbonnier

    2013-05-01

    Full Text Available In today’s dominant discourse, the development trajectory of many East Asian countries is pictured as a success, whereas that of many sub-Saharan African countries is considered a failure. The Asian success stories often refer to the developmental state model, which highlights the pivotal role played by Asian political elites in catalyzing economic growth and broad-based development. The model includes economic liberalization and outward-oriented policies, with targeted support to – and protection of – strategic sectors and infant industries.How far is this underlying assumption supported by empirical evidence? This working paper examines a wide range of economic, social, institutional and governance indicators for a sample of six sub-Saharan and five South East Asian countries. Contrary to our research hypothesis, we did not find any significant difference in the level of government involvement in the domestic economy between the countries of the two regions, nor in the quality of institutions and governance indicators, nor in the share of imports and exports in GDP.Even if there are important gaps between the two regions, for instance with regard to the demographic transition, the agricultural sector or tertiary education, the picture is much more nuanced than portrayed by the dominant discourse. Our review of economic and socio-political indicators tells a rather different story, but not the whole story. Nevertheless, the indicators fail to take into account all the historical, institutional and structural factors that matter a great deal for development. Hence our analysis should be complemented by detailed country case studies to uncover the specific dynamics underlying different development trajectories and outcomes.

  16. Health, "illth," and economic growth: medicine, environment, and economics at the crossroads.

    Science.gov (United States)

    Egger, Garry

    2009-07-01

    Economic growth has been the single biggest contributor to population health since the Industrial Revolution. The growth paradigm, by definition, is dynamic, implying similar diminishing returns on investment at both the macro- and the micro-economic levels. Changes in patterns of health in developing countries, from predominantly microbial-related infectious diseases to lifestyle-related chronic diseases (e.g., obesity, type 2 diabetes) beyond a point of economic growth described as the epidemiologic transition, suggest the start of certain declining benefits from further investment in the growth model. These changes are reflected in slowing improvements in some health indices (e.g., mortality, infant mortality) and deterioration in others (e.g., disability-associated life years, obesity, chronic diseases). Adverse environmental consequences, such as climate change from economic development, are also related to disease outcomes through the development of inflammatory processes due to an immune reaction to new environmental and lifestyle-related inducers. Both increases in chronic disease and climate change can be seen as growth problems with a similar economic cause and potential economic and public health-rather than personal health-solutions. Some common approaches for dealing with both are discussed, with a plea for greater involvement by health scientists in the economic and environmental debates in order to deal effectively with issues like obesity and chronic disease.

  17. Energy efficiency, sustainability and economic growth

    International Nuclear Information System (INIS)

    Ayres, Robert U.; Turton, Hal; Casten, Tom

    2007-01-01

    This paper explores two linked theses related to the role energy in economic development, and potential sources of increased energy efficiency for continued growth with reduced greenhouse gas (GHG) emissions. The first thesis is that, while reduced GHG emissions are essential for long-term global sustainability, the usual policy recommendation of increasing energy costs by introducing a carbon tax may be relatively ineffective under current market structures and have an unnecessarily adverse impact on economic growth. Our second thesis is that there exists a practical near-term strategy for reducing GHG emissions while simultaneously encouraging continued technology-driven economic growth. Moreover, this strategy does not require radical new technologies, but rather improved regulation or-more precisely-better deregulation of the electric power sector. In respect to the first of our two theses, this paper addresses a deficiency in neoclassical economic growth theory, in which growth is assumed to be automatic, inevitable and cost-free. We challenge both the assumption that growth will continue in the future at essentially the same rate ('the trend') as it has in the past, and the corollary that our children's children will inevitably be richer and better able to afford the cost of repairing the environmental damages caused by current generations [Simon et al., The state of humanity. Cambridge MA: Blackwell Publishers Ltd.; 1995

  18. Education and Economic Growth in Nigeria: A Granger Causality ...

    African Journals Online (AJOL)

    FIRST LADY

    expenditures on education, primary school enrolment and economic growth. The tests revealed ..... force possessed a positive and significant impact on economic growth through factor ..... Export and Economic Growth in Namibia: A Granger ...

  19. Medical Tourism and Its Implication on Malaysia's Economic Growth

    OpenAIRE

    Tang, Chor Foon

    2015-01-01

    Policymakers in the developed and developing countries already heading toward medical tourism to stimulate economic growth. Nonetheless, the actual impact of medical tourism on economic growth remains ambiguous. Although medical tourism may spur economic growth via its impact on foreign currency earnings, investments, tax revenue, and employment opportunities, it may also leave numerous negative externalities that either direct or indirectly harmful the process of economic growth. Undeniably,...

  20. Regional Economic Growth; Socio-Economic Disparities among Counties

    Directory of Open Access Journals (Sweden)

    Salih Özgür SARICA

    2014-12-01

    Full Text Available State level economy has always been relying on its major metropolitan area’s economic success. So, such metropolitan agglomerations have been considered the only agents that can foster the state’s economic standing as if other economic places do (or may not have significant contribution to the regional economy. In contrast, as some major cities enhance their economic well-being and agglomerate in specialized sector, the rest of the region lose their economic grounds or stay constant by widening the economic gap among cities. Therefore, an institutional approach can help to establish new regional arrangements to substitute all economic places to coordinate each other and succeed the economic growth as part of state government by reducing the disparities. In this sense, this study builds upon the inquiry that seeks the impacts of some economic disparities among economic places (counties on the performances of state level regional economy.

  1. Fiscal Policy and Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Sylvia Uchenna Agu

    2015-11-01

    Full Text Available This article aims at determining the impact of various components of fiscal policy on the Nigerian economy. We simply used descriptive statistics to show contribution of government fiscal policy to economic growth, and to ascertain and explain growth rates, and an ordinary least square (OLS in a multiple form to ascertain the relationship between economic growth and government expenditure components after ensuring data stationarity. Findings revealed that total government expenditures have tended to increase with government revenue, with expenditures peaking faster than revenue. Investment expenditures were much lower than recurrent expenditures evidencing the poor growth in the country’s economy. Hence, there is some evidence of positive correlation between government expenditure on economic services and economic growth. Therefore, in public spending, it is important to note that the effectiveness of the private sector depends on the stability and predictability of the public incentive framework, which promotes or crowds out private investment.

  2. Institutions, Technological Change and Economic Growth

    Directory of Open Access Journals (Sweden)

    David Corderí Novoa

    2005-01-01

    Full Text Available Theories of economic growth try to explain variations in per capita income across countries by differences in capital accumulation and productivity. However, many scholars consider that integrating institutions into economic theory and economic history is an essential step in improving explanations of why some societies are richer than others. This paper develops the empirical and theoretical case that differences in institutions are the fundamental cause of differences in technological change (productivity, hence in economic growth. First, I give a definition of institutions and how they influence economic performance, from a New Institutional Economics point of view. Then, I introduce the theoretical framework based on the economics of ideas and endogenous growth models. Finally, I argue that R&D expenditures -a proxy for technological change- will vary across countries depending on some measures of institutional quality. In the end, this paper finds that stronger institutions (measured by an aggregate of institutional quality encourage greater R&D expenditures. At a disaggregate level, the rule of law is positively correlated and the regulatory burden is negatively correlated with R&D expenditures. Human capital level (measured by the tertiary and primary school enrolment rates has also a significant positive impact in R&D expenditures.

  3. ANALYSIS OF FACTORS WHICH AFFECTING THE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Suparna Wijaya

    2017-03-01

    Full Text Available High economic growth and sustainable process are main conditions for sustainability of economic country development. They are also become measures of the success of the country's economy. Factors which tested in this study are economic and non-economic factors which impacting economic development. This study has a goal to explain the factors that influence on macroeconomic Indonesia. It used linear regression modeling approach. The analysis result showed that Tax Amnesty, Exchange Rate, Inflation, and interest rate, they jointly can bring effect which amounted to 77.6% on economic growth whereas the remaining 22.4% is the influenced by other variables which not observed in this study. Keywords: tax amnesty, exchange rates, inflation, SBI and economic growth

  4. Economic Growth and the Environment. An empirical analysis

    Energy Technology Data Exchange (ETDEWEB)

    De Bruyn, S.M.

    1999-12-21

    A number of economists have claimed that economic growth benefits environmental quality as it raises political support and financial means for environmental policy measures. Since the early 1990s this view has increasingly been supported by empirical evidence that has challenged the traditional belief held by environmentalists that economic growth degrades the environment. This study investigates the relationship between economic growth and environmental quality and elaborates the question whether economic growth can be combined with a reduced demand for natural resources. Various hypotheses on this relationship are described and empirically tested for a number of indicators of environmental pressure. The outcome of the tests advocates the use of alternative models for estimation that alter conclusions about the relationship between economic growth and the environment and give insight into the driving forces of emission reduction in developed economies. refs.

  5. Human Capital Investment and Economic Growth in Nigeria ...

    African Journals Online (AJOL)

    Human Capital Investment and Economic Growth in Nigeria. ... relationship between investment in education, health and economic growth in Nigeria, ... in order to accelerate growth and liberate Nigerians from the vicious cycle of poverty, the ...

  6. Economic growth and poverty alleviation in Africa - linking hard and soft economics

    DEFF Research Database (Denmark)

    Kuada, John

    2014-01-01

    soft and hard economics, arguing that economic growth must be converted into social change that benefits poor for it to be described as development-oriented. It provides a direction for future research into issues of economic growth and poverty alleviation in Sub-Sahara Africa......This paper provides a quick glance at the dominant issues that have characterized the development economics debate during the past five decades. It is based on a review of a selection of literature that highlights the dominant perspectives in development economics. It draws a distinction between...

  7. Acid deposition study in the Asian countries

    Energy Technology Data Exchange (ETDEWEB)

    Soon, Ting-Kueh [Tunku Abdul Rahman College, Kuala Lumpur (Malaysia); Lau, Wai-Yoo [Malaysian Scientific Association, Kuala Lumpur (Malaysia)

    1996-12-31

    The Association of South East Asian Nations or ASEAN is a regional association of seven countries, namely Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei and Vietnam, located at the south eastern part of the Asian continent. Together with the East Asian States of Japan, China, Korea and Taiwan, this part of the world is experiencing rapid economic growth, especially in the last decade. Rapid industrialization has resulted in an increased demand for energy in the manufacturing and transport sectors, and also for infrastructure development. This has led to a significant increase in gaseous emissions and a corresponding increase in atmospheric acidity. Acid deposition study in the ASEAN countries began in the mid-70s when Malaysia first started her acid rain monitoring network in 1976. This was followed closely by Singapore and the other ASEAN countries in the 80s. By now all ASEAN countries have their own acid rain monitoring networks with a number of these countries extending the monitoring to dry deposition as well.

  8. Exports, capital formation and economic growth in South Africa ...

    African Journals Online (AJOL)

    In South Africa the export sector is frequently accorded a special role in encouraging faster economic growth. Nonetheless, a question that remains unresolved is whether higher export growth indeed leads to higher economic growth and what particular role exports may play within the overall economic growth process of the ...

  9. NIGERIA’S ECONOMIC GROWTH THROUGH TOURISM PROMOTION/SUSTAINABILITY

    Directory of Open Access Journals (Sweden)

    Victor N. ITUMO

    2017-08-01

    Full Text Available Nigeria is currently facing economic growth and development challenge. The economic challenge is occasioned by mono-cultural economic reliance on the single resource of crude oil export revenue as well as other internal and international effects that affect her economic drive for heightened growth and development. The Nigerian government had over the years searched for ways of diversifying its economy for greater growth and development especially given the various challenges in the economy, mainly the steep reduction in crude oil revenue arising from volatility of global oil price. This paper therefore uses the research methodology of case study to do a holistic assessment of the possibility of Nigeria diversifying into her tourism potentials for economic growth and development. This would be done equally by drawing relevant comparative analysis of other countries bringing economic benefits in Africa and across the globe.

  10. Electrification, economic growth and uranium power

    International Nuclear Information System (INIS)

    Starr, C.

    1982-01-01

    It is argued that the expanded use of nuclear power is essential to provide a substantial portion of the electricity necessary for world economic growth. However, obstacles to this growth arise not from the technology but rather from the inadequacies of our industrial, political, and economic institutions needed to manage this new energy system effectively, nationally and internationally. (U.K.)

  11. CRISIS, SOCIAL SECTOR AND INCOME DISTRIBUTION IN SOME SOUTHEAST ASIAN COUNTRIES

    OpenAIRE

    Mukhopadhaya, Pundarik

    2002-01-01

    This paper examines the social impact of the recent Asian Economic crisis, drawing on the results of studies in two countries: Singapore and Thailand. The economic crisis had interrupted three decades of steady growth that had been accompanied by remarkable progress in poverty reduction and a betterment of social indicators like health and education. In particular, this crisis is feared to have a large negative effect on household welfare. It is found that absolute poverty became more acute i...

  12. Foreign direct investment and economic growth: A theoretical framework

    Directory of Open Access Journals (Sweden)

    Edmore Mahembe

    2014-05-01

    Full Text Available The relationship between FDI and economic growth has attracted considerable attention over the years. Despite the important role played by FDI in economic growth, a number of policy-makers have not fully understood the theoretical linkage between FDI and economic growth. The aim of this paper, therefore, is to review the theoretical literature on the relationship between FDI and economic growth in a stylized fashion. The theoretical literature reviewed in this study show that FDI is a key contributor to the economic growth of the host country. FDI affects economic growth through two broad channels: (i FDI can encourage the adoption of new technologies in the production process through technological spillovers; and (ii FDI may stimulate knowledge transfers, both in terms of labour training and skill acquisition, and also by introducing alternative management practices and better organisational arrangements.

  13. Trade Liberalisation and Economic Growth in Macedonia

    Directory of Open Access Journals (Sweden)

    Mano-Bakalinov Viktorija

    2016-12-01

    Full Text Available The objective of this paper is to explore the effects of trade on Macedonian economic growth. The autoregressive distributed lag (ARDL model is applied on yearly data over the period of 1993-2014. Empirical investigation reveals that an increase of population and openness demonstrate a positive and significant effect on Macedonian economic growth. Given other diverging findings, this suggests that the relationship between trade reforms and growth through the productivity function may vary across transition economies. Nevertheless, the findings of this paper indicate that policies focusing on market liberalisation and opening the economy to trade have a positive effect on Macedonian economic growth, both in the short run and the long run.

  14. Growth and Divergence in Manufacturing Performance in South and East Asia

    NARCIS (Netherlands)

    Timmer, Marcel P.; Szirmai, Adam

    1997-01-01

    The growth experience in manufacturing in South and East Asian economies is well documented. Less is known about absolute levels of economic performance. This paper presents a star comparison of six Asian economies (China, India, Indonesia, Japan, South Korea and Taiwan) and the USA, the world

  15. Effects of Credit on Economic Growth, Unemployment and Poverty

    OpenAIRE

    Sipahutar, Mangasa Augustinus

    2016-01-01

    Abstract               Effect of credit on economic growth, unemployment and poverty provides evidence from Indonesia on the role of banks credit for promoting economic growth and reducing both unemployment and poverty.  To document the link between banks credit and economic growth, we estimate a VAR model and variance decompositions of annual GDP per capita growth rates to examine what proxy measures of banks credit are most important in accounting for economic growth over time and ho...

  16. TOURIST ARRIVALS AND ECONOMIC GROWTH IN SARAWAK

    OpenAIRE

    Lau, Evan; Oh, Swee-Ling; Hu, Sing-Sing

    2008-01-01

    This study empirically investigates the comovements and the causality relationship between tourist arrivals and economic growth in Sarawak during the period of 1972 to 2004. The empirical evidence clearly shows that the long run causality running from tourist arrivals to economic growth in the estimation period. As one of the income generator for Sarawak, the findings are consistent with economic theory and proffer important policy conclusions.

  17. The Key to Promoting Economic Growth

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    The low contribution of consumption to economic growth has become a source of anxiety for Chinese economic officials. With a sharp decline in exports as a result of the international financial crisis, the Chinese Government hopes that consumption will become a new engine of economic growth. The aim of promoting domestic demand is very clear in the 4-trillion-yuan ($586-billion) economic stimulus package the government approved last fall. How should we assess the present situation of consumption in China and its future course? At the Global Think Tank Summit held in Beijing on July 4, Ma Jiantang, Commissioner of the National Bureau of Statistics, Wang Guangqian, President of the Central University of Finance and Economics, and Yuan Yue, Chairman of the Board of Horizon Research Consultancy Group, shared their opinions.

  18. Problems of social and economic growth in the Kyrgyz Republic

    Directory of Open Access Journals (Sweden)

    Guseva Valentina Ivanovna

    2016-04-01

    Full Text Available In the article author explores the indirect influence of non-economic factors on the growth dynamics of the volume of GDP, including shows the effect of social problems on economic growth. It is proved that the existence of social problems have a negative impact on the pace of the economic dynamics of the country, due to the mutual dependence of key economic and non-economic factors of growth. On the one hand, the level of income of the population affects the purchasing power, which leads to the increase of the acceleration in economic growth. On the other hand, high levels of poverty and a deepening income inequality dictate political and social instability in society, which negatively affects the dynamics of economic growth. It was revealed that the feature of economic growth in the transitional economy is the negative impact of inflation and unemployment rates of economic dynamics, despite the fact that in most Western models, they are not considered as limiting growth factors.

  19. Fourth-quarter Economic Growth and Time-varying Expected Returns

    DEFF Research Database (Denmark)

    Møller, Stig V.; Rangvid, Jesper

    not predict returns. Fourth-quarter economic growth rates contain considerably more information about expected returns than standard variables used in the literature, are robust to the choice of macro variable, and work in-sample, out-of-sample, and in subsamples. To help explain these results, we show...... that economic growth and growth in consumer confidence are correlated during the fourth quarter, but not during the other quarters: When economic growth is low during the fourth quarter, confidence in the economy is also low such that investors require higher future returns. We discuss rational and behavioral...... reasons why fourth-quarter economic growth, growth in consumer confidence, and expected returns are related....

  20. DETERMINANTS OF ECONOMIC GROWTH

    OpenAIRE

    Bartosz Totleben

    2013-01-01

    The article is examines the impact of macroeconomic indicators, in particular: human capital, government spending, innovation, political and social stability, on economic growth. In total 12 different indicators describing the economical, political and social conditions are taken into account. The study considers 102 countries between years 1960 and 2012 and two methods of estimation are performed: generalized method of moments (GMM) and fixed effects (FE). The results show the positive impac...

  1. Information and communication technology use and economic growth.

    Science.gov (United States)

    Farhadi, Maryam; Ismail, Rahmah; Fooladi, Masood

    2012-01-01

    In recent years, progress in information and communication technology (ICT) has caused many structural changes such as reorganizing of economics, globalization, and trade extension, which leads to capital flows and enhancing information availability. Moreover, ICT plays a significant role in development of each economic sector, especially during liberalization process. Growth economists predict that economic growth is driven by investments in ICT. However, empirical studies on this issue have produced mixed results, regarding to different research methodology and geographical configuration of the study. This paper examines the impact of Information and Communication Technology (ICT) use on economic growth using the Generalized Method of Moments (GMM) estimator within the framework of a dynamic panel data approach and applies it to 159 countries over the period 2000 to 2009. The results indicate that there is a positive relationship between growth rate of real GDP per capita and ICT use index (as measured by the number of internet users, fixed broadband internet subscribers and the number of mobile subscription per 100 inhabitants). We also find that the effect of ICT use on economic growth is higher in high income group rather than other groups. This implies that if these countries seek to enhance their economic growth, they need to implement specific policies that facilitate ICT use.

  2. Income taxes, public fiscal policy and economic growth

    Directory of Open Access Journals (Sweden)

    Tomasz Wołowiec

    2014-12-01

    Full Text Available The main goal of this article is to find the relationship between public fiscal policy and economic growth. The article consist of a few parts. The first is an introduction, which creates the background for the analysis in the following sections. It shows the main point of view on public fiscal policy especially in the case of personal income tax and creates a framework for the analysis of the relationship between taxation and economic growth. The second part focuses on the relations between central government decisions on taxation and its influence on savings, investments and economic growth. In this part we will find selected analyses of the impact of taxes on economic growth based on the examples of OECD countries. Finally, the last part of the work is a study on fiscal level and tax system structures and economic growth. In this part the authors checks two points of view on taxation. The first is that a low level tax burden is conducive to economic growth, and the second emphasizes negative consequences of decreasing budget tax revenues. The article shows both theoretical and empirical points of view on taxation and influence of government taxation decisions on the economy.

  3. Information and communication technology use and economic growth.

    Directory of Open Access Journals (Sweden)

    Maryam Farhadi

    Full Text Available In recent years, progress in information and communication technology (ICT has caused many structural changes such as reorganizing of economics, globalization, and trade extension, which leads to capital flows and enhancing information availability. Moreover, ICT plays a significant role in development of each economic sector, especially during liberalization process. Growth economists predict that economic growth is driven by investments in ICT. However, empirical studies on this issue have produced mixed results, regarding to different research methodology and geographical configuration of the study. This paper examines the impact of Information and Communication Technology (ICT use on economic growth using the Generalized Method of Moments (GMM estimator within the framework of a dynamic panel data approach and applies it to 159 countries over the period 2000 to 2009. The results indicate that there is a positive relationship between growth rate of real GDP per capita and ICT use index (as measured by the number of internet users, fixed broadband internet subscribers and the number of mobile subscription per 100 inhabitants. We also find that the effect of ICT use on economic growth is higher in high income group rather than other groups. This implies that if these countries seek to enhance their economic growth, they need to implement specific policies that facilitate ICT use.

  4. Gender Factors and Inclusive Economic Growth: The Silent Revolution

    Directory of Open Access Journals (Sweden)

    Laura Cabeza-García

    2018-01-01

    Full Text Available The gender factors that trigger economic growth in both high- and low-income countries were investigated in this study. To address these gender factors, four characteristic dimensions of gender inclusion were considered: education, access to the labor market, fertility, and democracy. The relationship between economic growth and gender factors was analyzed in a sample of 127 countries. Value and robustness were added to the results using dynamic models applied to panel data while accounting for endogeneity. We conclude that high fertility in women has negative effects on economic growth. However, when women have greater access to secondary education and the labor market in conditions of equality, the effects are positive. Similarly, the access of women to active political participation has significant effects on economic growth. Overall, this study helps identify which gender factors may promote inclusive economic growth, which is economic growth achieved when both men and women are incorporated in equal conditions.

  5. Parameters of Economic Growth in Kosovo

    Directory of Open Access Journals (Sweden)

    Shkumbin Misini

    2016-01-01

    Full Text Available This paper analysis the macroeconomic components that influenced macroeconomic growth in a country, more concretely, the focus will be on the measurement of components that affected economic growth under nominal GDP, in Kosovo. We intend to found out which component of nominal GDP has the biggest and the lowest influence on economic growth. Thus, in order to measure it, GDP components must be analysed: consumption measurement, investments measurement, government expenditures measurement and export measurement. These parameters will be measured by analysing their importance in relation to one another, and the major influence on the growth of nominal GDP. The paper includes a graphic analysis of nominal GDP in relation to consumption, investments, governmental expenses and export.

  6. Public Debt, Corruption and Sustainable Economic Growth

    Directory of Open Access Journals (Sweden)

    Eunji Kim

    2017-03-01

    Full Text Available There are many studies that look into the relationship between public debt and economic growth. It is hard to find, however, research addressing the role of corruption between these two variables. Noticing this vacancy in current literature, we strive to investigate the effect of corruption on the relationship between public debt and economic growth. For this purpose, the pooled ordinary least squares (OLS, fixed effects models and the dynamic panel generalized method of moments (GMM models (Arellano-Bond, 1991 are estimated with data of 77 countries from 1990 to 2014. The empirical results show that the interaction term between public debt and corruption is statistically significant. This confirms the hypothesis that the effect of public debt on economic growth is a function of corruption. The sign of the marginal effect is negative in corrupt countries, but public debt enhances economic growth within countries that are not corrupt, i.e., highly transparent.

  7. Financial Development Following Economic Growth: The Chinese Case

    Directory of Open Access Journals (Sweden)

    Chan il Park

    2003-06-01

    Full Text Available The purpose of this paper is to investigate the relationship between financial development and economic growth based on Chinese experiences during the period of 1979~2000. This study places more emphasis on the causality running from economic growth to financThe purpose of this paper is to investigate the relationship between financial development and economic growth based on Chinese experiences during the period of 1979~2000. This study places more emphasis on the causality running from economic growth to financial development contrary to the mainstream view, which asserts that the well-functioning financial systems exert a large positive impact on economic growth via two channels- capital accumulation and technological innovations. The reverse causality is postulated by considering two factors in developments of the country's financial system. Firstly, this paper argues that the rapid accumulation of financial assets and the remarkable expansion of the financial system during the examined period are due primarily to income rises and changes in industrial structures rather than inefficient financial reforms. Secondly, it is recognized in this study that various financial reform measures undertaken by the state since 1994 are emerged endogenously in response to Chinese financial disorders and macroeconomic imbalances built up during the 1979~93 period. This line of thinking is not following the mainstream view in which financial reforms are regarded as policy variables (or exogenous variables in promoting economic growth. These two factors imply that the causality may run from economic growth to financial development at least in China.

  8. Sociopolitical Instability and Economic Growth Empirical Evidence from Sri Lanka

    OpenAIRE

    Changsheng Xu; Santhirasegaram Selvarathinam; Wen X. Li

    2007-01-01

    Sociopolitical instability severely affects economic growth in short and long run. This study analyzes that sociopolitical instability measured by proxy measure; annual growth rate of tourist arrivals in Sri Lanka during 1960-2005 adversely affects economic growth. Our empirical findings based on ordinary lease square econometric estimation, show that sociopolitical instability negatively and significantly affect economic growth. Reduction of economic growth rate (-0.032) due to the sociopoli...

  9. The South African tax mix and economic growth

    OpenAIRE

    AH de Wet; NJ Schoeman; SF Koch

    2014-01-01

    The research reported in this paper suggests that government fiscal policy can influence economic growth through alterations in the tax mix and the overall size of government spending.   The authors estimate the impact on economic growth of changes in fiscal policy via government expenditure, direct taxation and indirect taxation.  The results show that economic growth is negatively affected by increases in the size of government, as reflected in its expenditures and direct tax revenues, alth...

  10. FINANCIAL INTERMEDIATION, ENTREPRENEURSHIP AND ECONOMIC GROWTH

    OpenAIRE

    Wenli Cheng

    2007-01-01

    This paper presents a simple general equilibrium model of financial intermediation, entrepreneurship and economic growth. In this model, the role of financial intermediation is to pool savings and to lend the pooled funds to an entrepreneur, who in turn invests the funds in a new production technology. The adoption of the new production technology improves individual real income. Thus financial intermediation promotes economic growth through affecting individuals’ saving behaviour and enabl...

  11. Economic Growth and Sustainable Housing: An Uneasy Relationship

    DEFF Research Database (Denmark)

    Buch-Hansen, Hubert

    2017-01-01

    Book review of: "Economic Growth and Sustainable Housing: An Uneasy Relationship" by Jin Xue (Routledge, 2014)......Book review of: "Economic Growth and Sustainable Housing: An Uneasy Relationship" by Jin Xue (Routledge, 2014)...

  12. Nuclear energy consumption and economic growth in nine developed countries

    International Nuclear Information System (INIS)

    Wolde-Rufael, Yemane; Menyah, Kojo

    2010-01-01

    This article attempts to test the causal relationship between nuclear energy consumption and real GDP for nine developed countries for the period 1971-2005 by including capital and labour as additional variables. Using a modified version of the Granger causality test developed by Toda and Yamamoto (1995), we found a unidirectional causality running from nuclear energy consumption to economic growth in Japan, Netherlands and Switzerland; the opposite uni-directional causality running from economic growth to nuclear energy consumption in Canada and Sweden; and a bi-directional causality running between economic growth and nuclear energy consumption in France, Spain, the United Kingdom and the United States. In Spain, the United Kingdom and the USA, increases in nuclear energy consumption caused increases in economic growth implying that conservation measures taken that reduce nuclear energy consumption may negatively affect economic growth. In France, Japan, Netherlands and Switzerland increases in nuclear energy consumption caused decreases in economic growth, suggesting that energy conservation measure taken that reduce nuclear energy consumption may help to mitigate the adverse effects of nuclear energy consumption on economic growth. In Canada and Sweden energy conservation measures affecting nuclear energy consumption may not harm economic growth.

  13. Further evidence on the relationship between economic freedom and economic growth

    NARCIS (Netherlands)

    De Haan, J; Siermann, CLJ

    Often it is maintained that economic freedom may further high levels of economic growth. Using various measures of economic freedom constructed by Scully and Slottje, the robustness of this relationship is examined. Both direct and indirect effects of lack of liberties are analysed. Our main

  14. Season of Hope: Economic Reform under Mandela and Mbeki ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    "An insightful, enlightening and solid economic history of South Africa's first decade of democracy." —The ... in 1994, South Africa was one of the most unequal societies in the world. ... Asian outlook: New growth dependent on new productivity.

  15. Corruption and Firm Growth: Evidence from China

    OpenAIRE

    Wang, Y.; You, J.

    2012-01-01

    Corruption is one of the most pervasive obstacles to economic and social development. However, in the existing literature it appears that corruption seems to be less harmful in some countries than in others. The most striking examples are well known as the "East Asian paradox": countries displaying exceptional growth records despite having thriving corruption cultures. The aim of this paper is to explain the high corruption but fast economic growth puzzle in China by providing firm-level evid...

  16. Linking Ethics and Economic Growth

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul

    2012-01-01

    Hunt (2012) builds on his work concerning ethics and resource-advantage theory to link personal ethical standards, societal norms, and economic growth but offers few details concerning the precise mechanisms that link ethics and growth. This comment suggests a number of such mechanisms – for exam...... – for example, the influence of prevailing ethical norms on the aggregate elasticity of substitution and, therefore, total factor productivity and growth....

  17. Asian oil demand

    International Nuclear Information System (INIS)

    Fesharaki, F.

    2005-01-01

    This conference presentation examined global oil market development and the role of Asian demand. It discussed plateau change versus cyclical movement in the global oil market; supply and demand issues of OPEC and non-OPEC oil; if high oil prices reduce demand; and the Asian oil picture in the global context. Asian oil demand has accounted for about 50 per cent of the global incremental oil market growth. The presentation provided data charts in graphical format on global and Asia-Pacific incremental oil demand from 1990-2005; Asia oil demand growth for selected nations; real GDP growth in selected Asian countries; and, Asia-Pacific oil production and net import requirements. It also included charts in petroleum product demand for Asia-Pacific, China, India, Japan, and South Korea. Other data charts included key indicators for China's petroleum sector; China crude production and net oil import requirements; China's imports and the share of the Middle East; China's oil exports and imports; China's crude imports by source for 2004; China's imports of main oil products for 2004; India's refining capacity; India's product balance for net-imports and net-exports; and India's trade pattern of oil products. tabs., figs

  18. Money Supply, Interest Rate, and Economic Growth in Cameroon: A ...

    African Journals Online (AJOL)

    Money Supply, Interest Rate, and Economic Growth in Cameroon: A Time Series ... the impacts of money and interest rate on economic growth and development. ... Money Supply, Interest Rates, Economic growth, Co-integration and Inflation.

  19. Economic growth in a politically fragmented world

    Czech Academy of Sciences Publication Activity Database

    Jeong, Byeongju

    2014-01-01

    Roč. 42, č. 2 (2014), s. 402-416 ISSN 0147-5967 Institutional support: RVO:67985998 Keywords : economic integration * economic growth * intergenerational bargain Subject RIV: AH - Economics Impact factor: 1.170, year: 2014

  20. Institutions, Entrepreneurship, and Economic Growth

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Foss, Nicolai Juul

    2016-01-01

    sample limitations, omitted variable biases, causality issues, and response heterogeneity. We argue that theories in management research, such as the resource-based view, transaction cost economics, and strategic entrepreneurship theory, can fill some of the conceptual and theoretical gaps.......We review the literature that links institutions, entrepreneurship, and economic growth outcomes, focusing in particular on empirical research. Most of the literature has an economics orientation, but we also review relevant literature from other social sciences, including management research...

  1. Models of the Economic Growth and their Relevance

    Directory of Open Access Journals (Sweden)

    Nicolae MOROIANU

    2012-06-01

    Full Text Available Until few years ago, the economic growth was something perfect normal, part of an era marked by the transformation speed. Normality itself has been transformed and we currently are influenced by other rules, unknown yet, which should answer the question: “How do we return to the economic growth?” The economic growth and the models aiming to solve this problem concern the economic history even since its beginnings. In this paper we would like to find out what is the relevance that the well-known macroeconomic models still have and which might be their applicability level in a framework created by a black swan event type.

  2. Value function in economic growth model

    Science.gov (United States)

    Bagno, Alexander; Tarasyev, Alexandr A.; Tarasyev, Alexander M.

    2017-11-01

    Properties of the value function are examined in an infinite horizon optimal control problem with an unlimited integrand index appearing in the quality functional with a discount factor. Optimal control problems of such type describe solutions in models of economic growth. Necessary and sufficient conditions are derived to ensure that the value function satisfies the infinitesimal stability properties. It is proved that value function coincides with the minimax solution of the Hamilton-Jacobi equation. Description of the growth asymptotic behavior for the value function is provided for the logarithmic, power and exponential quality functionals and an example is given to illustrate construction of the value function in economic growth models.

  3. Economic growth in a politically fragmented world

    Czech Academy of Sciences Publication Activity Database

    Jeong, Byeongju

    2014-01-01

    Roč. 42, č. 2 (2014), s. 402-416 ISSN 0147-5967 Institutional support: PRVOUK-P23 Keywords : economic integration * economic growth * intergenerational bargain Subject RIV: AH - Economics Impact factor: 1.170, year: 2014

  4. Size of government and economic growth: A nonlinear analysis

    Directory of Open Access Journals (Sweden)

    Herath Shanaka

    2012-01-01

    Full Text Available The new growth theory establishes, among other things, that government expenditure can manipulate the economic growth of a country. This study attempts to explain whether government expenditure increases or decreases economic growth in the context of Sri Lanka. Results obtained employing a productive output series and applying an analytical framework based on second degree polynomial regression are generally consistent with previous findings: government expenditure and economic growth are positively correlated; excessive government expenditure is negatively correlated with economic growth; and investment promotes growth. In a separate section, the article examines Armey’s idea of a quadratic curve that explains the level of government expenditure in an economy and the corresponding level of economic growth [Armey, D. (1995. The Freedom Revolution. Washington, D.C.: Regnery Publishing Co.]. The findings confirm the possibility of constructing the Armey curve for Sri Lanka, and it estimates the optimal level of government expenditure to be approximately 27%. This article adds to the literature indicating that the Armey curve is a reality not only for developed economies, but also for developing economies.

  5. An Emergent Leadership Model Based on Confucian Virtues and East Asian Leadership Practices

    Science.gov (United States)

    Lang, LingLing; Irby, Beverly J.; Brown, Genevieve

    2012-01-01

    For more than 2000 years, Confucian teaching has had tremendous influence on the history, politics, economy, and culture of East Asian countries and regions. Despite the rapid growth in gross domestic product (GDP), people's standard of living, and economic advancements, Confucian Asia continues to adhere to the Confucian cultural values that they…

  6. Financial development and economic growth nexus in Russia

    Directory of Open Access Journals (Sweden)

    Shigeki Ono

    2017-09-01

    Full Text Available This paper examines the finance-growth nexus in Russia with the vector autoregression model, taking oil prices and foreign exchange rates into account. The analyzed period is from 1999 through 2008 (Subperiod 1 and from 2009 through 2014 (Subperiod 2. The results for Subperiod 1 suggest that there is causality from economic growth to money supply and bank lending, which implies demand-following responses. The results for Subperiod 2 show that economic growth Granger causes bank lending while there is no causality from money supply to economic growth, which could be related to the dramatic decrease in the amount of intervention in foreign exchange markets.

  7. Directed Technical Change and Economic Growth Effects of Environmental Policy

    DEFF Research Database (Denmark)

    Kruse-Andersen, Peter Kjær

    2016-01-01

    A Schumpeterian growth model is developed to investigate how environmental policy affects economic growth when environmental policy also affects the direction of technical change. In contrast to previous models, production and pollution abatement technologies are embodied in separate intermediate...... unambiguously directs research efforts toward pollution abatement technologies and away from production technologies. This directed technical change reduces economic growth and pollution emission growth. Simulation results indicate that even large environmental policy reforms have small economic growth effects....... However, these economic growth effects have relatively large welfare effects which suggest that static models and exogenous growth models leave out an important welfare effect of environmental policy....

  8. EFFECTS OF THE ECONOMIC FREEDOMS ON THE ECONOMIC GROWTH: EVIDENCE FROM THE EU AND COMCEC COUNTRIES (1996-2015

    Directory of Open Access Journals (Sweden)

    HALİL İBRAHİM AYDIN

    2017-06-01

    Full Text Available In this research, the effects of the economic freedoms on the economic growth for EU and COMCEC countries at different development/income level are econometrically analyzed via panel data analysis for the period of 1996- 2014 by being considered the improvement of economic growth theories for the key determinants of economic growth. From this aspect, it is aimed at this research that to evaluate the effects of the economic freedoms on the long termed economic growth performances and income level differences of EU and COMCEC countries which have different statuses in terms of economic freedoms and income level indicators. It is determined at the end of the study that the economic freedoms have a positive and statistically significant effect on the economic growth of EU countries in investigation period, on the other hand, these freedoms have not any effect on the economic growth of COMCEC countries. Moreover, the existence of a one-way causality relation operates from economic freedoms to the economic growth in EU countries is specified while there is any causality link found between these freedoms and the economic growth for the countries in COMCEC group. All these results indicate that also the economic freedoms besides the physical human capital accumulation, in other words, whether the EU and COMCEC countries have a market economy adopts outward-oriented liberal fiscal policies plays a major role in differentiating the income levels or the economic growth performances.

  9. Role of vaccination in economic growth.

    Science.gov (United States)

    Quilici, Sibilia; Smith, Richard; Signorelli, Carlo

    2015-01-01

    The health of a population is important from a public health and economic perspective as healthy individuals contribute to economic growth. Vaccination has the potential to contribute substantially to improving population health and thereby economic growth. Childhood vaccination programmes in Europe can offer protection against 15 important infectious diseases, thus preventing child fatalities and any serious temporary and permanent sequelae that can occur. Healthy children are more able to participate in education, thus preparing them to become healthy and productive adults. Vaccination programmes can also prevent infectious diseases in adolescents, thus allowing them to continue their development towards a healthy adulthood. Protecting adults against infectious diseases ensures that they can fully contribute to productivity and economic development by avoiding sick leave and lower productivity. Vaccination in older adults will contribute to the promotion of healthy ageing, enabling them to assist their familiy with, for instance, childcare, and also help them avoid functional decline and the related impacts on health and welfare expenditure. Effective vaccination programmes for all ages in Europe will thus contribute to the European Union's 2020 health and economic strategies. Indeed, beyond their impact on healthcare resources and productivity, reductions in mortality and morbidity also contribute to increased consumption and gross domestic product. Therefore, assessment of the value of vaccines and vaccination needs to consider not just the direct impact on health and healthcare but also the wider impact on economic growth, which requires a macroeconomic analysis of vaccination programmes.

  10. Electricity consumption and economic growth in seven South American countries

    International Nuclear Information System (INIS)

    Yoo, Seung-Hoon; Kwak, So-Yoon

    2010-01-01

    This paper attempts to investigate the causal relationship between electricity consumption and economic growth among seven South American countries, namely Argentina, Brazil, Chile, Columbia, Ecuador, Peru, and Venezuela using widely accepted time-series techniques for the period 1975-2006. The results indicate that the causal nexus between electricity consumption and economic growth varies across countries. There is a unidirectional, short-run causality from electricity consumption to real GDP for Argentina, Brazil, Chile, Columbia, and Ecuador. This means that an increase in electricity consumption directly affects economic growth in those countries. In Venezuela, there is a bidirectional causality between electricity consumption and economic growth. This implies that an increase in electricity consumption directly affects economic growth and that economic growth also stimulates further electricity consumption in that country. However, no causal relationships exist in Peru. The documented evidence from seven South American countries can provide useful information for each government with regard to energy and growth policy.

  11. Competitiveness and Economic Growth in Romanian Regions

    Directory of Open Access Journals (Sweden)

    Simionescu Mihaela

    2016-12-01

    Full Text Available Considering the fact that Romanian economy competitiveness is not based on innovation and investment in human capital, this study makes an empirical evaluation of the impact of occupation and unemployment in Romanian counties on the economic growth. The approach based on panel vector-autoregressive (panel VAR models indicated a negative impact of occupation and activity rate in 42 Romanian counties on the economic growth during 2006-2014. On the other hand, the real economic growth was achieved at high unemployment rates. These results are contrary to previous studies in literature and are due to a structural economic crisis and to lack of labour productivity and investment in human capital. Further policy measures should focus on structural unemployment decrease, more skilled labour force according to labour market needs, lifelong learning, higher performance and quality of education system, promotion of social inclusion, poverty control.

  12. Impacts of Seaport Investment on the Economic Growth

    Directory of Open Access Journals (Sweden)

    Tahar Ammar Jouili

    2016-08-01

    Full Text Available The aim of this paper is to estimate the impact of seaports investment on the economic growth. Seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments have been allocating a great amount of money to develop seaport infrastructures. However, the Tunisian economy witnessed fluctuations in the economic growth rates and decrease in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample was composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaport infrastructures has apositive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaport investment infrastructure is the service sector.This paper aims to estimate the impact of seaports investment on the economic growth. The seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments were allocating a great amount of money to develop seaports' infrastructures. However, the Tunisian economy witnessed fluctuating in the economic growth rates and decreased in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaports' infrastructures has a positive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaports investment infrastructure is the services sector.

  13. Bounds for Asian basket options

    Science.gov (United States)

    Deelstra, Griselda; Diallo, Ibrahima; Vanmaele, Michèle

    2008-09-01

    In this paper we propose pricing bounds for European-style discrete arithmetic Asian basket options in a Black and Scholes framework. We start from methods used for basket options and Asian options. First, we use the general approach for deriving upper and lower bounds for stop-loss premia of sums of non-independent random variables as in Kaas et al. [Upper and lower bounds for sums of random variables, Insurance Math. Econom. 27 (2000) 151-168] or Dhaene et al. [The concept of comonotonicity in actuarial science and finance: theory, Insurance Math. Econom. 31(1) (2002) 3-33]. We generalize the methods in Deelstra et al. [Pricing of arithmetic basket options by conditioning, Insurance Math. Econom. 34 (2004) 55-57] and Vanmaele et al. [Bounds for the price of discrete sampled arithmetic Asian options, J. Comput. Appl. Math. 185(1) (2006) 51-90]. Afterwards we show how to derive an analytical closed-form expression for a lower bound in the non-comonotonic case. Finally, we derive upper bounds for Asian basket options by applying techniques as in Thompson [Fast narrow bounds on the value of Asian options, Working Paper, University of Cambridge, 1999] and Lord [Partially exact and bounded approximations for arithmetic Asian options, J. Comput. Finance 10 (2) (2006) 1-52]. Numerical results are included and on the basis of our numerical tests, we explain which method we recommend depending on moneyness and time-to-maturity.

  14. The South African tax mix and economic growth

    Directory of Open Access Journals (Sweden)

    AH de Wet

    2014-10-01

    Full Text Available The research reported in this paper suggests that government fiscal policy can influence economic growth through alterations in the tax mix and the overall size of government spending.   The authors estimate the impact on economic growth of changes in fiscal policy via government expenditure, direct taxation and indirect taxation.  The results show that economic growth is negatively affected by increases in the size of government, as reflected in its expenditures and direct tax revenues, although significant indirect tax effects are not found.

  15. Financial Management and Economic Growth: The European Countries Experience

    Directory of Open Access Journals (Sweden)

    Nuno Carlos LEITÃO

    2012-12-01

    Full Text Available The purpose of this research is to investigate the impact of financial development on economic growth applied to European Countries. The initial GDP per capita is negatively correlated with growth of real GDP per capita. Our study shows that there is convergence within European Countries for the period 1990-2009. This paper confirms relevant theoretical hypothesis as international trade and saving encourage the economic growth. The inflation has a negative impact on economic growth as previous studies.

  16. The Relationship Among Poverty, Economic Growth, and Inequality Revisited

    OpenAIRE

    Lonnie K. Stevans; David N. Sessions

    2008-01-01

    It has been shown in prior research that increased economic growth reduces poverty. Authors have also found that the effect of growth in Gross Domestic Product (GDP) on poverty growth has either diminished or remained unchanged over time, and economic expansion in the 1980s in the United States had no affect on poverty. Using a formal error-correction model, we find that increases in economic growth are significantly related to reductions in the poverty rate for all families. Specifically, GD...

  17. Regional conditions in East Asian development

    DEFF Research Database (Denmark)

    Søborg, Henrik

    2006-01-01

    The present volume contains case studies of how government og firms in a number of Asian countries have responded to challenges of globalisation and how that has affected their economic transformation.......The present volume contains case studies of how government og firms in a number of Asian countries have responded to challenges of globalisation and how that has affected their economic transformation....

  18. Keynote address: The future of Asian natural gas--The Petronas perspective

    International Nuclear Information System (INIS)

    Abidin, T.S.A.Z.

    1991-01-01

    In the last several years, the Asian Pacific Region has been experiencing a high rate of economic growth. The prospects for the future would appear to be no less bullish. There is a heightened demand for energy and a greater sense of urgency to change to a cleaner burning fuel. These and other factors indicate a significant increase in demand for natural gas. Fortunately, Malaysian reserves are adequate to meet this demand. PETRONAS is vigorously pursuing actions that will expand its supply capabilities. This expansion along with long-term agreements on pricing and sales with gas purchasers will assure the future role of Asian natural gas in domestic and export markets

  19. Macroeconomic Determinants of Economic Growth: A Review of International Literature

    Directory of Open Access Journals (Sweden)

    Chirwa Themba G.

    2016-12-01

    Full Text Available The paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.

  20. Political Instability and Economic Growth

    OpenAIRE

    Alberto Alesina; Sule Ozler; Nouriel Roubini; Phillip Swagel

    1992-01-01

    This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950-1982. We define ?political instability? as the propensity of a government collapse, and we estimate a model in which political instability and economic growth are jointly determined. The main result of this paper is that in countries and time periods with a high propensity of government collapse, growth is significantly lower than otherwise. This ef...

  1. Economic Growth, Climate Change, and Obesity.

    Science.gov (United States)

    Minos, Dimitrios; Butzlaff, Iris; Demmler, Kathrin Maria; Rischke, Ramona

    2016-12-01

    Human and planetary health as well as economic growth are firmly interlinked and subject to complex interaction effects. In this paper, we provide an overview of interlinkages between economic growth, climate change, and obesity focusing on recent advances in the literature. In addition to empirical findings, we discuss different theoretical frameworks used to conceptualize these complex links and highlight policy options and challenges. We conclude that policies addressing both climate change and obesity simultaneously are particularly promising and often suitable for ensuring sustainable development.

  2. Business regulation and economic growth in the Western Balkan countries

    Directory of Open Access Journals (Sweden)

    Engjell PERE

    2013-06-01

    Full Text Available Actually economic policies in many countries aimed to stimulate their economic growth, particularly after negative impact of the global economic crisis. In this regards, fiscal regulation are an important aspect of those policies, that can promote or obstacle the economic growth in general. In this point of view this paper aims to analyze the system of administration rules in different Western Balkans Countries, (which includes Albania, Bosnia & Herzegovina, Croatia, Kosovo, Macedonia (FYROM, Montenegro and Serbia. Moreover, a special attention is given investigation of the regulation and administrative facilitation aspects of doing business in the above-mentioned countries, whether this system stimulates, or not, the development of private business and economic growth.The paper is divided into three main sections. The first part provides a retrospective of economic growth in the Western Balkan countries and the dependence of this growth on global economic development. The second part proceeds with the investigations of the impact of administrative regulation on economic growth. The third part, based on an econometric model, will analyze the correlation between economic growth and elaborated indicators which present the level of business administrative regulation system. Furthermore, this last section discusses the results and concludes. In this analysis, the paper is based substantially on the data base of "Doing Business 2013" (World Bank.

  3. The Impact of Regional Disparities on Economic Growth

    Directory of Open Access Journals (Sweden)

    Henryk Gurgul

    2011-01-01

    Full Text Available The authors investigated how economic growth affects the disparity in the distribution of regional income in Poland and vice versa. The research was based on annual data covering the period 2000-2009. In general, the research was divided into two main parts. First, the authors examined the evolution of the level of spatial inequalities in income in Poland over the last decade using the concepts of sigma and beta convergence. Next the nature of causal dependences was investigated between this inequality and economic growth. It was found that Polish regions did not converge with respect to the distribution of income as total GDP grew. The second part of the research provided evidence to claim that this inequality caused growth. Moreover, the evidence was also found that growth affected regional inequality. Finally, the authors noticed that the effects of both these factors were positive. The results suggest that as a consequence of rapid economic growth, some regions in Poland seized new opportunities, while less developed regions were unable to keep up with the challenging requirements of a decade of fast economic growth. (original abstract

  4. Poverty and Economic Growth in Swaziland: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Angelique G. Nindi

    2015-03-01

    Full Text Available This paper examines the causal relationship between poverty reduction and economic growth in Swaziland during the period 1980–2011. Unlike some of the previous studies, the current study uses the newly developed ARDL-bounds testing approach to co-integration, and the ECM-based Granger causality method to examine this linkage. The study also incorporates financial development as a third variable affecting both poverty reduction and economic growth – thereby leading to a trivariate model. The results of this study show that economic growth does not Granger cause poverty reduction in Swaziland – either in the short run or in the long run. Instead, the study finds a causal flow from poverty reduction to economic growth in the short run. These findings, however, are not surprising, given the high level of income inequality in Swaziland. Studies have shown that when the level of income inequality is too high, economic growth alone may not necessarily lead to poverty reduction.

  5. Shocks in economic growth=shocking effects for food security?

    NARCIS (Netherlands)

    Kavallari, A.; Fellmann, T.; Hubertus Gay, H.

    2014-01-01

    The recent economic and financial turmoil raises the question on how global economic growth affects agricultural commodity markets and, hence, food security. To address this question, this paper assesses the potential impacts of faster economic growth in developed and emerging economies on the one

  6. Local Decentralisation and Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Hammed Adetola Adefeso

    2014-06-01

    Full Text Available The current global drive towards devolution of financial resources and responsibilities has been increasingly justified on the basis that greater transfers of these financial resources and responsibilities to sub-central governments are theoretically expected to deliver greater economic efficiency in the provision of public goods and services and hence greater economic growth. There is a mixed result on these theoretical expectations across earlier empirical literatures. Using the instrumental variables (IV technique of analysis with the recent data from Nigeria for the period 1970-2013, this study found no robust significant effect of the decentralisation of spending or revenue on growth of real GDP per capital in Nigeria. The implication of this to the policy makers is that when it comes to the determinants of improved economic activities, decentralisation either fiscal expenditure or revenue side would not be instrumental to economic growth possibly because of existence of endemic corruption among politicians in Nigeria.

  7. Challenges in Collating Spirometry Reference Data for South-Asian Children: An Observational Study.

    Directory of Open Access Journals (Sweden)

    Sooky Lum

    Full Text Available Spirometry datasets from South-Asian children were collated from four centres in India and five within the UK. Records with transcription errors, missing values for height or spirometry, and implausible values were excluded(n = 110.Following exclusions, cross-sectional data were available from 8,124 children (56.3% male; 5-17 years. When compared with GLI-predicted values from White Europeans, forced expired volume in 1s (FEV1 and forced vital capacity (FVC in South-Asian children were on average 15% lower, ranging from 4-19% between centres. By contrast, proportional reductions in FEV1 and FVC within all but two datasets meant that the FEV1/FVC ratio remained independent of ethnicity. The 'GLI-Other' equation fitted data from North India reasonably well while 'GLI-Black' equations provided a better approximation for South-Asian data than the 'GLI-White' equation. However, marked discrepancies in the mean lung function z-scores between centres especially when examined according to socio-economic conditions precluded derivation of a single South-Asian GLI-adjustment.Until improved and more robust prediction equations can be derived, we recommend the use of 'GLI-Black' equations for interpreting most South-Asian data, although 'GLI-Other' may be more appropriate for North Indian data. Prospective data collection using standardised protocols to explore potential sources of variation due to socio-economic circumstances, secular changes in growth/predictors of lung function and ethnicities within the South-Asian classification are urgently required.

  8. Crisis in the habitat of the economic growth monster

    DEFF Research Database (Denmark)

    Urhammer, Emil

    2014-01-01

    This article is inspired by empirical philosophy and provides an analysis of economic growth as a monster that circulates within collectives. Using this approach, I illustrate how economic growth has participated in shaping institutions and language, thus having necessitated its own circulation...... to such an extent that it has become the most prioritised economic policy objective, whereas urgent issues regarding living conditions on Earth are either ignored or treated as secondary priorities. Further, I argue that noble attempts to contest economic growth contribute to the circulation of the monster...

  9. Financial Intermediaries and Economic Growth: The Nigerian Evidence

    Directory of Open Access Journals (Sweden)

    Oba Efayena

    2014-06-01

    Full Text Available This study seeks to examine the role of financial intermediaries and to find out whether financial intermediaries impact on economic growth in Nigeria. The study adopts the Harrod-Domar growth model which states that economic growth will proceed at the rate which society can mobilize domestic savings resources coupled with the productivity of the investment. The study employed the use of secondary data for the period 1981 to 2011 which were sourced from the CBN statistical bulletin. Nigerian banks being the dominant financial intermediaries, loans credits and advances from banks were used as proxy for the independent variable. Gross domestic product (GDP was used as proxy for economic growth. Using the technique of correlation analysis in determining the association between loan credits and advances, and the GDP, the study reveals a relatively high positive correlation between financial intermediaries and economic growth in the Nigerian economy. The study recommends that Nigerian banks should lend higher proportion of their loanable funds to small and medium enterprises (SMEs and should invest in information technology and human capital.

  10. FISCAL POLICY'S INFLUENCE ON ECONOMIC GROWTH IN THE EUROPEAN UNION

    OpenAIRE

    MIHAIU Diana Marieta; OPREANA Alin

    2012-01-01

    In this paper we study the impact of the fiscal policy on the economic growth for European Union, for the period 2000-2009. This subject represents a very debated problem in the economic literature. Our findings shows that, from the analysis of correlation between economic growth rate and total rate of taxation, there is generally an inverse relationship, meaning that an increase in the tax rate adversely affects economic growth. Continuing the analysis of the correlation between economic gro...

  11. Exploring economic structure and drivers of economic growth in Botswana

    Directory of Open Access Journals (Sweden)

    Patricia Lindelwa Makoni

    2015-12-01

    Full Text Available This article set out to analyse the economic structure and main economic drivers in Botswana. Botswana, a country in sub-Saharan Africa, is a relatively small economy, hugely dependent on its diamond mineral wealth. Concerns have arisen in recent years that the diamond deposits will soon be depleted and the country therefore needs to embark on a diversification programme to broaden its economic base. In order to understand the Botswana economy, its economic structure and current domestic sectorial performance were evaluated, as well as its trends in imports and exports. An analysis of the data shows that, regardless of the awareness of the sensitivity to external shocks of commodity prices, as well as the obvious future depletion of diamond reserves, the Botswana economy continues to rely on diamonds, at the expense of attracting international capital flows to enhance and maintain sustainable economic growth, through investments in agriculture, manufacturing and tourism. It is therefore recommended that the Government of Botswana becomes proactive and implements recommended policies to diversify its economy, so that it can sustain or improve its economic growth by becoming a prime destination of international capital and domestic private sector investment, thereby increasing employment and trade opportunities.

  12. Review of capital investment in economic growth cycle

    Science.gov (United States)

    Shaffie, Siti Salihah; Jaaman, Saiful Hafizah; Mohamad, Daud

    2016-11-01

    The study of linkages of macroeconomics factors is prominent in order to understand how the economic cycle affects one another. These factors include interest rate, growth rate, saving and capital investment which are mutually correlated to stabilize the GDP. Part of this study, it will look upon the impact of investment which emphasize the efficiency of capital investment to the economic growth. Capital investment is one investment appraisal that gives impact to the economic growth. It is a long term investment and involve with large amount of capital to incorporate the development of private and public capital investment.

  13. An Exploration of How Marital Expectations and Socio-Economic Status Impact Post-Secondary Educational and Professional Goals of Northern California Asian Indian Immigrant Women

    Science.gov (United States)

    Bhatia, Aparna

    2013-01-01

    This phenomenological study explored the impact of marital expectations and socio-economic status on post-secondary educational and professional goals of Northern California Asian Indian immigrant women both before and after marriage. For the purposes of this study, 15 Southeast Asian Indian immigrant women from the Sacramento metropolitan region…

  14. BANKING SECTOR DEVELOPMENT AND ECONOMIC GROWTH INPALESTINE; 1995-2014

    Directory of Open Access Journals (Sweden)

    Gaber H. Abugamea

    2016-07-01

    Full Text Available This study uses both OLS regression estimation and Granger Causality test toinvestigate the relationship between the banking sector development andeconomic growth in Palestine over the period 1995-2014.OLS results show asignificant impact of banking size with a negative sign, insignificant impact ofcredit lending with a marginal one for lag credit andinsignificant impact ofefficiency on economic growth, respectively.Granger Causality testresultsshowone way causality runningfrom banking size to(GDPeconomic growthandfrom banking efficiency to(GDP per capitaeconomic growth one. Overall resultsreveals a weak nexus between banking sector development and economic growth.In specific, it recommends more improving in banking lending policy to beeffective in promoting economic growth.

  15. Does Economic Growth Reduce Childhood Undernutrition in Ethiopia?

    Science.gov (United States)

    Biadgilign, Sibhatu; Shumetie, Arega; Yesigat, Habtamu

    2016-01-01

    Policy discussions and debates in the last couple of decades emphasized efficiency of development policies for translating economic growth to development. One of the key aspects in this regard in the developing world is achieving improved nutrition through economic development. Nonetheless, there is a dearth of literature that empirically verifies the association between economic growth and reduction of childhood undernutrition in low- and middle-income countries. Thus, the aim of the study is to assess the interplay between economic growth and reduction of childhood undernutrition in Ethiopia. The study used pooled data of three rounds (2000, 2005 and 2010) from the Demographic and Health Surveys (DHS) of Ethiopia. A multilevel mixed logistic regression model with robust standard errors was utilized in order to account for the hierarchical nature of the data. The dependent variables were stunting, underweight, and wasting in children in the household. The main independent variable was real per capita income (PCI) that was adjusted for purchasing power parity. This information was obtained from World Bank. A total of 32,610 children were included in the pooled analysis. Overall, 11,296 (46.7%) [46.0%-47.3%], 8,197(33.8%) [33.2%-34.4%] and 3,175(13.1%) [12.7%-13.5%] were stunted, underweight, and wasted, respectively. We found a strong correlation between prevalence of early childhood undernutrition outcomes and real per capita income (PCI). The proportions of stunting (r = -0.1207, peconomic growth substantially reduced stunting [β = -0.0016, SE = 0.00013, pEconomic growth reduces child undernutrition in Ethiopia. This verifies the fact that the economic growth of the country accompanied with socio-economic development and improvement of the livelihood of the poor. Direct nutrition specific and nutrition sensitive interventions could also be recommended in order to have an impact on the massive reduction of childhood undernutrition in the country.

  16. Energy consumption, political regime and economic growth in sub-Saharan Africa

    International Nuclear Information System (INIS)

    Adams, Samuel; Klobodu, Edem Kwame Mensah; Opoku, Eric Evans Osei

    2016-01-01

    In this paper, we examine the relationship between energy consumption and economic growth, and how democracy moderates this relationship using panel data of 16 sub-Saharan African (SSA) countries for the period 1971–2013. Employing a panel vector autoregressive model (PVAR) in a generalized method of moments (GMM) framework, the findings support the feedback hypothesis for energy consumption and growth. Second, the interaction variable (energy consumption and democracy) is positively and significantly related to economic growth, supporting the view that democracy moderates the energy consumption and growth nexus. Further, the results provide strong evidence of a uni-directional relationship from trade openness to energy consumption. Additionally, impulse responses and variance decompositions also confirm positive feedback relationships between energy consumption and economic growth, energy prices and economic growth. - Highlights: •Feedback exists between energy consumption and economic growth. •Democracy moderates the energy consumption and growth nexus. •positive feedback between energy prices and economic growth. •Uni-directional relationship from openness to energy consumption.

  17. Investigating Causality Between Agricultural and Economic Growth in Iran

    Directory of Open Access Journals (Sweden)

    A. Falsafian

    2010-10-01

    Full Text Available Although rate of economic growth is not the only way to measure economic development, it is relatively more important than the other indices. Agriculture sector plays the main role on economic growth and sustainable development. In addition, it has significant impact on most social, political and economic issues by producing strategic food products for ever-increasing population. Therefore, the present study investigated causal relationship between agricultural and economic growth in Iran. To this end, the Granjer’s causality test was used after employing the Augmented Dicky-Fuller test to see if the variables under consideration are stationary. The result showed that there is a long learn feedback relationship between these variables and agricultural developments.

  18. An Accounting Method for Economic Growth

    OpenAIRE

    Hongchun Zhao

    2012-01-01

    As Chari et al. (2007) indicate, many growth theories explaining frictions in real economies are equivalent to a competitive economy, with some exogenous taxes. Using this idea, I developed an accounting method for identifying fundamental causes of economic growth. A two-sector neoclassical growth model with taxes is used as a prototype economy, and its equilibrium conditions define wedges. These wedges endogenously determine the long run growth rate, which is exogenous and not correlated wit...

  19. Economic Liberalization and Political Violence: Utopia or Dystopia ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2010-08-06

    Aug 6, 2010 ... Economic Liberalization and Political Violence: Utopia or Dystopia? ... Narrowing the concept of globalization to the more manageable notion of “neoliberalism,” ... Asian outlook: New growth dependent on new productivity ... of its 2017 call for proposals to establish Cyber Policy Centres in the Global South.

  20. Stock Market and Sustainable Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Erasmus L Owusu

    2016-11-01

    Full Text Available This paper examines the relationship between stock market evolution and sustainable economic growth in Nigeria. The study employs Auto-Regressive Distributed Lag (ARDL-bounds testing approach and a combined stock market indicators index to examine the relationship. The paper finds that, in the long run, stock markets have no positive and at best mixed effect on economic growth in Nigeria. This finding supports the numerous past studies, which have reported negative/mixed or inconclusive results on the effects of stock markets on economic growth. The paper, therefore, concludes that, there is the need for increasing financial deepening and the removal of bottlenecks in the financial sectors of the economy by providing further public and institutional education on the value of stock markets for economic development.

  1. HOW TO SUSTAIN ECONOMIC PERFORMANCE? ECONOMIC GROWTH AND ITS IMPACT FACTORS

    Directory of Open Access Journals (Sweden)

    OANA SIMONA HUDEA (CARAMAN

    2012-05-01

    Full Text Available This paper intends to render several important factors of impact on economic growth and to describe the particular types of relationships of the latter with each one of its influencing elements. In order to correctly determine such issue, we have resorted to three carefully selected models that have been estimated and compared so as to identify the most adequate and representative regression. For this purpose we have performed an analysis based on cross-section annual data for 105 countries spread all over the world. After having tested and rejected certain exogenous variables initially considered, such as imports or exports, we have finally retained the external debt and foreign direct investments as explanatory items of the dependent variable. The results revealed that both of them positively affect the gross domestic product of the analysed countries, this one being inelastic in relation to the exogenous variables considered. Even if the relationship between the economic growth and the external debt of a country is usually negative, as the money exit out of the country due to the debt service causes non-achieved potential investments, yet, there is an inflexion point up to which the external debt has a positive influence on economic growth by the increase of the investments funds acquired as result of the external credit contracting, this being the case reflected by our study. As for the relationship existing between foreign direct investments and GDP, the economic theory confirms that FDI and economic growth are directly correlated, the former contributing to technical progress, production increase and, finally, to the improvement of the living standard.

  2. Outward foreign direct investments and home country's economic growth

    Science.gov (United States)

    Ciesielska, Dorota; Kołtuniak, Marcin

    2017-09-01

    The study examines the time stability of the causality direction and cross-correlations between the home country's economic growth and pace of growth of its outward foreign direct investment (OFDI) stocks within the complex system of the Polish national economy. The research has been performed in order to verify, using both the time and frequency domains time series analyses, if economic agents' long term decisions on outward foreign direct investments, leading to cross-border value chains and production fragmentation processes, are of adaptive or predictive character. Consequently, the aim was to check if the home country's economic growth leads the internationalization processes of domestic enterprises, which stays in line with Dunning's Investment Development Path (IDP) paradigm, or if these complex processes, thanks to entrepreneurs' ability to formulate relevant rational expectations, precede the home country's economic growth, which would be supported with the introduction of the policy on reinforcing the internationalization processes of domestic enterprises. The presence of the unidirectional economic growth-led internationalization, consistent with the IDP concept's base assumptions, has been ascertained by the results of the short term Granger causality tests. Nevertheless, the results of the wavelet analyses, supported with the results of the econometric block exogeneity long term causality Wald tests, have revealed that in the long term the OFDI stocks' growth permanently precedes the home country's economic growth, which stays in the unequivocal contrast with the IDP paradigm's premises, as well as with the indicated above short term Granger causality tests' outcomes and indicates that economic agents' choices are not strictly of adaptive but also of predictive character, which influences the current state of knowledge on economic complex systems' characteristics. Such a result is of a great importance in the light of the existence of the significant

  3. Export Specialisation and Local Economic Growth

    NARCIS (Netherlands)

    Naude, Wim; Bosker, Maarten; Matthee, Marianne

    This paper aims to provide empirical evidence on whether export specialization or diversification is better for local economic growth. Using export data from 354 magisterial districts of South Africa for 1996 and 2001 we estimate spatial growth regressions that include measures of the degree of

  4. Reduced Deforestation and Economic Growth

    OpenAIRE

    Patrick Doupe

    2014-01-01

    The clearing of forests for agricultural land and other marketable purposes is a well-trodden path of economic development. With these private benefits from deforestation come external costs: emissions from deforestation currently account for 12 per cent of global carbon emissions. A widespread intervention in reducing emissions from deforestation will affect the paths of agricultural expansion and economic growth of lower income nations. To investigate these processes, this paper presents a ...

  5. Global Integration, Non-Oil Export and Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Ozoemena Stanley Nwodo

    2017-03-01

    Full Text Available This study focuses on global integration, non-oil export and economic growth in Nigeria. The direct and interaction effect of the both openness variables and non-oil export on economic growth in Nigeria is investigated using quarterly data from 1986-2014. For analysis, it uses one measures of financial openness: de facto (total capital flow variables following Aizenman and Noy (2009.and a measure of trade openness adopted by Okoh (2004. The study applies the Autoregressive Distributed Lag Model (ARDL. The results show positive impact of non-oil export on economic growth in Nigeria both in the short run and in the long run, negative effect of trade and financial openness on economic growth however, the result recorded a negative effect of the interaction of trade openness and non-oil export on economic growth and a positive effect of the interaction of financial openness and non-oil export on economic growth. Thus, the study recommends among others that government should get the fundamentals right in the economy first that will boost non-oil sector before opening the economy for trade.

  6. The dynamics of oil consumption and economic growth in Malaysia

    International Nuclear Information System (INIS)

    Park, Sun-Young; Yoo, Seung-Hoon

    2014-01-01

    This study attemps to investiagte the causal relationship between oil consumption and economic growth in Malaysia where oil consumption and real gross domestic product have been rapidly increased in recent years. To this end, the study employs annual data covering the period 1965–2011. Tests for unit roots, co-integration, and Granger-causality based on the error-correction models are presented. The overall results support the existence of bi-directional causality between oil consumption and economic growth in Malaysia. This means that an increase in oil consumption directly affect economic growth. Thus, in order not to make an adverse effect on economic growth, Malaysia should endeavor to overcome the constraints on oil consumption. Moreover, it appears that economic growth induces oil consumption. - Highlights: • We examine the causality between oil consumption and economic growth in Malaysia. • We employed the annual data covering the period 1965–2011. • We estimated error-correction models to test for the direction of causality. • We found that there is bi-directional causality between the two

  7. Gulf producers and Asian markets: the links

    International Nuclear Information System (INIS)

    Hisatake, Masato

    1999-01-01

    The paper discusses the growing links between Asia and the Middle East and focuses particularly on Japan's role. The recent problems in the Asian economy has not been helpful, but with recovery on the way it is expected that the link will resume steady growth. The paper leans heavily on the APEC (Asia Pacific Economic Cooperation) meeting hosted by the Japanese government in Okinawa in October 1998. The subjects discussed at the meeting were economic slowdown in Asia, energy infrastructure, energy security and environment. Some individual topics focused on are (i) energy supply and demand, (ii) oil imports (who buys from whom), (iii) the Japanese oil industry, (iv) increasing competition in the crude oil market, (v) natural gas and (vi) coal

  8. Transport Infrastructure and Economic Growth: Spatial Effects

    Directory of Open Access Journals (Sweden)

    Artyom Gennadyevich Isaev

    2015-09-01

    Full Text Available The author specifies an empirical framework of neoclassical growth model in order to examine impact of transport infrastructure on economic growth in Russian regions during period of 2000-2013. Two different effects of infrastructure are considered. First, infrastructure is viewed as part of region’s own production function. Second, infrastructure generates spillover effect on adjacent regions’ economic performance which can be negative or positive. Results imply that road infrastructure has a positive influence on regional growth, but sign of railroad infrastructure coefficient depends on whether or not congestion effect is considered. Negative spillover effect is shown to exist in the case of road infrastructure. This apparently means that rapid road infrastructure development in some regions moves mobile factors of production away from adjacent regions retarding their economic development. The spillover effect of railroad infrastructure is significant and negative again only if congestion effect is considered. The results of estimation for the Far East and Baikal Regions separately demonstrate no significant effect of both types of infrastructure for economic performance and negative spillover effect of road infrastructure

  9. Nation Building as a Determinent of Economic Growth

    Science.gov (United States)

    2010-05-18

    Consortium for Political and Social Reserch (2007). Mankiw , N. Gregory, David Romer, and David N. Weil. “A Contribution to the Empirics of Economic Growth...Determinent of Economic Growth 5b. GRANT NUMBER 5c. PROGRAM ELEMENT NUMBER 6 . AUTHOR(S) 5d. PROJECT NUMBER Creasey. Ellyn Ann 5e. TASK NUMBER 51...J ss istance and econom ic aid impact the development process. The primary resu lts suggest a 1% increase in spending on nation building result s

  10. HEALTH, EDUCATION AND ECONOMIC GROWTH IN MALAYSIA

    OpenAIRE

    Rahmah Ismaila and Doris Padmini Selvaratnamb

    1999-01-01

    Human capital is vital for the development of a country. Investment in human capital ranges from basic needs expenditure to education and health provision. Economic growth is often used to measure the progress and development of a country. Today other indicators are used to emphasize physical quality of life, for example, education, health and basic needs provision. Using a simultaneous equation model, this paper estimates the relationship between economic growth and human capital variables i...

  11. Economic growth of the United States: perspective and prospective. [Monograph

    Energy Technology Data Exchange (ETDEWEB)

    Fabricant, S

    1979-01-01

    A post-World War II analysis of the potential for US economic expansion projects a continuation of the basic social and economic expectations and international relations and of the upward trend of labor input, labor productivity, and national output. How economic growth of the future will differ as a result of global changes in population and resources is examined in the context of other national objectives. The rapid increase in labor productivity during the postwar period was taken in the form of income rather than leisure. This led to a growth of goods and real per capita income as well as higher standards of living, education, and economic stability. The implications for future growth indicate the need to slow the growth of the national product in line with the rate of population growth. The improved welfare of the people should be the overall goal of which economic growth is one component. 23 tables. (DCK)

  12. Electrification, economic growth and uranium power

    International Nuclear Information System (INIS)

    Starr, C.

    1983-01-01

    The worldwide growth of uranium power plant capacity is obviously dependent on both the growth of electrification and the competitive status of uranium power. In this paper the thesis is developed that expanded use of uranium power is essential to provide a substantial portion of the electricity necessary for world economic growth. Further, the case is made that the obstacles to this expansion arise not from the technology, but rather from the inadequacies of our industrial, political, and economic institutions to manage this new energy system effectively, nationally and internationally. Data are presented on the relation between electricity consumption and GNP; percentage of primary energy used for electricity; energy price ratio; relative generation costs of U, coal and oil-fired power plants; generating costs and capacity factors of conventional and uranium power plants. (U.K.)

  13. Association between economic growth and injury mortality among seniors in Colombia.

    Science.gov (United States)

    Trujillo, Antonio J; Hyder, Adnan A; Ruiz, Fernando

    2010-12-01

    Injuries among seniors are recognised as an important public health problem not only in developed countries but also in middle-income countries. There is ample epidemiological literature that relates economic growth to the reduction of infectious and childhood diseases. Less evidence exists to document if economic growth alone is enough to reverse the increasing trends of injury mortality and morbidity among seniors in a middle-income country. To investigate the association between economic growth and injury deaths among older people in Colombia. Using data from Colombia, 1979-2006 (n=28), time-series models were used to ascertain if the variation over time in injury mortality among seniors is related to short-term oscillations in economic performance. Four empirical specifications usually used in the analysis of such data were implemented. Models were run by type of injury and gender. A negative but moderate effect of economic growth was found on injury deaths among older people. The reported elasticity was between -0.98 and -1.26. Men benefit from economic growth more than women. Economic growth seems to reduce traffic injuries, suicides and homicides. A positive association was also found between falls and growth in gross domestic product. The results indicate a non-homogeneous association between economic growth and injury deaths among seniors in Colombia. This association is usually stronger in a negative direction among children and younger adults. Although more research is needed to understand the causal relationship between economic growth and injury, the association found may suggest that economic growth may not be sufficient to reverse injury deaths among older people; therefore, additional health policies need to be in place to reduce mortality due to preventable injuries in seniors.

  14. Re-investigating the electricity consumption and economic growth nexus in Portugal

    International Nuclear Information System (INIS)

    Tang, Chor Foon; Shahbaz, Muhammad; Arouri, Mohamed

    2013-01-01

    In the previous decades, a number of studies have been conducted to analyse the causal relationship between electricity consumption and economic growth in the Portuguese economy. However, the evidence remains controversial because the previous studies do not provide clear causality evidence. This might be attributed to the omitted variables bias because most previous studies only focus on the relationship between electricity consumption and economic growth in a bi-variate model. This paper attempts to re-investigate the relationship between electricity consumption and economic growth in Portugal using a multivariate model. Based on the bounds testing approach to cointegration and the Granger causality test within the vector error-correction model (VECM), our empirical results confirm the presence of cointegration among the variables. Moreover, there is evidence of bi-directional causality between electricity consumption and economic growth in the short- and long-run. This suggests that energy is an important source of economic growth in Portugal. Therefore, energy conservation policies should not be implemented because it would deteriorate the process of economic growth and development of the Portuguese economy. - Highlights: • Electricity consumption and economic growth series in Portugal are cointegrated. • There is evidence of feedback effects between the two variables. • Energy is an important source of economic growth in Portugal

  15. Determinants of economic growth in BRIC countries

    OpenAIRE

    Rajjev K. Goel

    2011-01-01

    We study economic growth in four emerging economies - Brazil, Russia, India, and China (BRIC). Questions addressed are: (a) How do medium term growth determinants differ from short term determinants? (b) What are differences between growth effects of aggregate versus disaggregated exports? And (c) Does lower institutional quality hinder growth? Results show that while BRIC nations have higher growth, there are significant within-group differences. China and Russia mostly showed higher growth,...

  16. Does inequality in health impede economic growth?

    Science.gov (United States)

    Grimm, Michael

    2011-01-01

    This paper investigates the effects of inequality in health on economic growth in low and middle income countries. The empirical part of the paper uses an original cross-national panel data set covering 62 low and middle income countries over the period 1985 to 2007. I find a substantial and relatively robust negative effect of health inequality on income levels and income growth controlling for life expectancy, country and time fixed-effects and a large number of other effects that have been shown to matter for growth. The effect also holds if health inequality is instrumented to circumvent a potential problem of reverse causality. Hence, reducing inequality in the access to health care and to health-related information can make a substantial contribution to economic growth.

  17. Impact of technology diffusion on economic growth and international competitiveness. Empirical evidence for four East Asian countries; Gijutsu hakyu no koka to Asia keizai no seichoryoku, yushutsu kyosoryoku

    Energy Technology Data Exchange (ETDEWEB)

    Hoshino, Y.; Sakurai, N.

    1999-06-01

    Asian economies hit by the currency crisis in 1997 are still in struggle to recover their growth and to boost again their exports. Although several short-term policy measures to stimulate the demand- side of the economy is certainly necessary, in a longer-term perspective, the key to real recovery would exist in their ability to absorb foreign technologies through trade and/or FDI, as stressed by recent new theories of growth and trade. This paper examines empirically the role of technology diffusion from advanced countries to total factor productivity (TFP) and export competitiveness in four major East-Asian countries: Korea, Singapore, Malaysia and Indonesia, three of which were seriously damaged by the currency crisis. Our major findings are summarized as follows. First, we found that technology acquisition from abroad is quite important for TFP growth of most industries in Asia, in particular for two ASEAN countries (Malaysia and Indonesia), while such productivity impact from foreign technology was relatively small for Korea and Singapore. Second, the impact of technology diffusion was much larger in that through trade than in that through foreign direct investment. Some FDI practices to preclude technology access for developing countries might explain such weaker role of FDI on TFP. Third, the nexus between TFP and export competitiveness was surely positive, in particular for industries of high export performance. However, the magnitude of impact was relatively small in Korea, in spite of its overwhelming productivity performance. (author)

  18. Exchange-rate regimes and economic growth: An empirical evaluation

    OpenAIRE

    Simón Sosvilla-Rivero; María del Carmen Ramos-Herrera

    2014-01-01

    Based on a dataset of 123 economies, this paper empirically investigates the relation between exchange-rate regimes and economic growth. We find that growth performance is best under intermediate exchange rate regimes, while the smallest growth rates are associated with flexible exchange rates. Nevertheless, this conclusion is tempered when we analyze the countries by income level: even though countries that adopt intermediate exchange-rate regimes are characterized by higher economic growth,...

  19. ICTs, Economic Growth and Poverty | IDRC - International ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ICTs, Economic Growth and Poverty ... new information and communication technologies (ICTs) as a lever for economic and social development. ... Socially equitable climate action is essential to strengthen the resilience of all people, without ...

  20. Dampak Economic Freedom Terhadap Pertumbuhan Ekonomi Negara Asia

    OpenAIRE

    Suparyati, Agustina; Fadilah, Nurul

    2015-01-01

    : This study aimed to examine the effect of variable FDI, exchange rate and economic freedom and its constituent components in influencing economic growth in Asian countries, which are grouped into two groups: the group of developing countries that consists of 7 countries including Indonesia, Thailand, Malaysia, Vietnam, Laos, Cambodia and the Philippines, while for developed countries group consisting of four countries, namely Japan, South Korea, China and Singapore in the period 2001-2012. ...

  1. An Attempt to Assess the Quantitative Impact of Institutions on Economic Growth and Economic Development

    Directory of Open Access Journals (Sweden)

    Próchniak Mariusz

    2014-10-01

    Full Text Available This study aims at assessing to what extent institutional environment is responsible for worldwide differences in economic growth and economic development. To answer this question, we use an innovative approach based on a new concept of the institutions-augmented Solow model which is then estimated empirically using regression equations. The analysis covers 180 countries during the 1993-2012 period. The empirical analysis confirms a large positive impact of the quality of institutional environment on the level of economic development. The positive link has been evidenced for all five institutional indicators: two indices of economic freedom (Heritage Foundation and Fraser Institute, the governance indicator (World Bank, the democracy index (Freedom House, and the EBRD transition indicator for post-socialist countries. Differences in physical capital, human capital, and institutional environment explain about 70-75% of the worldwide differences in economic development. The institutions-augmented Solow model, however, performs slightly poorer in explaining differences in the rates of economic growth: only one institutional variable (index of economic freedom has a statistically significant impact on economic growth. In terms of originality, this paper extends the theoretical analysis of the Solow model by including institutions, on the one hand, and shows a comprehensive empirical analysis of the impact of various institutional indicators on both the level of development and the pace of economic growth, on the other. The results bring important policy implications.

  2. Financial development, uncertainty and economic growth

    NARCIS (Netherlands)

    Lensink, B.W.

    By performing a cross-country growth regression for the 1970-1998 period this paper finds evidence for the fact that the impact of policy uncertainty on economic growth depends on the development of the financial sector. It appears that a higher level of financial development partly mitigates the

  3. Economic growth - environmental protection - quality of life

    International Nuclear Information System (INIS)

    Kumm, J.

    1975-01-01

    This is an investigation into the assumption that uncontrolled economic growth puts a burden on the natural environment and lowers the quality of life. This analysis of the natural, technical, economic, and social environment answers the following questions: 1) which development will production and consumption take up to the year 2000; 2) extent of environmental burden to be expected as a result thereof; 3) influence of needs and valid standard of values thus prevailing; 4) administrative measures for environmental policies; 5) influence of environmental policies on the quality of life; 6) possibility of economic growth while the natural environment is sufficiently protected at the same time. The man-environment model presented elucidates the interrelations between economic development and the natural and social environment; it checks the effectiveness of alternate environmental protection measures. (HP) [de

  4. Analyzing of economic growth based on electricity consumption from different sources

    Science.gov (United States)

    Maksimović, Goran; Milosavljević, Valentina; Ćirković, Bratislav; Milošević, Božidar; Jović, Srđan; Alizamir, Meysam

    2017-10-01

    Economic growth could be influenced by different factors. In this study was analyzed the economic growth based on the electricity consumption form different sources. As economic growth indicator gross domestic product (GDP) was used. ANFIS (adaptive neuro fuzzy inference system) methodology was applied to determine the most important factors from the given set for the GDP growth prediction. Six inputs were used: electricity production from coal, hydroelectric, natural gas, nuclear, oil and renewable sources. Results shown that the electricity consumption from renewable sources has the highest impact on the economic or GDP growth prediction.

  5. Energy, Economic Growth and Environmental Sustainability: Five Propositions

    Directory of Open Access Journals (Sweden)

    Steven Sorrell

    2010-06-01

    Full Text Available This paper advances five linked and controversial propositions that have both deep historical roots and urgent contemporary relevance. These are: (a the rebound effects from energy efficiency improvements are significant and limit the potential for decoupling energy consumption from economic growth; (b the contribution of energy to productivity improvements and economic growth has been greatly underestimated; (c the pursuit of improved efficiency needs to be complemented by an ethic of sufficiency; (d sustainability is incompatible with continued economic growth in rich countries; and (e a zero-growth economy is incompatible with a fractional reserve banking system. These propositions run counter to conventional wisdom and each highlights either a "blind spot" or "taboo subject" that deserves closer scrutiny. While accepting one proposition reinforces the case for accepting the next, the former is neither necessary nor sufficient for the latter.

  6. Dynamic analysis of savings and economic growth in Nigeria ...

    African Journals Online (AJOL)

    Dynamic analysis of savings and economic growth in Nigeria. ... a trivariate dynamic Granger causality model with savings, economic growth and foreign ... It is recommended that in the short run, policies in Nigeria should be geared towards ...

  7. Public Debt and Economic Growth in Malaysia

    OpenAIRE

    Siew-Peng Lee; Yan-Ling Ng

    2015-01-01

    Public debt in the Malaysia increased because of fiscal expansions. This study examines whether public debt contributed to the economic growth in Malaysia over the period 1991 to 2013. It also examines whether other indicators of debt burden, such as budget deficit, budget expenditure, and external debt service and government consumption, have an impact on economic growth. The results of this study are consistent with the existing literature that found a negative association between diet and ...

  8. A critical realist perspective on decoupling negative environmental impacts from housing sector growth and economic growth

    DEFF Research Database (Denmark)

    Xue, Jin

    2012-01-01

    The question that motivates this article has been a matter of dispute: Is it possible to combine perpetual economic growth and longterm environmental sustainability based on the premise that economic growth can be fully decoupled from negative environmental impacts? The article addresses...... this question from the position of critical realism. An empirical study focusing on the housing sector is conducted, indicating that housing stock growth and economic growth have been, at best, weakly decoupled from environmental impacts. In the long run, it seems implausible that the degree of decoupling can...... be increased at a rate sufficient to compensate for continual growth in the volume of housing stock. A further elaboration of the topic at an ontological level leads to the conclusion that continual economic growth and long-term environmental sustainability can hardly be combined....

  9. Using Wmatrix to Explore Discourse of Economic Growth

    Science.gov (United States)

    Hu, Chunyu

    2015-01-01

    Growth is a concept of particular interest for economic discourse. This paper sets out to explore a small corpus of economic growth, which consists of articles from "The Economist". The corpus software used in this study is a web-based tool Wmatrix, an automatic tagging software able to assign semantic field (domain) tags, and to permit…

  10. The economic growth enigma: Capital, labour and useful energy?

    International Nuclear Information System (INIS)

    Ayres, Robert; Voudouris, Vlasios

    2014-01-01

    We show that the application of flexible semi-parametric statistical techniques enables significant improvements in model fitting of macroeconomic models. As applied to the explanation of the past economic growth (since 1900) in US, UK and Japan, the new results demonstrate quite conclusively the non-linear relationships between capital, labour and useful energy with economic growth. They also indicate that output elasticities of capital, labour and useful energy are extremely variable over time. We suggest that these results confirm the economic intuition that growth since the industrial revolution has been driven largely by declining energy costs due to the discovery and exploitation of relatively inexpensive fossil fuel resources. Implications for the 21st century, which are also discussed briefly by exploring the implications of an ACEGES-based scenario of oil production, are as follows: (a) the provision of adequate and affordable quantities of useful energy as a pre-condition for economic growth and (b) the design of energy systems as ‘technology incubators’ for a prosperous 21st century. - Highlights: • Economic growth needs three factors of production. • We propose a semi-parametric generalised production function. • Exploitation of inexpensive fossil fuel resources has profound policy implications

  11. Export and Economic Growth in the West Balkan Countries

    Directory of Open Access Journals (Sweden)

    Florentina Xhelili Krasniqi

    2017-09-01

    Full Text Available The aim of this paper is to explore the effects of exports and other variables (foreign direct investment, remittances, capital formation, and labour force on economic growth in West Balkan countries (Albania, Kosovo, Macedonia, Montenegro, Bosnia and Herzegovina and Serbia. This study utilizes a strongly balanced panel data over the 2005-2015 period for Western Balkan countries using the ordinary least squares method (OLS, ie Pooled regression model to evaluate the parameters. The relationship between export and economic growth has turned to be statistically significant and positively related for the countries under the study. Results also indicate the statistically significant positive relationship between economic growth and other variables included in the model such is remittances, capital formation, and labor. The relationship between economic growth and foreign direct investment has turned out to be statistically insignificant and negatively related.

  12. Renewable Resources, Capital Accumulation, and Economic Growth

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2011-01-01

    Full Text Available This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alternative approach to household behavior. The model describes a dynamic interdependence among physical accumulation, resource change, and division of labor under perfect competition. Because of its refined economic structure, our study enables some interactions among economic variables which are not found in the existing literature on economic growth with renewable resources. We simulate the model to demonstrate the existence of equilibrium points and motion of the dynamic system. Our comparative dynamic analysis shows, for instance, that a rise in the propensity to consume the renewable resource increases the interest rate and reduces the national and production sector’s capital stocks, wage rate and level of the consumption good. Moreover, it initially reduces and then increases the capital stocks of the resource sector and the consumption and price of the renewable resource. The stock of the renewable resource is initially increased and then reduced. Finally, labor is redistributed from the production to the resource sector.

  13. Management of business economic growth as function of resource rents

    Science.gov (United States)

    Prljić, Stefan; Nikitović, Zorana; Stojanović, Aleksandra Golubović; Cogoljević, Dušan; Pešić, Gordana; Alizamir, Meysam

    2018-02-01

    Economic profit could be influenced by economic rents. However natural resource rents provided different impact on the economic growth or economic profit. The main focus of the study was to evaluate the economic growth as function of natural resource rents. For such a purpose machine learning approach, artificial neural network, was used. The used natural resource rents were coal rents, forest rents, mineral rents, natural gas rents and oil rents. Based on the results it is concluded that the machine learning approach could be used as the tool for the economic growth evaluation as function of natural resource rents. Moreover the more advanced approaches should be incorporated to improve more the forecasting accuracy.

  14. Human Capital and Economic Growth - How Strong is the Nexus?

    Directory of Open Access Journals (Sweden)

    Marinko Škare

    2016-08-01

    Full Text Available The link between human capital and economic growth still remains unexplained because of the measurement issues connected to the human capital stock. This study investigates the link between human capital stock and economic growth using inclusive wealth index and ratio of engaged to actively disengaged employees as proxy for human capital stock. Data from the global workplace and inclusive wealth reports are used in order to provide an international comparison of the link between human capital and inclusive wealth. Cross country comparison show human capital largerly contribute to the inclusive wealth formation. Formal education is important but also motivating working environment is needed to achieve sustainable economic growth. The finding further indicates that standard human capital growth model should be revised taking into the account variables addressing sustainable growth (not just growth and environmental variables (work conditions affecting human capital stock. Countries encouraging investments in the development of individuals both through formal education and inspiring work environments achieve higher sustainable economic growth

  15. Economic growth and military expenditure linkages: a panel data analysis

    Directory of Open Access Journals (Sweden)

    Ahmed Shahid

    2015-12-01

    Full Text Available This paper has made an attempt to examine relationship between military expenditure and economic growth using 56 country panel data spanning over 1995—2011. Panel fixed effect model has been estimated for all 56 countries and sub-groups classified on the basis of World Bank income criteria. The results of this study indicate a positive effect of military expenditure on economic growth but this positive effect is negligible compared to the alternative uses of scare resources on non-military expenditure. Thus, the effect of military expenditure on economic growth is very low compared to the effect of expenditure on capital formation, hence military expenditure as a sub-optimal means of increasing economic growth compared to alternative uses of government spending on formation of fixed capital. This study raises an important argument of huge opportunity cost of military expenditure. The present study concludes that the boosting of economic growth through higher military expenditure is neither effective nor efficient way of achieving higher growth in the economy.

  16. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  17. R.M. Solow Adjusted Model of Economic Growth

    Directory of Open Access Journals (Sweden)

    Ion Gh. Rosca

    2007-05-01

    Full Text Available Besides the models of M. Keynes, R.F. Harrod, E. Domar, D. Romer, Ramsey-Cass-Koopmans etc., the R.M. Solow model is part of the category which characterizes the economic growth. The paper proposes the study of the R.M. Solow adjusted model of economic growth, while the adjustment consisting in the model adaptation to the Romanian economic characteristics. The article is the first one from a three paper series dedicated to the macroeconomic modelling theme, using the R.M. Solow model, such as: “Measurement of the economic growth and extensions of the R.M. Solow adjusted model” and “Evolution scenarios at the Romanian economy level using the R.M. Solow adjusted model”. The analysis part of the model is based on the study of the equilibrium to the continuous case with some interpretations of the discreet one, by using the state diagram. The optimization problem at the economic level is also used; it is built up of a specified number of representative consumers and firms in order to reveal the interaction between these elements.

  18. Essays on industrial structure and economic growth

    International Nuclear Information System (INIS)

    Nordaas, Hildegunn Kyvik

    1997-01-01

    The book is a thesis submitted for the degree of dr. polit. at the University of Bergen. It has chapters on economic development and industrial structure, trade and growth with static and dynamic economies of scale, terms of trade and economic growth in a world of constrained capital mobility, how liberalization of trade in services may conserve natural reserves, some reasons why capital does not flow from rich to poor counties and finally on South African manufacturing industries - catching up or falling behind

  19. The role of government spending on economic growth in a developing country

    Directory of Open Access Journals (Sweden)

    M.F. Oladele

    2017-05-01

    Full Text Available The issue of whether government expenditure helps or hinders economic growth is still debatable. This study examines the contribution of government spending towards economic growth in South Africa using annual data from 1980 – 2014. The cointegration approach and Vector Error Correction Model were used to analyse the data. The cointegration test results indicate that there is long run relationship between government expenditure and economic growth in South Africa. The VECM outcome indicates a positive and significant link between economic growth and expenditure on the long run. There is a positive and significant relationship between exchange rate and economic growth and a significant and negative relationship between economic growth and private consumption. Based on these findings, the correlation between government expenditure and economic growth showed that there is positive relationship on the long run in South Africa, while there is a negative and significant relationship between government spending and economic growth on the short run. More spending should therefore be directed towards important sectors such as infrastructural development and industrial development in order to accelerate economic growth. There is also a need for fiscal policy to be used as an instrument to regulate the amount of money in the economy.

  20. Growth Versus Government Management Improvement During Economic Downturn

    Science.gov (United States)

    Podobnik, Boris; Baaquie, Belal E.; Bishop, Steven; Njavro, Djuro; Li, Baowen

    2013-04-01

    In estimating how economic growth depends on various inputs, economists commonly use long periods of data encompassing both main extremes to fluctuations in the economy: recession and expansion. Here we focus on recession years because during expansion even countries with bad economic policies may experience large growth. Specifically, we study how growth depends on the proportion of public-sector workforce, p and competitiveness, quantified by the Global Competitiveness Index, GCI. For the 2008-2011 economic downturn and for 57 countries, we find that the growth rate of GDP per capita, g, decreases with p, and increases with ΔGCI. Further, more competitive countries attract more foreign direct investments per capita, I, than less competitive countries, where I ~ GCIα. We propose a production function, divided into the private and public sectors, where GDP depends on market capitalization, the public (private)-sector workforce, and competitiveness level, used to quantify the public sector efficiency.

  1. Causality analysis of diesel consumption and economic growth in Cameroon

    International Nuclear Information System (INIS)

    Tamba, Jean Gaston; Njomo, Donatien; Limanond, Thirayoot; Ntsafack, Borel

    2012-01-01

    This study examines the causal relationship between diesel consumption and economic growth in Cameroon by using a three-step modern time-series technique. Tests for unit roots, cointegration, and Granger-causality based on error correction model are employed on annual data covering the period 1975–2008. Empirical results of the study confirm the presence of a long-run equilibrium relationship between diesel consumption and economic growth. The error correction model shows that an estimated 1% increase in economic growth causes a rise in diesel consumption of 1.30% in the long-run. The overall results show that there exists bidirectional causality in the long-run relationship and no causality in the short-run relationship between diesel consumption and economic growth at the 5% level of significance. Thus, the energy policies in Cameroon should place priority on the discovery of new oil field and building capacity additions of the refinery to increase production of petroleum products, as this would propel the economic growth of the country. - Highlights: ► We examine the causal relationship between diesel consumption and GDP in Cameroon. ► we analyze the petroleum products sector in Cameroon. ► 1% increase in economic growth causes a rise in diesel consumption of 1.30%. ► The policy aimed at improving diesel supply have a positive impact on economics.

  2. ECONOMIC GROWTH AND TAXATION IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Cristina BOROVINA (COJOCARU

    2016-05-01

    Full Text Available In the context of the economic crisis that started in the United States in 2007, economic growth has become of great importance for the countries affected by the crisis further to their confrontation with lower growth rates of GDP per capita. At national level, governments are searching for that mix of optimal economic policies that would revive economies on the upward and also sustainable trend. One of the key policies in this regard, especially for the countries in Central and Eastern Europe which intend to adopt the euro currency, is the tax policy. Its main instruments are taxes. In this paper, we pay special attention to these instruments and to the connection that they have with the economic growth. This paper is divided into three parts. The first part presents a few ideas related to the importance of taxes at national level, the second part is an analysis in terms of taxation of the Central and Eastern Europe countries, while the third part consists of a panel-type assessment of the relation between economic growth and taxation level.

  3. Asian-Pacific leadership: Implications for foreign economic policy of Japan and the US

    OpenAIRE

    Hiemenz, Ulrich

    1991-01-01

    In the 1980s, the Western Pacific hemisphere ranging from Japan and the PR China to Australia and New Zealand has remained the growth pole of the world economy. Real per capita incomes of East and Southeast Asian developing economies grew even faster in this decade than in the 1970s [World Bank, 1990: Table 1.3] despite major disturbances in their global environment such as the world-wide recession in the early 1980s, increasing protectionism in the EC and the US, large exchange rate fluctuat...

  4. Electricity Consumption, Carbon Emissions and Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Godwin Effiong Akpan

    2012-01-01

    Full Text Available This paper applies a Multivariate Vector Error Correction (VECM framework to examine the long run and causal relationship between electricity consumption, carbon emissions and economic growth in Nigeria. Using annual time series data for 1970 to 2008, findings show that in the long run, economic growth is associated with increase carbon emissions, while an increase in electricity consumption leads to an increase in carbon emissions. These imply that Nigeria’s growth process is pollution intensive, while the negative relationship between electricity consumption (or positive relationship between electricity consumption and emissions in Nigeria is a clear indication that electricity consumption in the country has intensified carbon emissions. No support was obtained for the hypothesized environmental Kuznets curve (EKC. Granger-causality results confirm a unidirectional causality running from economic growth to carbon emissions, indicating that carbon emissions reduction policies could be pursued without reducing economic growth in Nigeria. No causality was found between electricity and growth, in either way, which further lends credence to the crisis in the Nigerian electricity sector. Overall, the paper submits that efficient planning and increased investment in electricity infrastructure development may be the crucial missing variable in the obtained neutrality hypothesis between electricity and growth.

  5. Traffic fatalities and economic growth

    Science.gov (United States)

    2003-04-01

    As countries develop death rates usually fall, especially for diseases that affect the young and result in substantial life-years lost. Deaths due to traffic accidents are a notable exception: the growth in motor vehicles that accompanies economic gr...

  6. Esp Research Trends in Asian Context

    OpenAIRE

    Jantaravipark, Arpawan; Sa-ngiamwibool, Amporn

    2015-01-01

    Due to the influence of global and regional economic changes, English for Specific Purposes (ESP) plays a more vital role in English language studies worldwide, including in Asian context. A look at any issues relat-ing to Asian ESP will shed light to the needs of English in this content. This present study therefore sur-veyed recent trends of ESP research in this context, with the purpose of the study which aimed to explore recent trends in Asian ESP research from 2005 to 2013. The Asian ESP...

  7. Fetal growth trajectories in pregnancies of European and South Asian mothers with and without gestational diabetes, a population-based cohort study.

    Science.gov (United States)

    Sletner, Line; Jenum, Anne Karen; Yajnik, Chittaranjan S; Mørkrid, Kjersti; Nakstad, Britt; Rognerud-Jensen, Odd Harald; Birkeland, Kåre I; Vangen, Siri

    2017-01-01

    Our aim was to examine the impact of gestational diabetes (GDM), from before the GDM-diagnosis is made, on fetal growth trajectories, and to compare it in Europeans and South Asians; two ethnic groups with dissimilar fetal growth patterns. We studied European (n = 349) and South Asian (n = 184) pregnant women, from the population-based STORK-Groruddalen cohort in Oslo, Norway. Mothers were enrolled in early pregnancy, screened for GDM in gestational week 28 ±2, and classified as "non-GDM", "mild GDM" or "moderate/severe GDM". We measured fetal head circumference, abdominal circumference and femur length by ultrasound, and estimated fetal weight in gestational week 24, 32 and 37, and performed corresponding measurements at birth. In non-GDM pregnancies, South Asian fetuses (n = 156) had a slower growth from gestational week 24, compared with Europeans (n = 310). More than two thirds of the European mothers later diagnosed with GDM were overweight or obese in early pregnancy, while this was not observed in South Asians. Fetuses of GDM mothers tended to be smaller than fetuses of non-GDM mothers in week 24, but thereafter grew faster until birth. This pattern was especially pronounced in fetuses of South Asian mothers with moderate/severe GDM. In week 24 these fetuses had a -0.95 SD (95% CI: -1.53, -0.36) lower estimated fetal weight than their non-GDM counterparts. In contrast, at birth they were 0.45 SD (0.09, 0.81) larger. Offspring of GDM mothers were smaller in mid pregnancy, but subsequently grew faster until birth, compared with offspring of non-GDM mothers. This pattern was most prominent in South Asian mothers with moderate to severe GDM. However, the most remarkable characteristic of these fetuses was not a large size at birth, but the small size in mid pregnancy, before the GDM diagnosis was set.

  8. The Non-Linear Effect of Corporate Taxes on Economic Growth

    Directory of Open Access Journals (Sweden)

    Huňady Ján

    2015-03-01

    Full Text Available The paper deals with the problem of taxation and its potential impact on economic growth and presents some new empirical insights into this topic. The main aim of the paper is to verify an assumed nonlinear impact of corporate tax rates on economic growth. Based on the theory of public finance and taxation, we hypothesize that at relatively low tax rates it is possible that the impact of taxation on economic growth become slightly positive. On the other hand when the tax rates are higher a negative impact of taxation on economic growth could be expected. Despite the fact that the most of the existing studies find a negative linear relationship between these variables, we can also find strong support for a non-linear relationship from several theoretical models as well as some empirical studies. Based on panel data fixed-effects econometric models, we, as well, find empirical evidence for a non-linear relationship between nominal and effective corporate tax rates and economic growth. Our data consists of annual observations for the period 1999 to 2011 for EU Member States. Based on the results, we also estimated the optimal level of the corporate tax rate in terms of maximizing economic growth in the average of the EU countries.

  9. Taxes and Economic Growth in Developing Countries : A Dynamic Panel Approach

    OpenAIRE

    NANTOB, N'Yilimon

    2014-01-01

    This paper looks at the effects of taxes increase on economic growth of 47 developing countries. In developing countries, there is no magic tax strategy to encourage economic growth. Some countries with high tax burdens have high growth rates and some countries with low tax burdens have low growth rates. Despite much theoretical and empirical inquiry as well as political and policy controversy, no simple answer exists concerning the relationship of taxes on economic growth in developing count...

  10. Does globalization contribute to economic growth in developing ...

    African Journals Online (AJOL)

    This paper examines empirically whether or not globalization contributes to economic growth in developing countries, drawing empirical lessons from Nigeria. The globalization – growth link, is anchored on Husain Schematic representation, Solow model, and the new growth (endogenous growth) theory. The paper adopts ...

  11. From entrepreneurship to economic growth: a three stage approach

    NARCIS (Netherlands)

    van Hemert, P.P.

    2008-01-01

    Over time, different economic theories have supported the idea that entrepreneurship and innovation are essential for spurring economic growth. One question, however, remains unanswered, namely, why some regions in different parts of the world manage to enter into a cycle of growth and development

  12. From entrepreneurship to economic growth, a three stage approach

    NARCIS (Netherlands)

    van Hemert, P.P.

    2007-01-01

    Over time, different economic theories have supported the idea that entrepreneurship and innovation are essential for spurring economic growth. One question, however, remains unanswered, namely, why some regions in different parts of the world manage to enter into a cycle of growth and development

  13. Knowledge Spillovers and Economic Growth

    NARCIS (Netherlands)

    A.J. van Stel (André); H.R. Nieuwenhuijsen

    2002-01-01

    textabstractThe importance of knowledge spillovers for achieving innovation and economic growth is widely recognized. It is not straightforward which type of spillovers is most effective: intra-sectoral spillovers or inter-sectoral spillovers. We investigate this controversy using a model of

  14. Intangible capital and economic growth

    NARCIS (Netherlands)

    Chen, Wen

    2016-01-01

    Modern economic growth stems in good part from investments in knowledge-based intangible assets, such as research and development (R&D), organisational know-how, product design, branding and marketing. By capitalising expenditures on these intangibles as business investments, this thesis

  15. Current Update in Asian Rhinoplasty

    Directory of Open Access Journals (Sweden)

    Clyde H. Ishii, MD, FACS

    2014-04-01

    Full Text Available Summary: There has been a tremendous growth of cosmetic surgery among Asians worldwide. Rhinoplasty is second only to blepharoplasty in terms of popularity among Asians regarding cosmetic surgical procedures. Most Asians seek to improve their appearance while maintaining the essential features of their ethnicity. There are considerable ethnic nasal and facial variations in this population alone. Successful rhinoplasty in Asians must take into account underlying anatomic differences between Asians and whites. Due to ethnic variations, cultural differences, and occasional language barriers, careful preoperative counseling is necessary to align the patient’s expectations with the limitations of the procedure. This article will review the many facets of Asian rhinoplasty as it is practiced today.

  16. Exports and economic growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Goodly Otto

    2016-09-01

    Full Text Available Nigeria is an oil dependent economy, over 90 per cent of its exports receipts in recent years flow from petroleum but this sector is currently affected by local challenges, which include insecurity, oil thefts, sabotage and an unfriendly operational environment. These challenges are generating loses for the major producers and encouraging capital flight but amidst this situation, the economy is said to be having an impressive growth. This paradox informed this research. The study was designed to see the nexus between exports and economic growth in Nigeria. Using data from the Central Bank of Nigeria spanning 1980-2011, the study with the aid of OLS regression analysis found a strong relationship between Exports and economic growth in Nigeria. Nigeria will be better served if it diversifies its export base. It must also create structures that lead to better redistribution of export incomes within the local economy.

  17. Does education engender cultural values that matter for economic growth?

    OpenAIRE

    Prosper F. Bangwayo-Skeete; Afaf H. Rahim; Precious Zikhali

    2009-01-01

    Empirical research has shown that cultural values matter for economic growth and has specifically identified the achievement motivation as an aspect of culture that engenders economic growth. If specific cultural values engender economic growth, how then can societies promote them? This paper attempts to answer this question using the 2005 wave of the World Values Survey data for 43 countries. We test the contention that education significantly impacts the relative importance an individual pl...

  18. The Nexus between FDI and Growth in the SAARC Member Countries

    Directory of Open Access Journals (Sweden)

    Sangjoon Jun

    2015-03-01

    Full Text Available This paper examines the effects of foreign direct investment (FDI on South Asian economies' output growth, utilizing recent panel cointegration testing and estimation techniques. Annual panel data on eight SAARC (South Asian Association for Regional Cooperation member countries' macroeconomic variables over the period 1960- 2013 are employed in empirical analysis. Using various heterogeneous panel cointegration and panel causality tests, a bi-directional relationship between FDI and growth is found. We find evidence for both FDI-led growth and growth-induced FDI hypotheses for the South Asian economies over the sample period. Individual member countries exhibit heterogeneity in terms of the direction or existence of causality subject to their idiosyncratic economic conditions. Among various regressors, FDI, financial development, human capital, and government consumption show the most significant positive effects on output growth. As determinants of FDI, GDP, financial development, human capital, and government consumption are found significant in the region. The bi-directional causality between FDI and growth is found robust to the inclusion of other control variables and using different estimation techniques.

  19. Analysis of domestic debt: implication for economic growth in Nigeria

    African Journals Online (AJOL)

    This paper principally analysed the importance of domestic debt on economic growth of Nigeria. The objective of the study is to investigate the relationship between government domestic debt and economic growth and policy that is likely to improve private sector investment and break growth resistance problem.

  20. Human Capital, Population Growth and Economic Development: Beyond Correlations

    OpenAIRE

    Rosenzweig, Mark R.

    1987-01-01

    Empirical evidence on three assertions commonly-made by population policy advocates about the relationships among population growth, human capital formation and economic development is discussed and evaluated in the light of economic-biological models of household behavior and of its relevance to population policy. The three assertions are that (a) population growth and human capital investments jointly reflect and respond to changes in the economic environment, (b) larger families directly i...

  1. Impact of Globalisation On Economic Growth in Romania: An Empirical Analysis of Its Economic, Social and Political Dimensions

    Directory of Open Access Journals (Sweden)

    Olimpia Neagu

    2017-04-01

    Full Text Available The paper analyses the link between globalisation and economic growth in Romania for a time span of 24 years. Data from World Bank were used in an econometrical model in order to highlight the impact of globalisation, expressed by the KOF globalisation index and its components (economic, social and political globalisation indices on economic growth rate. A statistical strong and positive link is found between GDP per capita dynamics and overall globalisation index as well as between GDP growth rate and economic and political globalisation, except the social dimension of globalisation which has a negative impact on economic growth in Romania for the time span 1990-2013.

  2. International Capital Movement and Currency Crisis: A Revaluation of the Asian Crisis (in Japanese)

    OpenAIRE

    Shinji Takagi; Kazuo Yokokawa; Hiroshi Shibuya; Ryuzo Miyao; Yasuyuki Sawada; Satoshi Urasawa; Yoshinori Kinoshita; Kensho Hashikawa; Hidetoshi Tanaka; Hitoshi Maeda

    2002-01-01

    In the latter half of 1997, a currency crisis, having spread over East Asia within a few months after the collapse of the Thai baht, sparked one of the most wide-ranging debates of the 20th century on the both economic theory and policy-making. From the 1980s to the 1990s, the East-Asian emerging market economies recorded high economic growth led by enormous amounts of capital inflows from developed countries under the premise of regulated macroeconomic policy, a stable dollar-pegged exchange...

  3. Analysis of Fiji’s Export and Its Impact on Economic Growth

    Directory of Open Access Journals (Sweden)

    Shivneil Kumar Raj

    2017-05-01

    Full Text Available Exports are vital for Fiji’s economy as it contributes significantly to its gross domestic product (GDP and economic growth. The export data over the years show very slow growth and is gradually increasing. Fiji’s GDP data show that GDP is gradually increasing. Thus, Fiji’s economic growth is also increasing at a steady rate. This study aims to measure the relationship between exports and economic growth in Fiji. A regression analysis on data collected for Fiji from 2000-2015 shows that there is a strong positive relationship between exports and economic growth. Thus, when exports increase, economic growth also increases. Potential sectors that can be further developed to boost Fiji’s exports are sugar, garment, tourism and agriculture. The government should restrict imports through import quotas, tariffs and embargoes and give subsidies and tax incentives to potential export sectors to boost domestic production and increase exports. The government’s motive is to increase export incentives and promote Fiji made products both locally and overseas. Thus, this leads to an increase in exports, improves the trade balance and economic growth. This research article was undertaken to carry out research to investigate the link between Fiji’s export and economic growth and highlight ways and potential sectors to increase Fiji’s export and reduce imports.

  4. CURRENT ACCOUNT DEFICIT AND ECONOMIC GROWTH IN ARMENIA

    Directory of Open Access Journals (Sweden)

    Arus Tunian

    2015-07-01

    Full Text Available The article is devoted to the study of the problem of economic growth in Armenia. It is identified the nature of the balance of payments of the country, indicating a net debtor position, which leads to inherent deterioration of the international investment position. A small open economy of Armenia moves to a new phase of development, in the frame of the integration processes within the Customs Union and the Eurasian Economic Union of Russia, Belarus and Kazakhstan. One of the main characteristics of the Armenian economy vulnerability remains a negative balance in foreign trade, which continues to grow, despite the export growth. Economic growth is provided, as before, mostly due to the sale of raw materials - non-ferrous metals and metal ores, both in the primary as well as in the previous preprocessing. Estimating the econometric VAR models revealed that the negative current account impacts on GDP growth negatively.

  5. Investment in Education and Economic Growth in Nigeria: 1981-2012

    African Journals Online (AJOL)

    This study examines the impact of government investments in education on economic growth in Nigeria over the period 1981-2012. Economic growth proxy by growth rate of GDP is the dependent variable while government capital expenditure on social services, recurrent expenditure on education, primary school total pupil ...

  6. A panel study of nuclear energy consumption and economic growth

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Payne, James E.

    2010-01-01

    This study examines the relationship between nuclear energy consumption and economic growth for sixteen countries within a multivariate panel framework over the period 1980-2005. Pedroni's (1999, 2004) heterogeneous panel cointegration test reveals there is a long-run equilibrium relationship between real GDP, nuclear energy consumption, real gross fixed capital formation, and the labor force with the respective coefficients positive and statistically significant. The results of the panel vector error correction model finds bidirectional causality between nuclear energy consumption and economic growth in the short-run while unidirectional causality from nuclear energy consumption to economic growth in the long-run. Thus, the results provide support for the feedback hypothesis associated with the relationship between nuclear energy consumption and economic growth.

  7. Economic Growth and Government Spending Nexus: Empirical ...

    African Journals Online (AJOL)

    The results highlight the need for policy makers to shift public outlays towards investment in physical infrastructure which will stimulate growth and consequently improve fiscal sustainability as opposed to recurrent expenditure. Keywords: Economic Growth, Fiscal Policy, Cointegration, Causality, Wagner' Law ...

  8. Does Economic Growth Reduce Childhood Undernutrition in Ethiopia?

    Directory of Open Access Journals (Sweden)

    Sibhatu Biadgilign

    Full Text Available Policy discussions and debates in the last couple of decades emphasized efficiency of development policies for translating economic growth to development. One of the key aspects in this regard in the developing world is achieving improved nutrition through economic development. Nonetheless, there is a dearth of literature that empirically verifies the association between economic growth and reduction of childhood undernutrition in low- and middle-income countries. Thus, the aim of the study is to assess the interplay between economic growth and reduction of childhood undernutrition in Ethiopia.The study used pooled data of three rounds (2000, 2005 and 2010 from the Demographic and Health Surveys (DHS of Ethiopia. A multilevel mixed logistic regression model with robust standard errors was utilized in order to account for the hierarchical nature of the data. The dependent variables were stunting, underweight, and wasting in children in the household. The main independent variable was real per capita income (PCI that was adjusted for purchasing power parity. This information was obtained from World Bank.A total of 32,610 children were included in the pooled analysis. Overall, 11,296 (46.7% [46.0%-47.3%], 8,197(33.8% [33.2%-34.4%] and 3,175(13.1% [12.7%-13.5%] were stunted, underweight, and wasted, respectively. We found a strong correlation between prevalence of early childhood undernutrition outcomes and real per capita income (PCI. The proportions of stunting (r = -0.1207, p<0.0001, wasting (r = -0.0338, p<0.0001 and underweight (r = -0.1035, p<0.0001 from the total children in the household were negatively correlated with the PCI. In the final model adjustment with all the covariates, economic growth substantially reduced stunting [β = -0.0016, SE = 0.00013, p<0.0001], underweight [β = -0.0014, SE = 0.0002, p<0.0001] and wasting [β = -0.0008, SE = 0.0002, p<0.0001] in Ethiopia over a decade.Economic growth reduces child undernutrition in

  9. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995–2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies. PMID:27490847

  10. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    Full Text Available In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership, and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  11. Nuclear energy-economic growth nexus in OECD countries. A panel data analysis

    International Nuclear Information System (INIS)

    Ozcan, Burcu; Ari, Ayse

    2016-01-01

    The relationship between nuclear energy consumption and economic growth in 13 OECD countries from 1980 to 2012 is analyzed. The panel causality results supported the feedback hypothesis in both the short-run and long-run. There is a positive relationship between nuclear energy consumption and economic growth. As such, nuclear energy consumption and economic growth complement and reinforce each other. Nuclear energy conservation policies may negatively affect economic growth rates.

  12. Nuclear energy-economic growth nexus in OECD countries. A panel data analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ozcan, Burcu [Firat Univ., Elazig (Turkey). Dept. of Economics; Ari, Ayse [Nigde Univ. (Turkey). Dept. of Economics

    2016-01-15

    The relationship between nuclear energy consumption and economic growth in 13 OECD countries from 1980 to 2012 is analyzed. The panel causality results supported the feedback hypothesis in both the short-run and long-run. There is a positive relationship between nuclear energy consumption and economic growth. As such, nuclear energy consumption and economic growth complement and reinforce each other. Nuclear energy conservation policies may negatively affect economic growth rates.

  13. 136 Tax Revenue, Stock Market and Economic Growth of Pakistan

    Directory of Open Access Journals (Sweden)

    Muhammad Irfan Javaid Attari

    2014-10-01

    Full Text Available The purpose of this paper is to examine the effects of capital market and fiscal policy influences in determining the nexus of economic growth in Pakistan from July 2003 to July 2012. The authors utilize ADF unit root test, Johansen Cointegration test, VECM test, Granger causality test and variance decomposition analysis to test the relationship among tax revenue, stock market and economic growth in Pakistan. Granger causality analysis is used to answer questions whether “Does tax revenue cause the economic growth?” or “Does tax revenue cause the capital market?”. The results demonstrate that there is a bidirectional casualty between tax revenue and economic growth; and a unidirectional causality from capital market to tax revenue. The estimated result shows that growth of Pakistan economy is strongly contributed from the high collection of direct tax revenue and the development of financial market activity. The findings of this paper have important implications to current and potential investors in Pakistan economy to understand the economic condition of Pakistan and to assist them in making their investment decision.

  14. Banks and economic growth in developing countries: What about Islamic banks?

    Directory of Open Access Journals (Sweden)

    Saida Daly

    2016-12-01

    Full Text Available Islamic banks (IBs have a significant role in the growth of gross domestic product of the developing countries. The Islamic participatory schemes integrate the assets of lenders and borrowers. They allow enable IBs to lend on a longer term basis to create projects with higher risk-return profiles and, thus, to support economic growth. Our investigation examines the contribution of Islamic finance in economic growth. Using a panel data-set, we compare between IBs and conventional banks in their adding to economic growth. We studied a sample of 120 banks between 2005 and 2012. By means of three ordinary least-square regressions, our empirical investigation reveals that the development of non-usurious banks supports economic growth. Moreover, the cooperation between the two financing modes improves economic growth. The integration of this new funding never neglected the role of the conventional method of financing. The practice of IBs is also away from their theoretical mode in terms of participation results.

  15. Energy consumption and economic growth in China: A multivariate causality test

    International Nuclear Information System (INIS)

    Wang Yuan; Wang Yichen; Zhou Jing; Zhu Xiaodong; Lu Genfa

    2011-01-01

    This study takes a fresh look at the direction of causality between energy consumption and economic growth in China during the period from 1972 to 2006, using a multivariate cointegration approach. Given the weakness associated with the bivariate causality framework, the current study performs a multivariate causality framework by incorporating capital and labor variables into the model between energy consumption and economic growth based on neo-classical aggregate production theory. Using the recently developed autoregressive distributed lag (ARDL) bounds testing approach, a long-run equilibrium cointegration relationship has been found to exist between economic growth and the explanatory variables: energy consumption, capital and employment. Empirical results reveal that the long-run parameter of energy consumption on economic growth in China is approximately 0.15, through a long-run static solution of the estimated ARDL model, and that for the short-run is approximately 0.12 by the error correction model. The study also indicates the existence of short-run and long-run causality running from energy consumption, capital and employment to economic growth. The estimation results imply that energy serves as an important source of economic growth, thus more vigorous energy use and economic development strategies should be adopted for China. - Highlights: → Cointegration is only present when real GDP is the dependent variable. →The long-run causality running from energy consumption to economic growth. →China is an energy dependent economy.

  16. Financial Liberalization and Economic Growth

    NARCIS (Netherlands)

    Bumann, S.; Hermes, N.; Lensink, B.W.

    2013-01-01

    This study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta-analysis, based on 441 t-statistics reported in 60 empirical studies. We focus on explaining the heterogeneity of results in our sample

  17. Promoting Debates on Economic Growth and Poverty Reduction in ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Promoting Debates on Economic Growth and Poverty Reduction in Eastern Africa through Strengthening the Links between Research and the Media. Policy researchers have a key role to play in insuring that economic growth and poverty reduction plans are responsive to the needs and interests of poor people. They can ...

  18. Justifying the Ivory Tower: Higher Education and State Economic Growth

    Science.gov (United States)

    Baldwin, J. Norman; McCracken, William A., III

    2013-01-01

    As the U.S. continues to embrace a comprehensive plan for economic recovery, this article investigates the validity of the claim that investing in higher education will help restore state economic growth and prosperity. It presents the findings from a study that indicates that the most consistent predictors of state economic growth related to…

  19. Institutions and economic growth : summary and synthesis

    NARCIS (Netherlands)

    Szirmai, A.

    2013-01-01

    This paper provides a summary, overview and synthesis of the findings of the second phase of the AFD/Maastricht Graduate School of Governance research project on institutions and economic growth. The point of departure for this research project is that the diversity of longrun patterns of economic

  20. ANALYSIS OF THE ECONOMIC GROWTH TRENDS IN ROMANIA BETWEEN 2010-2012

    Directory of Open Access Journals (Sweden)

    Daniela Mihaela NEAMȚU

    2014-06-01

    Full Text Available The question: "Why some countries are richer than others?" is a crucial problem that many economists have proposed to answer. Firstly, it should be noted the fact that the economic development is a quantitative and qualitative concept with a much broader area than growth. It is good that we have economic growth and stability but it is not enough to have economic development. Why? While economic growth is measured by a small number of indicators, among which the most important is the growth rate of GDP, the economic growth implies a long-term dynamic equilibrium, a sustainable growth trajectory based on optimal use of all available resources, the continued development of innovative potential and human capital and the development of strong institutions in order to support economic growth. This study aims, by keeping the interdependence of the investigated aspects, to analyze and describe the following dimensions: GDP per capita and the average productivity per hour, the most important issues that have led to changes of GDP, where Romania is classified from the growth point of view. The study includes the results of research, statistical series and arguments about the evolution of GDP based on National Institute of Statistics and Economic Studies and the Romanian National Bank over the last three years. Finally, the paper proposes a series of lines of action for further sustainable development of our country and reducing the disparities with the EU average.

  1. Impact of the east Asian economic crisis on health and health care: Malaysia's response.

    Science.gov (United States)

    Suleiman, A B; Lye, M S; Yon, R; Teoh, S C; Alias, M

    1998-01-01

    In the wake of the east Asian economic crisis, the health budget for the public sector in Malaysia was cut by 12%. The Ministry of Health responded swiftly with a series of broad-based and specific strategies. There was a careful examination of the operating expenditure and where possible measures were taken to minimise the effects of the budget constraints at the service interface. The MOH reprioritised the development of health projects. Important projects such as rural health projects and training facilities, and committed projects, were continued. In public health, population-based preventive and promotive activities were expected to experience some form of curtailment. There is a need to refocus priorities, maximise the utilisation of resources, and increase productivity at all levels and in all sectors, both public and private, in order to minimise the impact of the economic downturn on health.

  2. Geography, demography, and economic growth in Africa.

    Science.gov (United States)

    Bloom, D E; Sachs, J D

    1998-01-01

    This paper presents the effects of climate, topography, and natural ecology on public health, nutrition, demographics, technological diffusion, international trade and other determinants of economic development in Africa. The goal of this paper is to emphasize the need for intensified research on the issues at the intersection of ecology and human society. Geography was given emphasis because of three reasons: the minimal gain from another recitation of the damage caused by statism, protectionism and corruption to African economic performance; negligence of the role of natural forces in shaping economic performance; and tailoring of policies to geographical realities. The paper also discusses the general problems of tropical development and the focus of Africa's problems in worldwide tropical perspectives; demographic trends in Africa; use of standard cross-country growth equations with demographic and geographic variables, to account for the relative roles of geography; and the future growth strategies and the need for urban-based export growth in manufacturing and services. Lastly, the authors provide a summary of conclusions and discuss the agenda for future research.

  3. Life Insurance Contribution, Insurance Development and Economic Growth in China

    Directory of Open Access Journals (Sweden)

    Wang Ying

    2017-07-01

    Full Text Available Under L-type economy, remodelling the growth power in the medium and long term is essential. The insurance industry during the 13th Five-year Plan period has been given a heavy expectation on promoting economic quality and upgrading economic efficiency, so it will try to accelerate its innovation and development process which serves national needs, market demand and people's requirements. Referring to the previous researches of Solow and Zhang and measuring Capital Stock and Total Factor Productivity independently, the paper analyses the inherent correlation between insurance (including life insurance and non-life insurance and economic growth, reveals the contribution law of the insurance development in economic growth in the short and long term from both economic scale and quality respectively. It also shows enlightenments on policy decision for insurance industry, thus helps economic stability under the downturn periods.

  4. The Political Economy of Recent Economic Growth in India

    OpenAIRE

    Raghbendra Jha

    2004-01-01

    The political economy of India’s economic growth is an issue of abiding interest. Higher and sustained economic growth has, all over the world, been the surest and most time tested means of raising living standards and reducing poverty. Further, given that it is a functioning democracy, economic policy in India can often be dictated by political expediency as political parties indulge in competitive populism in the face of improvements in social indicators such as literacy, infant mortality a...

  5. Law, Economic Growth and Human Development: Evidence from Africa

    OpenAIRE

    Asongu Simplice

    2011-01-01

    This paper cuts adrift the mainstream approach to the legal-origins debate on the law-growth nexus by integrating both overall economic and human components in our understanding of how regulation quality and the rule of law lie at the heart of economic and inequality adjusted human developments. Findings summarily reveal that legal-origin does not explain economic growth and human development beyond the mechanisms of law. Our results support the current consensus that, English common-law coun...

  6. Political institutions as substitute for democracy: a political economy analysis of economic growth

    OpenAIRE

    Pereira, Carlos; Teles, Vladimir Kühl

    2009-01-01

    This manuscript empirically assesses the effects of political institutions on economic growth. It analyzes how political institutions affect economic growth in different stages of democratization and economic development by means of dynamic panel estimation with interaction terms. The new empirical results obtained show that political institutions work as a substitute for democracy promoting economic growth. In other words, political institutions are important for increasing economic growth, ...

  7. Economic growth and technological change : an evolutionary interpretation

    NARCIS (Netherlands)

    Verspagen, B.

    2000-01-01

    The aim of this paper is to apply insights from evolutionary economic theory to the question of what can explain recent trends in economic growth, with emphasis on the role of technological change. Obviously, a basic question that precedes this question is "what is evolutionary economic theory"? The

  8. Islam and Economic Growth in Malaysia

    National Research Council Canada - National Science Library

    bin

    2003-01-01

    .... This thesis discusses nation building by fusing Islam, pluralism, democracy, and modernity. It argues that Malaysia's religious tolerance and adherence to western development models fostered economic growth since its independence...

  9. Impact of Currency Devaluation on Economic Growth of Nigeria ...

    African Journals Online (AJOL)

    The primary aim of the study is to estimate the long run relationship between economic growth (RGDP) and currency devaluation. This study investigated the impact of currency devaluation on economic growth of Nigeria. This was achieved through a review of literature and a test of hypothesis. In order to generate the ...

  10. Financial deepening and economic growth in nigeria (1981-2012: A managerial economic perspective

    Directory of Open Access Journals (Sweden)

    Anthony Igwe

    2014-12-01

    Full Text Available The objective of this study is to determine the impact of financial deepening on economic growth in Nigeria. The supply leading hypothesis was adopted as the theoretical framework of the study. Data for analysis was for the period 1981-2012 obtained from the Central Bank of Nigeria Statistical Bulletin. The explanatory variables were logged values of broad money supply/GDP and Credit to the private sector/GDP. The times series data were tested for stationarity using the ADF unit root tests of stationarity and were found to be stationary at first difference. The Engle-Granger Cointegration technique and Error correction model were used for the test of long run relationship. Findings reveal that money supply (MS is positive and weakly significant in determining economic growth. However, credit to the private sector was negative and not significant in the short run. The speed of adjustment of the ECM is 25.51%. This implies that if there are short run fluctuations, GDP will converge to its long run equilibrium path at a speed of about 25.51% in each period .The conclusion is that financial deepening does not have the desired impact on economic growth in Nigeria. Hence, there is a need for increase and improvement in access to private credit to enhance economic growth and investment

  11. Economic growth and mortality: do social protection policies matter?

    Science.gov (United States)

    Bilal, Usama; Cooper, Richard; Abreu, Francis; Nau, Claudia; Franco, Manuel; Glass, Thomas A

    2017-08-01

    In the 20th century, periods of macroeconomic growth have been associated with increases in population mortality. Factors that cause or mitigate this association are not well understood. Evidence suggests that social policy may buffer the deleterious impact of economic growth. We sought to explore associations between changing unemployment (as a proxy for economic change) and trends in mortality over 30 years in the context of varying social protection expenditures. We model change in all-cause mortality in 21 OECD (Organization for Economic Cooperation and Development) countries from 1980 to 2010. Data from the Comparative Welfare States Data Set and the WHO Mortality Database were used. A decrease in the unemployment rate was used as a proxy for economic growth and age-adjusted mortality rates as the outcome. Social protection expenditure was measured as percentage of gross domestic product expended. A 1% decrease in unemployment (i.e. the proxy for economic growth) was associated with a 0.24% increase in the overall mortality rate (95% confidence interval: 0.07;0.42) in countries with no changes in social protection. Reductions in social protection expenditure strengthened this association between unemployment and mortality. The magnitude of the association was diminished over time. Our results are consistent with the hypothesis that social protection policies that accompany economic growth can mitigate its potential deleterious effects on health. Further research should identify specific policies that are most effective. © The Author 2017; all rights reserved. Published by Oxford University Press on behalf of the International Epidemiological Association

  12. Determinants of Economic Growth in Malaysia 1970-2010

    OpenAIRE

    Fauzi HUSSIN; Norazrul Mat ROS; Mohd Saifoul Zamzuri NOOR

    2013-01-01

    This paper investigates the determinants of economic growth in Malaysia. Trade openness, foreign direct investment, government development expenditure and gross fixed capital formation are used as indicators of economic growth. The study used time series data for the period 1970 to 2010. The Johansen and Juselius cointegration approach was applied to determine the long-run relationship between the variables. The study found that trade openness and foreign direct investment have significant bu...

  13. Electricity consumption and economic growth nexus in Bangladesh: Revisited evidences

    Energy Technology Data Exchange (ETDEWEB)

    Ahamad, Mazbahul Golam, E-mail: mg.ahamad@gmail.com [Research Division, Centre for Policy Dialogue (CPD), House: 40C, Road: 11, Dhanmondi, Dhaka 1209 (Bangladesh); Islam, A.K.M. Nazrul, E-mail: nazrul2002@yahoo.com [Research Division, Centre for Policy Dialogue (CPD), House: 40C, Road: 11, Dhanmondi, Dhaka 1209 (Bangladesh)

    2011-10-15

    In this paper, an attempt is being made to examine the causal relationship between per capita electricity consumption and per capita GDP of Bangladesh using the vector error correction specified Granger causality test to search their short-run, long-run and joint causal relationships for the period of 1971-2008. Empirical findings reveal that there is a short-run unidirectional causal flow running from per capita electricity consumption to per capita GDP without feedback. The presence of a positive short-run causality explains that an increase in electricity consumption directly affects economic activity in Bangladesh. Likewise, results from joint causality exhibit the same as in short-run. By contrast, long-run results show a bi-directional causality running from electricity consumption to economic growth with feedback. These findings can provide essential policy insights to design immediate and long-term growth prospect for Bangladesh keeping in mind its present planned growth strategy and dismal power and energy sector. - Highlights: > Short-run causality running from electricity consumption to economic growth. > Positive SR causality explains electricity generation directly affects economic growth. > For long run, causality runs from electricity consumption to economic growth with feedback. > Joint causality implies the same as in short-run.

  14. Electricity consumption and economic growth nexus in Bangladesh: Revisited evidences

    International Nuclear Information System (INIS)

    Ahamad, Mazbahul Golam; Islam, A.K.M. Nazrul

    2011-01-01

    In this paper, an attempt is being made to examine the causal relationship between per capita electricity consumption and per capita GDP of Bangladesh using the vector error correction specified Granger causality test to search their short-run, long-run and joint causal relationships for the period of 1971-2008. Empirical findings reveal that there is a short-run unidirectional causal flow running from per capita electricity consumption to per capita GDP without feedback. The presence of a positive short-run causality explains that an increase in electricity consumption directly affects economic activity in Bangladesh. Likewise, results from joint causality exhibit the same as in short-run. By contrast, long-run results show a bi-directional causality running from electricity consumption to economic growth with feedback. These findings can provide essential policy insights to design immediate and long-term growth prospect for Bangladesh keeping in mind its present planned growth strategy and dismal power and energy sector. - Highlights: → Short-run causality running from electricity consumption to economic growth. → Positive SR causality explains electricity generation directly affects economic growth. → For long run, causality runs from electricity consumption to economic growth with feedback. → Joint causality implies the same as in short-run.

  15. China and India: Openness, Trade and Effects on Economic Growth

    Directory of Open Access Journals (Sweden)

    Marelli, Enrico

    2011-06-01

    Full Text Available The purpose of this paper is to analyse the economic growth of China and India in terms of their integration in the global economy. We begin with a discussion of some stylized facts concerning their recent economic growth, the most significant institutional reforms, with particular reference to trade relations, and their impact on their economic development. We then propose a descriptive analysis of economic growth, opening up of the economies and trade specialisation, by comparing the features and trends of the two countries (by considering trade and foreign direct investment data. We have also estimated some econometric relations between economic growth and trade/openness, with the addition of control variables (such as the gross fixed capital formation. We initially used a panel data model for the two countries, to be estimated with fixed effects; to test for reverse causality, we re-estimated the fixed effects model by 2SLS (with the inclusion of specific instrumental variables. The effect on economic growth (in terms of GDP per capita of our variables of interest - Openness and FDI - remains positive and statistically significant in all specifications, which confirms our findings even if we treat these variables as endogenous variables. The results prove the positive growth effects, for the two countries, of opening up and integrating in the world economy. Note that the robust growth of these two "giants" has contained the initial impact of the recent global crisis and is now sustaining the recovery of the entire world economy. Other policy relevant implications are discussed in the concluding section.

  16. Evolving Importance of Securities Market to Ensure Economic Growth: Evidence from Armenia

    Directory of Open Access Journals (Sweden)

    Salnazaryan Ashot

    2017-12-01

    Full Text Available This research aims to reveal the importance of securities market in ensuring economic growth in Armenia. In order to make the research more substantial, we also examined the impact of other financial market segments, such as insurance market and credit market, on the economic growth. To estimate the relationship between financial market segments and economic growth, an empirical research was conducted using correlation and regression techniques. The research reveals that the most significant impact on the economic growth among Armenian financial market segments has the credit market of Armenia. There is no significant relationship between economic growth and insurance, as well as corporate securities market. It is pointed out in the research, that the evolving importance of the role of securities market in the economic growth is not yet demonstrated in Armenia, which, perhaps, results from the absence of interaction between securities market and economy in Armenia.

  17. Economic implications of ASEAN integration for Malaysia's labour market

    OpenAIRE

    Rasiah, Rajah

    2014-01-01

    This paper examines the implications of the formation of the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) in 2015 on Malaysia’s labour market. The discussion centres on the nature of the structural change that Malaysia has experienced, especially since the 1980s, and how that has impacted on its labour market. Integration into ASEAN markets has obviously helped Malaysia enjoy the synergies of regional coordination. Although Malaysia’s economic growth has been steady...

  18. Some Peculiarities of the Economic Growth in ECOWAS Countries

    Directory of Open Access Journals (Sweden)

    Babacar NDIAYE

    2017-12-01

    Full Text Available This article seeks to determine some of the peculiarities of the economic growth in the countries from the Economic Community of West African States (ECOWAS. Thus, the study is based on the country approach and uses econometric regression tests. In fact, in the context of the determination of the real GDP per capita growth rate of the countries in this region during the period 1987-2014, the results obtained show that it is still weak and unstable. Moreover, the weak convergence that has only been observed beginning with 2008 feeds the hope that ECOWAS can truly improve its level of development despite the heterogeneous nature of the countries. In order to overcome these difficulties, improving the socio-economic performance through the growth rate of real GDP per capita represents, among others, a necessity in relation to economic policy decisions.

  19. End-of-the-Year Economic Growth and Time-varying Expected Returns

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    . To explain these results, we show as the second main fi?nding of our paper that economic growth and growth in economic confidence (consumer con?dence and business con?dence) are strongly correlated during the fourth quarter, but not during the other quarters. In summary, we therefore show that when economic......We show that macroeconomic growth at the end of the year (fourth-quarter or December) strongly predicts the returns of the aggregate market, small- and large-cap stocks, portfolios sorted on book-to-market and dividend yields, bond returns, and international stock returns, whereas economic growth...... during the rest of the year does not predict returns. End-of-the-year economic growth rates contain considerably more information about expected returns than standard variables used to predict returns, are robust to the choice of macro variables, and work in-sample, out-of-sample, and in subsamples...

  20. End-of-the-year economic growth and time-varying expected returns

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    . To explain these results, we show as the second main fi…nding of our paper that economic growth and growth in economic confidence (consumer con…dence and business con…dence) are strongly correlated during the fourth quarter, but not during the other quarters. In summary, we therefore show that when economic......We show that macroeconomic growth at the end of the year (fourth-quarter or December) strongly predicts the returns of the aggregate market, small- and large-cap stocks, portfolios sorted on book-to-market and dividend yields, bond returns, and international stock returns, whereas economic growth...... during the rest of the year does not predict returns. End-of-the-year economic growth rates contain considerably more information about expected returns than standard variables used to predict returns, are robust to the choice of macro variables, and work in-sample, out-of-sample, and in subsamples...

  1. Multilevel approaches and the firm-agglomeration ambiguity in economic growth studies

    NARCIS (Netherlands)

    Oort, F.G. van; Burger, M.J.; Knoben, J.; Raspe, O.

    2012-01-01

    Empirical studies in spatial economics have shown that agglomeration economies may be a source of the uneven distribution of economic activities and economic growth across cities and regions. Both localization and urbanization economies are hypothesized to foster agglomeration and growth, but

  2. Budget Deficits Effects on Economic Growth

    Directory of Open Access Journals (Sweden)

    L.C.Risti

    2013-06-01

    Full Text Available The budget deficit can not be analyzed autarchically, as it affects all the macroeconomic processes and, is itself influenced by all other macroeconomic indicators. Most analyses and studies on public finance and budget balance measure the impact that budgetary deficits accumulation has on economy. Therefore, the present paper aims at following and analyzing the mutual impact between budget deficit and another economic macro indicator, namely the economic growth.

  3. Economic Growth of a Rapidly Developing Economy: Theoretical Formulation

    Directory of Open Access Journals (Sweden)

    Oleg Sergeyevich Sukharev

    2016-06-01

    Full Text Available The subject matter of the article is the description of economic growth. Modern economy is characterized by a high rate of changes. These changes are the limiting parameters of modern development, which requires a modification of the basic models of growth, the substantiation of the expediency and necessity of a rapid development strategy. In a simple mathematical form, the statement of the problem of economic growth in the “green economy” is examined, in which the costs of environmental measures are not considered a priori as hampering economic development (as it is common for a number of modern neoclassical and neo-Keynesian growth models. The methodological basis of the article are the econometric approach and modelling method. The article has a theoretical character. The main hypothesis supposes that the rapid development strategy cannot make an adequate development strategy under certain conditions, but may be acceptable in other its specific conditions. In this sense, the important growth conditions are the availability of resources, the effectiveness of institutions and the current economic structure, the technological effectiveness of economy, as well as the conditions of technological development (“green economy” and the path of such development. In the article, on the theoretical level of analysis, the substantiation of the adequacy of the rapid development strategy for an economic system is given, whose goal is to achieve the standard of living of the countryleader. Based on the assumptions introduced, the period for which the rapid development strategy might be implemented and the economic lag of the country might be reduced from the country-leader is determined. The conditions that ensure the impact of innovations on the rate of economic development are summarized. The introduced range of dependencies and relations can be useful for the elaboration of the theory of innovation development and for the formation of a new

  4. Causal relationship between nuclear energy consumption and economic growth: A multi-country analysis

    International Nuclear Information System (INIS)

    Yoo, Seung-Hoon; Ku, Se-Ju

    2009-01-01

    This paper attempts to investigate the causal relationship between nuclear energy consumption and economic growth using the data from six countries among 20 countries that have used nuclear energy for more than 20 years until 2005. To this end, time-series techniques including the tests for unit roots, co-integration, and Granger-causality are employed to Argentina, France, Germany, Korea, Pakistan, and Switzerland. The main conclusion is that the causal relationship between nuclear energy consumption and economic growth is not uniform across countries. In the case of Switzerland, there exists bi-directional causality between nuclear energy consumption and economic growth. This means that an increase in nuclear energy consumption directly affects economic growth and that economic growth also stimulates further nuclear energy consumption. The uni-directional causality runs from economic growth to nuclear energy consumption without any feedback effects in France and Pakistan, and from nuclear energy to economic growth in Korea. However, any causality between nuclear energy consumption and economic growth in Argentina and Germany is not detected.

  5. The troika of business cycle, efficiency and volatility. An East Asian perspective

    Science.gov (United States)

    Arshad, Shaista; Rizvi, Syed Aun R.

    2015-02-01

    The EMH has been the subject of much debate over the past few decades, with a recent surge in interest in Asian markets. Asian markets which traditionally comprise of many emerging markets are more volatile and speculative in nature. The heart of our study focuses on the East Asian economies, which have experienced massive capital inflows. This begs the question of whether or not the stock markets are efficient enough for further investment and development. Our paper differs from existing literature as it focuses on deriving weak form efficiency rankings during different business cycle phases. We endeavour further to assess the volatility and business cycle phases. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency rankings and find firstly, the overall efficiency has improved over the past two decades and secondly, markets are more efficient in growth phases in comparison to its preceding decline. Similarly, employing wavelet decomposition in conjunction with EGARCH, we obtain volatility of stock markets in two distinct time horizons, i.e. short term and long term. We find the markets to be more stable during economic boom than its preceding bust. Our results confer with mainstream literature.

  6. Employment, energy, and economic growth in Australia

    Energy Technology Data Exchange (ETDEWEB)

    Andrews, J

    1979-09-01

    The author examines the complex relationships between energy use, employment opportunities, and economic growth as they apply to the Australian economy and concludes that state and federal governments should collaborate to analyze the employment impacts of the various energy strategies. He sees the need for changes in the political and economic environment as well as in the way energy is used before Australia can return to full employment. While low or zero energy growth policies would not, by themselves, solve the unemployment problem, most new jobs have been created in the labor-intensive service industries. 25 references. (DCK)

  7. U.S. Government Supports Low Emission Economic Growth

    Energy Technology Data Exchange (ETDEWEB)

    2015-11-01

    Countries around the world face the challenge of maintaining long-term sustainable economic growth and development under the threat of climate change. By identifying and pursuing a sustainable development pathway now, they are better positioned to reach their economic growth goals while addressing climate change impacts and lowering greenhouse gas (GHG) emissions. Low emission development strategies - development plans that promote sustainable social and economic development while reducing long-term GHG emissions - provide a pathway to preparing for a global low emission future. Partner country governments are working with the U.S. government through the Enhancing Capacity for Low Emission Development Strategies (EC-LEDS) program to further their national development objectives.

  8. FDI in Tourism Sector and Economic Growth in Sumatra Utara

    Directory of Open Access Journals (Sweden)

    Parhimpunan Simatupang

    2014-09-01

    Full Text Available Globalization and neo liberal policies such as liberalization and privatization have generated a significant growth for FDI and considered an important source for capital and foreign currency, capable of spurring economic growth in developing countries. One sector that received particular attention, due to its significant contributions towards economic development, especially in Indonesia, is tourism. Tourism investments in Indonesia are mainly focused on the development of fully-integrated resort sites that help boost the construction of tourist facilities such as hotels and the development of the surrounding environment through social and cultural aspects. The total contribution of travel and tourism to GDP was IDR736.3 billion or 8.9% of GDP in 2012. Foreign direct tourism investments grew by 210% between 2011 and 2012, or at an annual compound average growth rate of 38% between 2006 and 2012. While the implications are at national level, not much could be gathered on the local perspectives. This paper intends to explore the implication of FDI in tourism sector towards economic growth in one of tourism attraction provinces in Indonesia—Sumatra Utara. Specifically, which economic factors contributed towards FDI inflows and their impacts on economic growth in Sumatra Utara.

  9. Globalization and economic growth: empirical evidence on the role of complementarities.

    Science.gov (United States)

    Samimi, Parisa; Jenatabadi, Hashem Salarzadeh

    2014-01-01

    This study was carried out to investigate the effect of economic globalization on economic growth in OIC countries. Furthermore, the study examined the effect of complementary policies on the growth effect of globalization. It also investigated whether the growth effect of globalization depends on the income level of countries. Utilizing the generalized method of moments (GMM) estimator within the framework of a dynamic panel data approach, we provide evidence which suggests that economic globalization has statistically significant impact on economic growth in OIC countries. The results indicate that this positive effect is increased in the countries with better-educated workers and well-developed financial systems. Our finding shows that the effect of economic globalization also depends on the country's level of income. High and middle-income countries benefit from globalization whereas low-income countries do not gain from it. In fact, the countries should receive the appropriate income level to be benefited from globalization. Economic globalization not only directly promotes growth but also indirectly does so via complementary reforms.

  10. Globalization and economic growth: empirical evidence on the role of complementarities.

    Directory of Open Access Journals (Sweden)

    Parisa Samimi

    Full Text Available This study was carried out to investigate the effect of economic globalization on economic growth in OIC countries. Furthermore, the study examined the effect of complementary policies on the growth effect of globalization. It also investigated whether the growth effect of globalization depends on the income level of countries. Utilizing the generalized method of moments (GMM estimator within the framework of a dynamic panel data approach, we provide evidence which suggests that economic globalization has statistically significant impact on economic growth in OIC countries. The results indicate that this positive effect is increased in the countries with better-educated workers and well-developed financial systems. Our finding shows that the effect of economic globalization also depends on the country's level of income. High and middle-income countries benefit from globalization whereas low-income countries do not gain from it. In fact, the countries should receive the appropriate income level to be benefited from globalization. Economic globalization not only directly promotes growth but also indirectly does so via complementary reforms.

  11. Multilevel approaches and the firm-agglomeration ambiguity in economic growth studies

    NARCIS (Netherlands)

    van Oort, F.G.|info:eu-repo/dai/nl/107712741; Burger, M.J.|info:eu-repo/dai/nl/371741092; Knoben, J.; Raspe, O.

    2012-01-01

    Empirical studies in spatial economics have shown that agglomeration economies may be a source of the uneven distribution of economic activities and economic growth across cities and regions. Both localization and urbanization economies are hypothesized to foster agglomeration and growth, but recent

  12. Analisa Korelasi Inflasi, Economic Growth, Economic Structure, Dan Tax Rate Terhadap Tax Revenue Di Negara-negara ASEAN

    OpenAIRE

    Lim, Richard; Toly, Agus Arianto

    2013-01-01

    Penelitian ini bertujuan untuk mengetahui korelasi dari inflasi, economic growth, economic structure serta tax rate terhadap tax revenue di negara-negara Asean. Penelitian ini adalah penelitian kuantitatif dan penelitian ini menggunakan data sekunder mengenai inflasi, economic growth, economic structure, tax rate, serta tax revenue yang diperoleh melalui website world bank yaitu http://data.worldbank.org. Sampel yang digunakan dalam penelitian ini adalah negara-negara Asean tahun 2002 sampai ...

  13. Energy scarcity and economic growth reconsidered

    International Nuclear Information System (INIS)

    Uri, N.D.

    1995-01-01

    The analysis in this paper is concerned with the effect of energy scarcity on economic growth in the United States. After defining the notion of scarcity and introducing two measures of scarcity, unit costs and relative energy price, changes in the trend in resource scarcity for natural gas, bituminous coal, anthracite coal, and crude oil over the most recent three decades are investigated. Each of the energy resources became significantly more scarce resources during the decade of the 1970s in the Malthusian Stock Scarcity and Malthusian Flow Scarcity sense. Unit costs exhibit a similar change for natural gas and crude oil but not for bituminous coal and anthracite coal. The situation reversed itself during the 1980s. Natural gas, bituminous coal, anthracite coal, and crude oil all became significantly less scarce resources during the decade of the 1980s than they had been during the 1970s. That is, the increase in scarcity as measured by relative energy prices observed during the decade of the 1970s was not reversed completely during the 1980s for natural gas and crude oil. Unit costs for natural gas and crude oil demonstrate analogous patterns and test results. Given that change has taken place, it has implications for future economic growth to the extent resource scarcity and economic growth are interrelated. (author)

  14. The Impact of Social Media on Economic Growth

    OpenAIRE

    Dell'Anno, Roberto; Rayna, Thierry; Solomon, O. Helen

    2015-01-01

    The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. This article attempts to investigate the impact of social media (SM) on economic growth. Using information obtained from memberships to social networks, we find that SM has a negative and significant impact on economic growth. This provides evidence in favour of our hypothesis that SM increases the search costs for information and also increase...

  15. Demographics, political power and economic growth.

    Science.gov (United States)

    Holtz-eakin, D

    1993-01-01

    "Growth theory may be used to predict the response of saving, capital formation, and output growth to large demographic shifts. Such large shifts would also be expected to alter the demand for government services and the desired levels of taxation in the population. This paper extends the overlapping-generations model of economic growth to predict the evolution of government tax and spending policy through the course of a major demographic shift. Simulations suggest that this approach may yield valuable insights into the evolution of policy in the United States and other industrialized economies." excerpt

  16. Coping with globalization: Asian versus Latin American strategies of development, 1980-2010

    Directory of Open Access Journals (Sweden)

    Atul kohli

    2012-12-01

    Full Text Available When compared to Latin America, Asian economies since 1980 have grown faster and have done so with relatively modest inequalities. Why? A comparison of Asia and Latin America underlines the superiority of the nationalist capitalist model of development, which has often been pursued more explicitly in Asia, over that of a dependent capitalist model, which has often been pursued in Latin America. In comparison to Latin America, the Asian model has facilitated higher and less volatile rates of economic growth and a greater political room to pursue social democratic policies. The "tap root" of these alternate pathways is relative autonomy from global constraints: states and economies in Asia have been more nationalist and autonomous than in Latin America.

  17. INFORMATION AND TELECOMMUNICATION INFRASTRUCTURE AND ECONOMIC GROWTH: AN EXPERIENCE FROM NIGERIA

    Directory of Open Access Journals (Sweden)

    Wasiu Ishola Oyeniran

    2016-11-01

    Full Text Available The study examines the effect of investment in telecommunication infrastructure on economic growth in Nigeria. Using time series data from 1980 and 2012, the study employs autoregressive distributed lag (ARDL bounds testing approach proposed by Pesaran et al., (2001 to estimate the long run and short run effect of investment in telecommunication infrastructure on economic growth. The result from cointegration test showed presence of long run relationship between dependent and all explanatory variables. The study found foreign direct investment in information and communication technology more effective in improving and raising economic growth in Nigeria than government investment. The output from Chow breakpoint test shows that the liberalization of telecommunication industry introduced in 1992 has significant effect on economic growth in Nigeria. Therefore, it is imperative for Nigerian government to increase its spending on telecom and attract more foreign investment in telecommunication in order to boost productivity and economic growth.

  18. THE TERTIARY CIVILIZATION – CONCEPT OF THE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Gabriela Liliana CIOBAN

    2014-06-01

    Full Text Available Providing services has become the most important sector of the economy and the main dynamic factor of the economic competition, within the developed countries economies. In such economies, the sector of economies has assimilated the workforce issued in the other sector, when this over plus of labor force represented simultaneously the cause of its expansion. The services have had a double part: they contribute on both the material entertainment of the labor force, as well as on maintaining the reestablishment of people’s health, to their physical and intellectual recovery, to the development of the individual, as regards the cultural and scientific points of view, and implicitly, to the growth of the living standards. For the time being, one can characterize the economies of the developed countries, as well as of many other countries in progress of development, as services oriented economies; the development and diversification of services has been determined by the need of satisfying diversified social needs. In this way, the part of services aims on becoming proportional to their contribution within the process of economic growth. One can definitely say that between services and the economic growth, a double conditioning takes place, meaning: on one hand, the development of services appears as a consequence of the economic growth, and on the other hand, it grows up the economic growth, thus contributing on diversifying the production and on improving the level of training or qualification of the labor force.

  19. Malaysia Economic Monitor, December 2016 : The Quest for Productivity Growth

    OpenAIRE

    World Bank Group

    2016-01-01

    Malaysia’s economic growth has slowed down but remains resilient to external headwinds. The economic growth rate slowed from 5 percent in 2015 to 4.2 percent, year on year, in the first three quarters of 2016. Private consumption growth slowed down due to a softening labor market and households’ ongoing adjustment to a context of fiscal consolidation. Public investment in infrastructure is...

  20. 213 The Role of Stock Market Development on Economic Growth in ...

    African Journals Online (AJOL)

    User

    posited that Douala Stock Exchange does not affect Cameroonian economic growth. Vol. ... liquidity of financial assets, make global and domestic risk diversification possible ... is a link between stock market performance and economic growth in Nigeria, ..... Economic Research (UNU-WIDER): Research Paper No.2006/102.

  1. Linkages between Income Inequality, International Remittances and Economic Growth in Pakistan

    OpenAIRE

    Shahbaz, Muhammad; Ur Rehman, Ijaz; Ahmad Mahdzan, Nurul Shahnaz

    2013-01-01

    This paper explores the dynamic linkages between income inequality, international remittances and economic growth using time series data over the period of 1976-2006 in case of Pakistan. The cointegration analysis based on the bounds test confirms the existence of a long-run relationship between income inequality, international remittances and economic growth. Our results reveal that income inequality and international remittances enhance economic growth. The causality analysis based on innov...

  2. SUSTAINABLE ECONOMIC GROWTH AND ECO-EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Mariana\tLUPAN

    2015-06-01

    Full Text Available The current economic and social contexts have brought forth the issues regarding growth and sustainability. The concept of growth has always been linked to an increase in consumption levels, and this inevitably led to pressures on the environment and on the resources that support human activity. Given these circumstances, the question whether we can avoid an environmental disaster while maintaining economic growth, has become more stringent. We chose to approach this aspect by examining the concept of eco-efficiency, a concept that embodies aspects of both economic efficiency and environmental efficiency. Eco-efficiency can be regarded as the effectiveness with which resources are used in order to create products and services that satisfy human needs. Based on this idea, the last decade has produced an increasing number of studies on eco-efficiency and how it can be measured and implemented in the production of goods and services, but also in the field regarding demand patterns. An analysis regarding the aspects of eco-efficiency at the macro level of the Romanian economy is in line with the current environmental concerns, thus I have chosen to cover these questions, as well as the evolution of the locale economy towards a more sustainable development. The outcome of the examined aspects shows that, in spite of an increase in eco-efficiency levels, energy and material consumption and emissions have increased. This raises the question if measuring economic and environmental efficiency by reporting to the GDP value is becoming obsolete and if there is a need to revaluate eco-efficiency indicators in order to measure the transition to a greener and more sustainable development from different points of view.

  3. Negotiating Intra-Asian Games Networks: On Cultural Proximity, East Asian Games Design, and Chinese Farmers

    Directory of Open Access Journals (Sweden)

    Dean Chan

    2006-01-01

    Full Text Available A key feature of networked games in East Asia is the relationship between the adaptation of regional Asian aesthetic and narrative forms in game content, and the parallel growth in more regionally-focused marketing and distribution initiatives. This essay offers a contextual analysis of intra-Asian games networks, with reference to the production, marketing and circulation of Asian MMORPGs. My discussion locates these networks as part of broader discourses on regionalism, East Asian cultural production and Asian modernity. At the same time, I consider how these networks highlight structural asymmetry and uneven power relations within the region; and I examine the emergent use of gamer-workers known as Chinese farmers in the digital game-items trade.

  4. Economic Growth and Development in the Undergraduate Curriculum

    Science.gov (United States)

    Acemoglu, Daron

    2013-01-01

    A central theme of this article is that economics instructors should spend more time teaching about economic growth and development at the undergraduate level because the topic is of interest to students, is less abstract than other macroeconomic topics, and is the focus of exciting research in economics. Facts and data can be presented to…

  5. Interaction between Financial Intermediation Efficiency and Economic Growth

    Directory of Open Access Journals (Sweden)

    Milka Grbic

    2016-12-01

    Full Text Available Financial intermediaries have the key role in making a connection between savings and investments. Given the fact that an efficient transfer of savings into investments is made more difficult by transaction and information costs, financial intermediaries are specialized in minimizing the said costs per unit of invested capital. They are also trained to identify productive and innovative investment endeavors which contribute to the growth of real output. Real output growth is the basis for increasing the financial potential, which creates the basis for the development of financial intermediaries. In connection with that, apart from the analysis of the relevant factors making the process of the mobilization and transfer of savings more difficult, the theoretical models that put an emphasis on the relationship between the efficiency of financial intermediation and economic growth are discussed in the paper. The research results are indicative of the fact that the improvement in financial intermediaries’ business doing enables faster economic growth. Simultaneously, the growth of the economic activity increases the scope of the business operations conducted by financial intermediaries. Thanks to the effects of the economies of scale that contribute to a reduction in transaction and information costs, the efficiency of financial intermediations grows.

  6. Why Does Population Aging Matter So Much for Asia? Population Aging, Economic Growth, and Economic Security in Asia

    OpenAIRE

    Lee, Sang-Hyop; Mason, Andrew; Park, Donghyun

    2011-01-01

    Asia as a whole is experiencing a rapid demographic transition toward older populations, though different countries are at different stages of this region- wide trend. We document Asia's aging population, describe the region's old-age support systems, and highlight the regional socioeconomic implications of the transition for those support systems. Aging populations present two fundamental challenges to Asian policymakers: (1) developing socioeconomic systems that can provide economic securit...

  7. Renewable Resources, Capital Accumulation, and Economic Growth

    OpenAIRE

    Wei-Bin Zhang

    2011-01-01

    This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the neoclassical growth theory and the traditional dynamic models of renewable resources with an alterna...

  8. Stages of growth in economic development

    Czech Academy of Sciences Publication Activity Database

    Kejak, Michal

    2003-01-01

    Roč. 27, č. 5 (2003), s. 771-800 ISSN 0165-1889 Institutional research plan: CEZ:AV0Z7085904 Keywords : growth * human capital * development Subject RIV: AH - Economics Impact factor: 0.690, year: 2003

  9. Economic growth, biodiversity loss and conservation effort.

    Science.gov (United States)

    Dietz, Simon; Adger, W Neil

    2003-05-01

    This paper investigates the relationship between economic growth, biodiversity loss and efforts to conserve biodiversity using a combination of panel and cross section data. If economic growth is a cause of biodiversity loss through habitat transformation and other means, then we would expect an inverse relationship. But if higher levels of income are associated with increasing real demand for biodiversity conservation, then investment to protect remaining diversity should grow and the rate of biodiversity loss should slow with growth. Initially, economic growth and biodiversity loss are examined within the framework of the environmental Kuznets hypothesis. Biodiversity is represented by predicted species richness, generated for tropical terrestrial biodiversity using a species-area relationship. The environmental Kuznets hypothesis is investigated with reference to comparison of fixed and random effects models to allow the relationship to vary for each country. It is concluded that an environmental Kuznets curve between income and rates of loss of habitat and species does not exist in this case. The role of conservation effort in addressing environmental problems is examined through state protection of land and the regulation of trade in endangered species, two important means of biodiversity conservation. This analysis shows that the extent of government environmental policy increases with economic development. We argue that, although the data are problematic, the implications of these models is that conservation effort can only ever result in a partial deceleration of biodiversity decline partly because protected areas serve multiple functions and are not necessarily designated to protect biodiversity. Nevertheless institutional and policy response components of the income biodiversity relationship are important but are not well captured through cross-country regression analysis.

  10. Contribution of services to economic growth: Kaldor’s fifth law?

    Directory of Open Access Journals (Sweden)

    Adilson Giovanini

    2017-08-01

    Full Text Available Purpose: This study questions whether there is a Kaldor’s fifth law and tests whether the size of the intermediate services sector contributes to the growth of the industrial sector. Originality/Value: The laws proposed by Kaldor consider that the industrial sector contributes to economic growth and affirm that the growth of this sector depends on the existing demand for industrial products. If this new law is corroborated we have the initial evidences that the growth of the service sector contributes to the growth of the industry. Design/methodological/approach: The existence of this new law is tested through the estimation of panel VAR models for eight developed countries in the period 1980-2009. Findings: The growth of the service sector causes Granger to increase industrial productivity, industrial density and economic complexity. The causality test shows that there is a bidirectional causal relationship between the growth of the service sector and the industrial density and between the growth of the service sector and the Economic Complexity Index.

  11. Political instability and economic growth: an empirical evidence from the Baltic states

    Directory of Open Access Journals (Sweden)

    Ladislava Grochová

    2011-01-01

    Full Text Available For more than last 20 decades, new political economics has been dealing with theories of economic growth (for example influential contributions by Mancur Olson, Dani Rodrik. However, less attention has been paid to their empirical verification. The new political economics growth theory defines some factors that are necessary for economic growth among which political stability. Our aim is to test the theory focused on political stability empirically in order to enrich the studies with recent European results. The paper uses a single-equation model to reject a hypothesis that political stability is a necessary condition for economic growth finding a relationship between economic growth and political instability. A demonstration that political stability is not a crucial factor for economic development in general then represents the main goal of the contribution. There are distinguished two types of political instability – elite and non-elite – in topical literature. While non-elite political instability concerns about violent coups, riots or civil wars, elite political instability is represented with “soft changes” such as government breakdowns, fragile majority or minority governments. A number of government changes is used as a proxy of elite political instability. The disproof of the hypothesis is demonstrated on data from the Baltic states where number of government changes takes place and still fast economic growth could be seen within last two decades. Since it is shown that political instability has almost no impact on economic growth, we consider the hypothesis regarding a necessity of political stability for economic development to be only a specific non-generalizable case.

  12. Challenges in Collating Spirometry Reference Data for South-Asian Children: An Observational Study

    Science.gov (United States)

    Lum, Sooky; Bountziouka, Vassiliki; Quanjer, Philip; Sonnappa, Samatha; Wade, Angela; Beardsmore, Caroline; Chhabra, Sunil K.; Chudasama, Rajesh K.; Cook, Derek G.; Harding, Seeromanie; Kuehni, Claudia E.; Prasad, K. V. V.; Whincup, Peter H.; Lee, Simon; Stocks, Janet

    2016-01-01

    appropriate for North Indian data. Prospective data collection using standardised protocols to explore potential sources of variation due to socio-economic circumstances, secular changes in growth/predictors of lung function and ethnicities within the South-Asian classification are urgently required. PMID:27119342

  13. Relationship of Economic Growth with Tourism Sector

    Directory of Open Access Journals (Sweden)

    Abdul Holik

    2016-06-01

    Full Text Available This research aims to analyze the impact of  foreign tourists towards the economic growth. It was conducted from 1995 until 2012 on five ASEAN member countrie: Indonesia, Malaysia, Thailand, Philippines, and Singapore. It used the quantitative method; it is one-way random effect of panel regression. The data, which is functioned as dependent variables, were taken from WDI (World Development Indicator of the World Bank for the Gross Domestic Product (GDP. Meanwhile, the data of revenue from the foreign tourist visit (Rec, the number of foreign tourist arrival (Arr, and the exchange rate (Xrate are functioned as the independent variables. Based on the research result, there is evidence that international tourism can increase the economic growth in those countries. The three independent variables have a positive and  significant impact to the dependent variables. Based on the findings, the governments of five ASEAN member countries should be able to maintain the sustainability of tourism sector in order to be stronger and to have global market-orientation. In fact, tourism services can support the  economic growth because the potential of those ASEAN countries cannot be taken lightly.

  14. Relationship of Economic Growth with Tourism Sector

    Directory of Open Access Journals (Sweden)

    Abdul Holik

    2016-06-01

    Full Text Available This research aims to analyze the impact of foreign tourists towards the economic growth. It was conducted from 1995 until 2012 on five ASEAN member countrie: Indonesia, Malaysia, Thailand, Philippines, and Singapore. It used the quantitative method; it is one-way random effect of panel regression. The data, which is functioned as dependent variables, were taken from WDI (World Development Indicator of the World Bank for the Gross Domestic Product (GDP. Meanwhile, the data of revenue from the foreign tourist visit (Rec, the number of foreign tourist arrival (Arr, and the exchange rate (Xrate are functioned as the independent variables. Based on the research result, there is evidence that international tourism can increase the economic growth in those countries. The three independent variables have a positive and significant impact to the dependent variables. Based on the findings, the governments of five ASEAN member countries should be able to maintain the sustainability of tourism sector in order to be stronger and to have global market-orientation. In fact, tourism services can support the economic growth because the potential of those ASEAN countries cannot be taken lightly.

  15. Public Expenditures and Economic Growth: Was Wagner Right? Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Gizem Uzuner

    2017-06-01

    Full Text Available Going by Adolph Wagner’s theory, increased in public expenditure would have a significant influence growth. However, the endogenous growth theories posit that public sector either has direct or indirect impacts on economic growth. It is on this premise, we seek to examine and validate Wagner’s theory on the impact of current, investment and transfer expenditures on economic growth over the periods 1975-2014 for Turkey, using Johansen co-integration test and Granger causality test. Findings confirm Wagner’s law through the existence of a long term relationship between the variables, while public expenditures display a significant positive impact on economic growth.

  16. The Relationship Between Economic Growth and Stock Returns : Evidence From Turkey

    Directory of Open Access Journals (Sweden)

    Mehmet ŞENTÜRK

    2014-12-01

    Full Text Available Financial development is one of the most important determinants of the economic development. Financial developments in Turkey began in the early 1980s and still have continued. During this period, it has survived a severe interaction between financial development and economic growth. In this study, the causality relationship between stock returns and economic growth in Turkey it was analysed over the period 1998Q2-2014Q2. In this context; firstly, Bootstrapped Toda-Yamamoto and Frequency Domain causality tests were applied in order to understand the causality relationship between the two variables. As a result of the Bootstrapped Toda-Yamamoto causality test results, there is no relation of causality between the variables, but according to Frequency Domain causality test stock returns cause the economic growth in short term and economic growth cause stock returns in medium term.

  17. Macroeconomic impacts of oil price shocks in Asian economies

    International Nuclear Information System (INIS)

    Cunado, Juncal; Jo, Soojin; Perez de Gracia, Fernando

    2015-01-01

    This paper analyzes the macroeconomic impact of structural oil shocks in four of the top oil-consuming Asian economies, using a VAR model. We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their types. In particular, an oil supply shock has a limited impact, while a demand shock driven by global economic activity has a significant positive effect in all four Asian countries examined. Our finding also includes that policy tools such as interest rates and exchange rates help mitigating the effects of supply shocks in Japan and Korea; however, they can be more actively used in response to demands shocks. - Highlights: • We analyze the effects of three structural oil price shocks on Asian economies. • Supply shocks have limited impact on the economic activity of Asian economies examined. • Demand shocks due to economic activity boosts GDP of all economies. • CPIs in India and Indonesia were only marginally affected by oil price shocks. • Monetary and exchange rate tools help mitigating supply shocks in Korea and Japan.

  18. Military spending and economic growth in China: a regime-switching analysis

    OpenAIRE

    Menla Ali, F; Dimitraki, O

    2014-01-01

    This article has been made available through the Brunel Open Access Publishing Fund. This article investigates the impact of military spending changes on economic growth in China over the period 1953 to 2010. Using two-state Markov-switching specifications, the results suggest that the relationship between military spending changes and economic growth is state dependent. Specifically, the results show that military spending changes affect the economic growth negatively during a slower grow...

  19. Northeast Asian economy cooperation: study on energy resource cooperation in Northeast Asian region

    Energy Technology Data Exchange (ETDEWEB)

    Chung, Woo Jin [Korea Energy Economics Institute, Euiwang (Korea)

    1999-12-01

    In Northeast Asian region, there are East Russia with abundant resources, Japan a large energy consumption country, Korea and China with rapidly increasing energy consumption due to their economic development, but the utilization rate of East Russian resources are very low and the resource trading and investment among Korea, China and Japan are also low. Korea and Japan use most of energy imported from Middle East. It is expected that import of petroleum and gas except coal will be increasing in China and most of imported energy will be imported mainly from the Middle East. For Korea, with not much energy resources and foreign-oriented economic system, if investment on resource development among Northeast Asian countries is active and energy transportation among these countries is liberalized, the enhancement of energy cooperation in Northeast Asia has a high possibility to provide North and South Korean energy cooperation as well as to secure energy security and to develop energy industry. Therefore, Korean government needs to promote Northeast Asian energy cooperation by taking its lead. (author). 28 refs., 8 figs., 44 tabs.

  20. RELATIONSHIP BETWEEN ECONOMIC GROWTH AND HUMAN CAPITAL

    Directory of Open Access Journals (Sweden)

    Mihaela Tania SANDU

    2010-02-01

    Full Text Available Recognizing the importance of infl uence exerted by human capital oneconomic growth of a country, to base decisions regarding the need to invest in such type of capital there are conducted studies and used different models for analysis related to a series of macroeconomic and demographic indicators.We present the main indicators and dynamics of human capital, placedin the economic context of Romania, with reference, in bringing out statistics data, to an average period of time (between 1994-2008 characterized at macroeconomic level, both by recession and economic growth periods. There were also highlighted indicators and dynamics, both at national and individual level.

  1. Evaluation of trade influence on economic growth rate by computational intelligence approach

    Science.gov (United States)

    Sokolov-Mladenović, Svetlana; Milovančević, Milos; Mladenović, Igor

    2017-01-01

    In this study was analyzed the influence of trade parameters on the economic growth forecasting accuracy. Computational intelligence method was used for the analyzing since the method can handle highly nonlinear data. It is known that the economic growth could be modeled based on the different trade parameters. In this study five input parameters were considered. These input parameters were: trade in services, exports of goods and services, imports of goods and services, trade and merchandise trade. All these parameters were calculated as added percentages in gross domestic product (GDP). The main goal was to select which parameters are the most impactful on the economic growth percentage. GDP was used as economic growth indicator. Results show that the imports of goods and services has the highest influence on the economic growth forecasting accuracy.

  2. Conflict Between Economic Growth and Environmental Protection

    Energy Technology Data Exchange (ETDEWEB)

    Czech, Bryan

    2012-01-09

    The conflict between economic growth and environmental protection may not be reconciled via technological progress. The fundamentality of the conflict ultimately boils down to laws of thermodynamics. Physicists and other scholars from the physical sciences are urgently needed for helping the public and policy makers grasp the conflict between growth and environmental protection.

  3. The Effects of the ASEAN Economic Community 2015 on Industries in Kitakyushu and Shimonoseki

    OpenAIRE

    エリック D., ラムステッター; Archanun, Kohpaiboon; Eric D., Ramstetter; Kohpaiboon, Archanun

    2015-01-01

    This paper asks how the formation of the Association of Southeast Asian Nations'(ASEAN's) Economic Community (AEC) in 2015 (AEC2015) will affect industries in Kitakyushu and Shimonoseki. First, ASEAN's rapid economic during the past five decades has made ASEAN a large market for Japanese goods, services, and firms. ASEAN has supported this growth by facilitating important economic and political dialogue in Southeast Asia and AEC2015 will likely reinforce this important role. Second, although ...

  4. Landscape urbanization and economic growth in China: positive feedbacks and sustainability dilemmas.

    Science.gov (United States)

    Bai, Xuemei; Chen, Jing; Shi, Peijun

    2012-01-03

    Accelerating urbanization has been viewed as an important instrument for economic development and reducing regional income disparity in some developing countries, including China. Recent studies (Bloom et al. 2008) indicate that demographic urbanization level has no causal effect on economic growth. However, due to the varying and changing definition of urban population, the use of demographic indicators as a sole representing indicator for urbanization might be misleading. Here, we re-examine the causal relationship between urbanization and economic growth in Chinese cities and provinces in recent decades, using built-up areas as a landscape urbanization indicator. Our analysis shows that (1) larger cities, both in terms of population size and built-up area, and richer cities tend to gain more income, have larger built-up area expansion, and attract more population, than poorer cities or smaller cities; and (2) that there is a long-term bidirectional causality between urban built-up area expansion and GDP per capita at both city and provincial level, and a short-term bidirectional causality at provincial level, revealing a positive feedback between landscape urbanization and urban and regional economic growth in China. Our results suggest that urbanization, if measured by a landscape indicator, does have causal effect on economic growth in China, both within the city and with spillover effect to the region, and that urban land expansion is not only the consequences of economic growth in cities, but also drivers of such growth. The results also suggest that under its current economic growth model, it might be difficult for China to control urban expansion without sacrificing economic growth, and China's policy to stop the loss of agricultural land, for food security, might be challenged by its policy to promote economic growth through urbanization.

  5. Political instability and economic growth: an empirical evidence from the Baltic states

    OpenAIRE

    Ladislava Grochová; Luděk Kouba

    2011-01-01

    For more than last 20 decades, new political economics has been dealing with theories of economic growth (for example influential contributions by Mancur Olson, Dani Rodrik). However, less attention has been paid to their empirical verification. The new political economics growth theory defines some factors that are necessary for economic growth among which political stability. Our aim is to test the theory focused on political stability empirically in order to enrich the studies with recent ...

  6. Financial Sector Development, Economic Growth and Poverty Reduction: New Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Muhammad Yusuf DANDUME

    2014-12-01

    Full Text Available There is a common view that a well developed financial system will usher economic growth and further reduce the level of poverty. In late years the automaticity of this relationship in poor states such as Nigeria has been an area of considerable argument. This study attempts to examine this presuppose causal relationship between financial sector development, economic growth and poverty reduction in Nigeria. The study uses Autoregressive Distributed Lag model (ARDL and Toda and Yamamoto No causality test, using a time series data covering the period of 1970-2011. The study includes poverty into the ongoing competing finance growth nexus hypothesis, in order to ascertain whether the poor segment of the Nigerian society have access to financial resources and also fully participate in the economic growth process in the country. Empirical results of the study reveal that financial sector development does not cause poverty reduction. This implies, increased in the supply of loan able funds due to financial sector development is not enough to ensure poverty reduction. Certain measures are important. Therefore, the results reveal, that economic growth causes financial sector growth. Implies that economic growth lead and financial sector follow. This implies that for financial sector development, economic growth is necessary, even though not sufficient for poverty reduction.

  7. Do Corruption and Social Trust affect Economic Growth? A Review

    DEFF Research Database (Denmark)

    Serritzlew, Søren; Sønderskov, Kim Mannemar; Svendsen, Gert Tinggaard

    2014-01-01

    Two separate literatures suggest that corruption and social trust, respectively, are related to economic growth, although the strengths of the relationships, and the direction of causality, are still debated. In this paper, we review these literatures and evaluate the evidence for causal effects...... of corruption and trust on economic growth, and discuss how corruption and trust are interrelated. The reviews show that absence of corruption and high levels of social trust foster economic growth. The literatures also indicate that corruption has a causal effect on social trust, while the opposite effect...... is more uncertain. In the conclusion, we offer the suggestion that fighting corruption may yield a “double dividend”, as reduced corruption is likely to have both direct and indirect effects on growth....

  8. The Dynamic Relationship between Crime and Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Adekoya Adenuga Fabian

    2017-03-01

    Full Text Available Crime is a major impediment to economic growth and development in Nigeria despite measures taken to reduce it. There is, however, currently no major statistical analysis of how crime affects economic growth in that country. This study examines the link between crime and growth based on the theory of rational choice and empirical data. Exogenous and endogenous growth models are employed, and include deterrence variables. The period examined is 1970–2013 and estimation is done using the autoregressive distributed lag model. The results of our study show that crime affects economic growth at a 1% and 10% level of significance. In other words, crime imposes the costs of prosecution and punishment on the citizens and country, which influences the growth of the economy. Given our results, we suggest that police and the system of justice should be strengthened. Indeed, this may be necessary if the development target stated in Nigeria vision 20: 2020 is to be reached.

  9. Determinants of economic growth: will data tell?

    OpenAIRE

    Ciccone, Antonio; Jarociński, Marek

    2008-01-01

    Many factors inhibiting and facilitating economic growth have been suggested. Will international income data tell which matter when all are treated symmetrically a priori? We find that growth determinants emerging from agnostic Bayesian model averaging and classical model selection procedures are sensitive to income differences across datasets. For example, many of the 1975-1996 growth determinants according to World Bank income data turn out to be irrelevant when using Penn World Table data ...

  10. Three essays on energy and economic growth

    Science.gov (United States)

    Peach, Nathanael David

    2011-12-01

    This dissertation explores the relationship between energy and economic growth. Chapter Two, Three, and Four examine the interaction of energy-related measures and economic outcomes by applying different methodologies across various spatial dimensions. Chapter Two shows that increases in energy consumption are necessary for increases in state level economic growth to occur. Chapter Three estimates a simultaneous supply and demand energy market at the state level. This system allows for estimates of structural elasticities to be obtained. Findings indicate that energy supply is considerably more elastic than energy demand. Energy demand is found to be determined by responses to short run shocks rather than long run processes. Chapter Four estimates the impact of changes in various elements of governance and institutional quality impact genuine investment within an economy. Increases in democracy are predicted to decrease genuine investment in energy-rich nations. The dissertation concludes with Chapter Five.

  11. Energy consumption and economic growth: Evidence from Cameroon

    International Nuclear Information System (INIS)

    Fondja Wandji, Yris D.

    2013-01-01

    The aim of this paper is to study the nature of the relationship between energy consumption and economic growth in Cameroon through a three-step approach: (i) Study the stationarity of the chronic, (ii) test of causality between variables and (iii) estimate the appropriate model. The study concludes in a non-stationarity of the series. Using the data in first difference, the Granger causality test yields a strong evidence for unidirectional causality running from OIL to GDP. Cointegration tests also show that these two series are co-integrated and the Error Correction Model (ECM) reveals that every percentage increase in Oil products consumption increases economic growth by around 1.1%. This result confirms the intuition that an economic policy aimed at improving energy supply will necessarily have a positive impact on economic growth. On the other side, a lack of energy is a major bottleneck for further economic development in Cameroon. - Highlights: • The series of GDP, ELECTRICITY, OIL and BIOFUELS are integrated of order 1. • The Granger causality test yields a unidirectional causality running from OIL to GDP. • No causal link between GDP and ELECTRICITY, and no more between GDP and BIOFUELS. • Cointegration tests also show that only OIL and GDP are co-integrated. • Every percentage increase in OIL increases GDP by around 1.1%

  12. Manufacturing Growth, Trade and Labour Market Outcomes in East Asia; Why Did the NIEs Forge so far Ahead?

    OpenAIRE

    Chris Manning; Alberto Posso

    2008-01-01

    This paper seeks to explain different real wage outcomes in two groups of East Asian economies: two New Industrialising Economies (NIEs: Korea and Taiwan), and three Southeast Asian economies (ASEAN-3: Malaysia, Thailand and Indonesia), all of which grew rapidly for several decades prior to the Asian economic crisis. Drawing on international and national data sets, the paper examines dynamic interactions between manufacturing growth and labour market outcomes. It adopts the dualistic Lewis mo...

  13. A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies

    OpenAIRE

    Yin-Wong Cheung; Matthew S. Yiu; Kenneth K. Chow

    2009-01-01

    We study trade integration among 15 selected Asian and Oceanic economies using factor models. The principal component approach is employed to extract the common factor that drives trade integration from bilateral trade integration series. It is found that the estimated common trade integration factor has strong seasonal and deterministic components. In accordance with theory, the common trade integration factor is significantly associated with the economic growth and the trade barriers of the...

  14. The physical limits to economic growth by R&D funded innovation

    International Nuclear Information System (INIS)

    Beaudreau, Bernard C.; Lightfoot, H. Douglas

    2015-01-01

    For over three decades, worldwide R&D expenditure has risen steadily, reaching $1.3 trillion in 2011. Underlying this unprecedented growth is a deeply-held belief that R&D is a prime mover of economic growth. Ironically, despite three decades of massive R&D expenditure, growth levels have remained substantially lower than that of the immediate post World War II period. This raises important theoretical questions regarding R&D and its impact on growth per se. For example, R&D-growth has been modeled and continues to be modeled as an unbounded set. This has not been inconsequential because it has introduced an upward bias in growth projections as evidenced in the literature. More importantly, are there physically-determined upper limits to R&D-based growth and, if so, what are they? This paper uses the physical sciences to map the physical limits to R&D-based innovation. A consilient model of economic growth is presented and upper bounds for energy efficiency-based growth rates are provided, both for individual energy sectors and globally. We find that with economic growth by innovation limited by physical conditions, increasing the rate of economic growth can only come through increasing the rate of energy consumption. - Highlights: • Worldwide, R&D expenditures have grown steadily yet economic growth remains anemic. • This paper examines the physics of process-based R&D using a consilient model of wealth creation. • Growth is formalized in terms of (i) energy consumption growth and (ii) changes in energy efficiency. • Detailed estimates of changes in energy efficiency are provided for the period 1990–2100. • The results of the paper establish the upper bound of changes in energy efficiency at 0.68 percent per year

  15. THE DETERMINANTS OF THE VIETNAMESE ECONOMICS COMPETITIVENESS, A LESSON FOR DEVELOPING COUNTRIES

    OpenAIRE

    Van Ha NGUYEN; Xavier GALIEGUE

    2011-01-01

    Vietnam has been very successful for the last two decades, since the adoption of “Doi moi” in 1986. Over the last two decades, an economic growth rate in Vietnam has been one of the highest worldwide (with GDP growing by respectively 8% per year). The increase of the Vietnamese share of world trade is the highest of all major Asian exporters (including China) since the mid-1990s. « Why is Vietnam so competitive with respect to other Asian exporters? » This paper considers Vietnam's competitiv...

  16. Insurance Market Activity and Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Philip Chimobi Omoke

    2012-04-01

    Full Text Available The focus of this study is to empirically assess insurance market activities in Nigeria withthe view to determining its impact on economic growth. The period of study was 1970- 2008, thestudy made use of insurance density measures (premium per capita as a measure for insurancemarket activity and real GDP for economic growth. It also employed control variables such asinflation and savings rate as other determinants ofgrowth. The Johansen cointegration and vectorerror correction approach was used to estimate therelationship between the variables. All thevariables used were stationary at first differenceand the result showed a long term relationshipexisting among the variables. The hallmark findingof this study is that the insurance sector did notreveal any positively and significant affect on economic growth in Nigeria within the period of study.The result shows a low insurance market activity inNigeria and that Nigerians have not fully embracethe insurance industry despite its importance to the growth of theeconomy.

  17. Institution, Financial Sector, and Economic Growth: Use The Institutions As An Instrument Variable

    Directory of Open Access Journals (Sweden)

    Albertus Girik Allo

    2016-06-01

    Full Text Available Institution has been investigated having indirect role on economic growth. This paper aims to evaluate whether the quality of institution matters for economic growth. By applying institution as instrumental variable at Foreign Direct Investment (FDI, quality of institution significantly influence economic growth. This study applies two set of data period, namely 1985-2013 and 2000-2013, available online in the World Bank (WB. The first data set, 1985-2013 is used to estimate the role of financial sector on economic growth, focuses on 67 countries. The second data set, 2000-2013 determine the role of institution on financial sector and economic growth by applying 2SLS estimation method. We define institutional variables as set of indicators: Control of Corruption, Political Stability and Absence of Violence, and Voice and Accountability provide declining impact of FDI to economic growth.

  18. Coal consumption and economic growth nexus: Evidence from bootstrap panel Granger causality test

    Directory of Open Access Journals (Sweden)

    Anoruo Emmanuel

    2017-01-01

    Full Text Available This paper explores the causal relationship between coal consumption and economic growth for a panel of 15 African countries using bootstrap panel Granger causality test. Specifically, this paper uses the Phillips-Perron unit root test to ascertain the order of integration for the coal consumption and economic growth series. A bootstrap panel Granger causality test is employed to determine the direction of causality between coal consumption and economic growth. The results provide evidence of unidirectional causality from economic growth to coal consumption. This finding implies that coal conservation measures may be implemented with little or no adverse impact on economic growth for the sample countries as a group.

  19. Effects of South Africa’s Economic Growth on Sub-Saharan Africa

    Directory of Open Access Journals (Sweden)

    Kwon Sik Kim

    2007-06-01

    Full Text Available Major countries, such as the United States, Japan, and China have already recognized the potential of Africa’s markets. Korea has also taken notice of Africa's diverse export markets recently. However, Africa is comprised of 53 different countries and, as a result, entry into the region poses a formidable strategic challenge. Korean authorities and export groups have suggested a "3 plus 2 Country Strategy" in order to make inroads into the African region. This paper contributes to discussions of this strategy by comparing the effects of economic growth in South Africa and Nigeria on Sub-Saharan Africa. In addition, because economic power in Africa is concentrated in a small number of countries, whose market characteristics are different from those of integrated unions, the determinants of economic growth in Africa as a whole and unions may be different. This paper investigates whether or not this is, in fact, the case. The empirical results can be summarized as follows: First, the effects of South Africa's economic growth on Sub-Saharan Africa and the SADC (a representative union of South Africa are much larger than the effects of Nigeria's growth on Sub-Saharan Africa and the ECOWAS (a representative union of Nigeria. These empirical results imply that the preferred country to pursue economic cooperation with is South Africa. Second, we confirm that determinants of economic growth are different for Africa and the unions. The main determinant of growth in African countries may be the population ratio, but in the SADC, growth appears to be determined by ratio trade volumes of GDP. Finally, we also find that the ratio investments of GDP have a positive influence on the economic growth of both Africa and SADC.

  20. View Point: Economic growth and child health in Sub Saharan Africa ...

    African Journals Online (AJOL)

    View Point: Economic growth and child health in Sub Saharan Africa. BA O'Hare, N Bar-Zeev, L Chiwaula. Abstract. After independence most African countries witnessed growth in their economies and decreases in child mortality. However both economic growth and the gains in under 5 mortality slowed dramatically in the ...

  1. International Financial Integration and Economic Growth in India: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Nayia MAHAJAN

    2015-11-01

    Full Text Available This study endeavors to estimate relationship between international financial integration and economic growth in India during 1981-2011. Apart from direct impact of international financial integration on growth, indirect impact (via financial development has also been studied empirically. Models of co-integration and Vector Error Correction Model (VECM have been applied to examine the relationships. The study observes that international financial integration affects the growth of the economy positively; and change in economic growth due to it through financial development is approximately 8.63 percent. The study also suggests that the structural reforms that took place in India in early nineties did not affect the existing relationship of global financial integration and economic growth significantly.

  2. The sustainability and transition of economic growth in China: from a perspective of factor structure

    Institute of Scientific and Technical Information of China (English)

    Wang Yafei; Wu Xiaohang

    2008-01-01

    After more than 20 years' high speed growth, the sustainable growth of Chinese economy faces serious lim-itation of resources and factors now and in the future. In order to maintain the economic growth, China has to trans, form the way of economic growth. Based on the analysis on the related theories of economic growth and the structur-al transformation in factors of production, this paper proposes that the transformation of the economic growth way has to impel the optimization and the promotion of the utilization structure of factors of production. Finally, based on the analysis of the necessity to change the pattern of economic growth, this paper proposes the strategic measures to promote the continuous economic growth and the transformation of patterns of economic growth.

  3. The causal relationship between energy resources and economic growth in Brazil

    International Nuclear Information System (INIS)

    Pao, Hsiao-Tien; Fu, Hsin-Chia

    2013-01-01

    This study investigates the causal relationship between clean and non-clean energy consumption and economic growth in Brazil over the period of 1980–2009. Clean energy consumption at aggregated level of total renewable energy consumption and disaggregated levels of hydroelectric, new renewables, and nuclear energy consumption are tested within a production function framework. A cointegration test reveals a long-term equilibrium relationship between real output, capital, labor, and renewable and non-renewable energy consumption at aggregated level, and a long-term equilibrium relationship between real output, capital, labor, and hydroelectric/new renewables/nuclear and fossil fuel energy consumption at disaggregated level. The capital, labor, and new renewables elasticities of real output are positive and statistically significant, other energy consumption item's elasticities are insignificant. The results from error correction model reveal the interdependencies between new renewables, nuclear, fossil fuel, and total non-renewable energy consumption and economic growth, the unidirectional causality from hydroelectric/total renewable consumption to economic growth, the substitutability between new renewables and fossil fuel consumption, and the substitutability between new renewables and nuclear energy consumption. Additionally, nuclear and new renewables energy consumption responds to bring the system back to equilibrium. Overall, aggregated analysis may obscure the relationship between different types of clean energy consumption and economic growth. - Highlights: • We model three kinds of clean energy and non-clean energy consumption and real GDP. • There is fossil fuel consumption–economic growth bidirectional causality. • There is new renewables consumption–economic growth bidirectional causality. • There is nuclear energy consumption–economic growth bidirectional causality. • Substitutability exists for new renewables–fossil fuel or new

  4. Remittances, financial development and economic growth: Empirical evidence from Lesotho

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2014-11-01

    Full Text Available Increasingly remittances now constitute a great source of foreign currency inflows for many developing countries. In some instances remittances have outpaced the growth of foreign direct investment (FDI. Amongst others, remittances can be used as a vehicle of savings mobilisation as well as fostering the supply of credit by providing liquidity to the market. In this article we investigate the causal relationship between the remittances, financial development and economic growth in Lesotho for the period 1975 to 2010. We make use of per capita remittances, real per capita broad money supply and real per capita growth domestic product as the proxies for remittances, financial development and economic growth respectively. We then test for cointegration amongst the variables by applying the Johansen procedure and then test for Granger causality based on the vector error correction model (VECM. Our results confirm the existence of at least one cointegrating relationship and also indicate that the direction of causality runs from remittances to the economy without feedback. The results also suggest that financial development Granger causes economic growth without feedback which is consistent with ‘supply-leading’ growth hypothesis. The results also confirm a causal relationship running from financial development to remittances without feedback. The results also lend credence to the “complementarity’ hypothesis in that, remittances complement rather than substitute financial development in bringing about economic growth.

  5. Exhaustible resources and economic growth

    International Nuclear Information System (INIS)

    Campbell, H.F.

    1984-09-01

    This study examines the effect of a booming natural resource sector on regional economic growth, with particular attention to the impact of regional government policy on mineral rent taxation and the allocation of resource revenues. The author's approach is first to document the relevant theory and then apply it to the case of the uranium industry in Saskatchewan

  6. Global Marine Fisheries with Economic Growth

    OpenAIRE

    Sugiawan, Yogi; Islam, Moinul; Managi, Shunsuke

    2017-01-01

    This study explores the state of global marine fisheries and empirically analyzes its relationship to economic factors. We apply the pooled mean group estimator method to examine 70 fishing countries for the period of 1961-2010. We use both catch and the estimated size of stock as proxies for marine ecosystems. Our results confirm that economic growth initially leads to the deterioration of marine ecosystems. However, for a per capita income level of approximately 3,827 USD for the catch mode...

  7. Inevitability of nuclear power in the Asian region

    International Nuclear Information System (INIS)

    Jain, S.K.

    2010-01-01

    The Asian region, most populous and fastest growing in terms of economic growth, has countries with lowest per capita energy/electricity consumption. Barring the Middle East, the rest of the region is, by and large, modest in conventional energy resources. This is also a region where large sections of population suffer from income inequality and inadequate economic development. Economic growth and quality of life of a population depend heavily on per capita availability of energy/electricity, and thus there is an urgent need to increase the per capita electricity production/consumption in the region. Unlike in the past, it is the Asian region that is poised to dwarf the today's developed world in new capacity addition in the coming years. This fact alone asks for sensible choices to be made. Also, the Asian region is quite vulnerable to the effects of climate change, given the geography and population distribution. Today, governments must seriously consider the environmental impact of electricity generation, in order to help mitigate global warming and its consequences. Nuclear power, being environmentally benign, affords sustainability at the very outset. But that's not all. The other compelling reasons in favour of nuclear power are its compact nature as a source of energy and the promise of long-term energy security. Nuclear power is, therefore, inevitable for the region. Recognising this, the rapidly developing countries in the region - such as India and China - are pursuing ambitious nuclear power programmes, while several other countries in the region are also planning to embark on the nuclear power route for electricity generation. As nuclear power is inherently technology-intensive, there is a need for greater cooperation, to reach out to countries that presently do not have the technology base for starting nuclear power programmes on their own. Even in the countries with established commercial nuclear power programmes, there is a need to reach out to the

  8. FDI AND ECONOMIC GROWTH RELATIONSHIP BASED ON CROSS-COUNTRY COMPARISON

    Directory of Open Access Journals (Sweden)

    Faruk Gursoy

    2013-04-01

    Full Text Available This paper aims to investigate empirically the impact of FDI on economic growth for Azerbaijan, Kyrgyz Republic, Kazakhstan, Tajikistan, Turkmenistan, and Uzbekistan over the period 1997-2010. The Johansen cointegration and Granger causality tests are used in order to analyze the causal relationship between FDI and economic growth. It is crucial to see the directions of causality between two variables for the policy makers to encourage private sectors. The cointegration test results indicated that FDI and Economic Growth variables are cointegrated for Azerbaijan and Turkmenistan. By using Granger Causality test we found that FDI causes GDP for Azerbaijan and bidirectional causality is observed for Turkmenistan.

  9. Does the Euro enhance Economic Growth?

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; A. Schmid, Peter

    2016-01-01

    of economic integration in Europe. The aim of this article is to investigate whether the EU and EZ memberships enhance growth of their members. In order to perform our empirical analysis, we apply an augmented Solow growth model using convergence analysis and the panel Generalized Method of Moments (GMM...... interesting to new potential EZ members, such as some of the Central Eastern European Countries (CEE), who are about or in the process to join the common currency club....

  10. IMPACTS OF FOREIGN INVESTMENT ON ECONOMIC GROWTH IN TRANSITION COUNTRIES

    Directory of Open Access Journals (Sweden)

    Siniša Bosanac

    2016-12-01

    Full Text Available The current global economic crisis raises many questions and the most important imperative is to find solutions and recover the world economy. Neoliberalism as a cause of the crisis has shown fundamental shortcomings and proved that the market is an imperfect self-regulating system. At the present time in the media, politicians and some economists mention foreign direct investment (FDI as a life-saving solution for economic problems and economic growth. The analysis of the economic indicators proved that FDI cannot be, to the necessary extent, a generator of economic growth and that development of each country should be based on endogenous components. The development of critical thinking and questioning of the neoliberal concept, especially with today's time distance through comparisons of indicators such as economic growth, absence of inflation, employment and the export-import ratio, has revealed major systemic defects of the market fundamentalist policies. A strong indicator and argument to this thesis is particularly evident in the industrial production indexes, in the number of industrial workers and in the share of industry in GDP of transition countries.

  11. An Analysis of energy consumption and economic growth of Cobb-Douglas production function based on ECM

    Science.gov (United States)

    Guo, Wei-wei

    2018-02-01

    Energy is one of the important factors affecting economic growth, the motive force of the economic development of countries in the world, essential for the world economic development and people’s living material resources, an important resource of the relationship between the national economies. The paper sums up the evaluation and literatures on energy consumption and economic growth at home and abroad, thinks “southern talk” as the energy consumption and economic growth in the time division, makes a series of empirical tests on the relationship between total energy consumption and economic growth in China from 1978 to 1991 and from 1992 to 2016.The results show that total energy consumption is a one-way causal relationship between economic growths in china, Economic growth has a strong dependence on energy, there is a co-integration relationship between energy consumption and economic growth. However, economic growth depends on the energy consumption decreased year by year in China, The way of economic growth is changing from the extensive economic growth mode to intensive mode of economic growth.

  12. The Services Sector and Economic Growth in Mauritius. A Bounds ...

    African Journals Online (AJOL)

    This paper examines the long run and short run impact of the services sector on economic growth in Mauritius. Using an augmented aggregate production function growth model, we apply the bounds testing approach to cointegration to assess the impact of different activities in the services sector on economic performance ...

  13. Why higher economic growth cannot always enhance human development

    OpenAIRE

    Ahmed, Md Montasir

    2017-01-01

    This paper studies why higher economic growth cannot always enhance human development. In general, these two dimensions have a strong and positive relationship, but some countries appear unable to balance this relationship. As a consequence, there are some countries with high economic growth but sluggish human development progress. This paper studies how other factors besides GDP – women labor force participation, urbanization, and inequality - are correlated to human development. I construct...

  14. Electricity consumption and economic growth nexus in Portugal using cointegration and causality approaches

    International Nuclear Information System (INIS)

    Shahbaz, Muhammad; Tang, Chor Foon; Shahbaz Shabbir, Muhammad

    2011-01-01

    The aim of this paper is to re-examine the relationship between electricity consumption, economic growth, and employment in Portugal using the cointegration and Granger causality frameworks. This study covers the sample period from 1971 to 2009. We examine the presence of a long-run equilibrium relationship using the bounds testing approach to cointegration within the Unrestricted Error-Correction Model (UECM). Moreover, we examine the direction of causality between electricity consumption, economic growth, and employment in Portugal using the Granger causality test within the Vector Error-Correction Model (VECM). As a summary of the empirical findings, we find that electricity consumption, economic growth, and employment in Portugal are cointegrated and there is bi-directional Granger causality between the three variables in the long-run. With the exception of the Granger causality between electricity consumption and economic growth, the rest of the variables are also bi-directional Granger causality in the short-run. Furthermore, we find that there is unidirectional Granger causality running from economic growth to electricity consumption, but no evidence of reversal causality. - Highlights: → We re-examine the relationship between electricity consumption, economic growth, and employment in Portugal. → The electricity consumption and economic growth is causing each other in the long-run. → In the short-run, economic growth Granger-cause electricity consumption, but no evidence of reversal causality. → Energy conservation policy will deteriorate the process of economic growth in the long-run. → Portugal should increase investment on R and D to design new energy savings technology.

  15. Energy consumption, pollutant emissions and economic growth in South Africa

    Energy Technology Data Exchange (ETDEWEB)

    Menyah, Kojo [London Metropolitan Business School, London Metropolitan University (United Kingdom); Wolde-Rufael, Yemane [Independent Researcher (United Kingdom)

    2010-11-15

    This paper examines the long-run and the causal relationship between economic growth, pollutant emissions and energy consumption for South Africa for the period 1965-2006 in a multivariate framework which includes labour and capital as additional variables. Using the bound test approach to cointegration, we found a short-run as well as a long-run relationship among the variables with a positive and a statistically significant relationship between pollutant emissions and economic growth. Further, applying a modified version of the Granger causality test we also found a unidirectional causality running from pollutant emissions to economic growth; from energy consumption to economic growth and from energy consumption to CO{sub 2} emissions all without a feedback. The econometric evidence suggests that South Africa has to sacrifice economic growth or reduce its energy consumption per unit of output or both in order to reduce pollutant emissions. In the long-run however, it is possible to meet the energy needs of the country and at the same time reduce CO{sub 2} emissions by developing energy alternatives to coal, the main source of CO{sub 2} emissions. However, the econometric results upon which the policy suggestions are made should be interpreted with care, as they may not be sufficiently robust enough to categorically warrant the choice of an unpalatable policy option by South Africa. (author)

  16. Effect of economic growth on income inequality, labor absorption, and welfare

    OpenAIRE

    Kurniasih, Erni Panca

    2017-01-01

    This research aims to analyze the effect of economic growth on income inequality, labor absorption and economic welfare in Indonesian provinces. A 165 observations of panel data was analyzed using path analysis. The result showed that the economic growth has significant negative effect on income inequality in Indonesian provinces but it has no significant effect on both labor absorption and economic welfare. The labor absorption has significant positive effect on income inequality even though...

  17. Examining carbon emissions economic growth nexus for India: A multivariate cointegration approach

    International Nuclear Information System (INIS)

    Ghosh, Sajal

    2010-01-01

    The study probes cointegration and causality between carbon emissions and economic growth for India using ARDL bounds testing approach complemented by Johansen-Juselius maximum likelihood procedure in a multivariate framework by incorporating energy supply, investment and employment for time span 1971-2006. The study fails to establish long-run equilibrium relationship and long term causality between carbon emissions and economic growth; however, there exists a bi-directional short-run causality between the two. Hence, in the short-run, any effort to reduce carbon emissions could lead to a fall in the national income. This study also establishes unidirectional short-run causality running from economic growth to energy supply and energy supply to carbon emissions. The absence of causality running from energy supply to economic growth implies that in India, energy conservation and energy efficiency measures can be implemented to minimize the wastage of energy across value chain. Such measures would narrow energy demand-supply gap. Absence of long-run causality between carbon emissions and economic growth implies that in the long-run, focus should be given on harnessing energy from clean sources to curb carbon emissions, which would not affect the country's economic growth.

  18. Prosperity without growth. Economics for a Finite Planet

    International Nuclear Information System (INIS)

    Jackson, T.

    2010-01-01

    Is more economic growth the solution? Will it deliver prosperity and well-being for a global population projected to reach nine billion? In this explosive book, the author makes a compelling case against continued economic growth in developed nations. No one denies that development is essential for poorer nations. But in the advanced economies there is mounting evidence that ever-increasing consumption adds little to human happiness and may even impede it. More urgently, it is now clear that the ecosystems that sustain our economies are collapsing under the impacts of rising consumption. Unless we can radically lower the environmental impact of economic activity - and there is no evidence to suggest that we can - we will have to devise a path to prosperity that does not rely on continued growth. Economic heresy? Or an opportunity to improve the sources of well-being, creativity and lasting prosperity that lie outside the realm of the market? The author provides a credible vision of how human society can flourish - within the ecological limits of a finite planet. Fulfilling this vision is simply the most urgent task of our times. This book is a substantially revised and updated version of Jackson's controversial study for the Sustainable Development Commission, an advisory body to the UK Government. [nl

  19. The Impact of Education Investment on Sri Lankan Economic Growth

    Science.gov (United States)

    Ganegodage, K. Renuka; Rambaldi, Alicia N.

    2011-01-01

    We evaluate the contribution of investment on education to Sri Lanka's economic growth during the period 1959-2008. Physical capital, economic policy changes and the ethnic war are also evaluated due to their substantial importance. This study uses a framework encompassing both the neoclassical and endogenous growth model. The impact of education…

  20. Funding of pensions and economic growth : are they really related?

    NARCIS (Netherlands)

    Zandberg, Eelco; Spierdijk, Laura

    We examine whether changes in the degree of pension funding affect economic growth. Our sample consists of 54 countries, Organization for Economic Co-operation and Development (OECD) as well as non-OECD, during 2001-10. We do not find any effect of changes in the degree of funding on growth in the

  1. The renewable energy and economic growth nexus in Black Sea and Balkan countries

    International Nuclear Information System (INIS)

    Koçak, Emrah; Şarkgüneşi, Aykut

    2017-01-01

    The aim of this study is to explore the relationship between renewable energy consumption and economic growth within the framework of traditional production function for the period of 1990–2012 in 9 Black Sea and Balkan countries. For this purpose, we use panel cointegration, co-integration estimate methods and heterogeneous panel causality estimation techniques. The study has concluded that there is a long term balance relationship between renewable energy consumption and economic growth and renewable energy consumption has a positive impact on economic growth. Heterogeneous panel causality analysis results support growth hypothesis in Bulgaria, Greece, Macedonia, Russia and Ukraine; feedback hypothesis in Albania, Georgia and Romania; neutrality hypothesis in Turkey and according to the panel data set including all nine countries the results support feedback hypothesis. With the findings, it was concluded that there is a significant impact of renewable energy consumption on economic growth in Balkan and Black Sea Countries. - Highlights: • Explores the impact of renewable energy on economic growth in Black Sea and Balkan countries. • Employs panel cointegration and heterogeneous causality analyses. • Finds significant effect of renewable energy consumption on economic growth. • Finds bidirectional causality between renewable energy consumption and economic growth for the whole panel.

  2. Energy consumption and economic growth. Assessing the evidence from Greece

    International Nuclear Information System (INIS)

    Hondroyiannis, George; Lolos, Sarantis; Papapetrou, Evangelia

    2002-01-01

    This paper attempts to shed light into the empirical relationship between energy consumption and economic growth, for Greece (1960-1996) employing the vector error-correction model estimation. The vector specification includes energy consumption, real GDP and price developments, the latter taken to represent a measure of economic efficiency. The empirical evidence suggests that there is a long-run relationship between the three variables, supporting the endogeneity of energy consumption and real output. These findings have important policy implications, since the adoption of suitable structural policies aiming at improving economic efficiency can induce energy conservation without impeding economic growth

  3. Does Political Ideology Affect Economic Growth?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    2005-01-01

    This paper asks the question whether political ideology affects economic growth. Voters may demand inefficient levels of redistribution and government intervention, and they may care too little for aspects that really matter for the economy. Their norms and perceptions of society might, via...... their political ideology, affect economic performance. The paper presents evidence suggesting that rightwing societies have grown faster in the last decades than other democratic societies. Further analysis suggests that these societies develop better legal systems and less government intervention, which in turn...

  4. Social and economic growth of developing nations

    International Nuclear Information System (INIS)

    Gregersen, H.M.; Laarman, J.G.

    1989-01-01

    This paper reports on social and economic growth of developing nations. Trees and forests are often of immeasurable importance to developing countries of the world. To be of value, however, effective and efficient institutions, programs, and policies must be designed and focused on such resources. Forest economics and policy researchers can contribute much to such activities. To be most effective, forest economics research should be designed to improve understanding of social forestry, watershed management, and nontimber forest outputs; enhance ability to effectively address environmental consequences of forestry development; heighten skill in guiding development of industrial forestry enterprises; and improve effectiveness of international aid for forestry development. Guided by such strategic directions, forest economics research can contribute much to the economic and social well-being of developing nations

  5. Determinants of Economic Growth in V4 Countries and Romania

    Directory of Open Access Journals (Sweden)

    Simionescu Mihaela

    2017-03-01

    Full Text Available The middle and long-term slowdown in growth dynamics could bring serious social and political problems for V4 countries (Czech Republic, Slovak Republic, Hungary, Poland and Romania. It would threaten reaching benefits from potential of convergence process with the developed countries of the European Union. As a result, the V4 economies and Romania should find solutions to achieving a sustainable growth that is associated with an improvement of their international competitiveness. This paper provides an empirical analysis of factors that might determine a stable economic growth in the five mentioned countries. The empirical analysis conducted for the period of 2003-2016 employed Bayesian generalized ridge regression. The main results indicated that the FDI promoted economic growth in all countries, except the Slovak Republic. Only in the Czech Republic, the expenditure on education generated economic growth, while the expenditure on R&D had positive effects in Romania, Hungary and the Czech Republic.

  6. Technological Exports and the Dynamics of Ukraine’s Economic Growth

    Directory of Open Access Journals (Sweden)

    Natalia Cherkass

    2006-03-01

    Full Text Available This article examines the promotion of technological exports in the context of making products competitive on the world market at the expense of quantified but not qualified factors. The author describes the destructive consequences of primary export growth. Relying on a designed structural model, she analyzes factors pertaining to technological exports and industrial production, and also evaluates the effectiveness of promoting exports for economic growth. She demonstrates the negative effect of the devaluation of the hryvnia on industrial production growth and the currency’s neutrality as a factor in the promotion of technological exports. The article establishes that technological exports determine to a considerable extent the dynamics of Ukraine’s economic growth, while the exports of raw materials worsen these indicators. The author shows that the export of metal products stands in the way of increasing technological export, and offers her recommendations to improve the dynamics of economic growth.

  7. How does political instability affect economic growth?

    OpenAIRE

    Aisen, Ari; Veiga, Francisco José

    2011-01-01

    The purpose of this paper is to empirically determine the effects of political instability on economic growth. Using the system-GMM estimator for linear dynamic panel data models on a sample covering up to 169 countries, and 5-year periods from 1960 to 2004, we find that higher degrees of political instability are associated with lower growth rates of GDP per capita. Regarding the channels of transmission, we find that political instability adversely affects growth by lowering the rates of pr...

  8. Borrowed beauty? Understanding identity in Asian facial cosmetic surgery.

    Science.gov (United States)

    Aquino, Yves Saint James; Steinkamp, Norbert

    2016-09-01

    This review aims to identify (1) sources of knowledge and (2) important themes of the ethical debate related to surgical alteration of facial features in East Asians. This article integrates narrative and systematic review methods. In March 2014, we searched databases including PubMed, Philosopher's Index, Web of Science, Sociological Abstracts, and Communication Abstracts using key terms "cosmetic surgery," "ethnic*," "ethics," "Asia*," and "Western*." The study included all types of papers written in English that discuss the debate on rhinoplasty and blepharoplasty in East Asians. No limit was put on date of publication. Combining both narrative and systematic review methods, a total of 31 articles were critically appraised on their contribution to ethical reflection founded on the debates regarding the surgical alteration of Asian features. Sources of knowledge were drawn from four main disciplines, including the humanities, medicine or surgery, communications, and economics. Focusing on cosmetic surgery perceived as a westernising practice, the key debate themes included authenticity of identity, interpersonal relationships and socio-economic utility in the context of Asian culture. The study shows how cosmetic surgery of ethnic features plays an important role in understanding female identity in the Asian context. Based on the debate themes authenticity of identity, interpersonal relationships, and socio-economic utility, this article argues that identity should be understood as less individualistic and more as relational and transformational in the Asian context. In addition, this article also proposes to consider cosmetic surgery of Asian features as an interplay of cultural imperialism and cultural nationalism, which can both be a source of social pressure to modify one's appearance.

  9. China’s Economic Growth 1978-2025: What We Know Today about China’s Economic Growth Tomorrow

    OpenAIRE

    Carsten A. Holz

    2005-01-01

    Views of the future China vary widely. While some believe that the collapse of China is inevitable, others see the emergence of a new superpower that increasingly poses a threat to the U.S. This paper examines the economic growth prospects of China over the next two decades. Extrapolating past real GDP growth rates into the future, the size of the Chinese economy surpasses that of the U.S. in purchasing power terms between 2012 and 2015; by 2025, China is likely to be the world's largest econ...

  10. Economic Growth and the Rise of Political Extremism

    OpenAIRE

    Markus Bruckner; Hans Peter Gruner

    2011-01-01

    In many western democracies, political parties with extreme platforms challenge more moderate incumbents. This paper analyses the impact of economic growth on the support for extreme political platforms. We provide a theoretical argument in favor of growth effects (as opposed to level effects) on the support for extreme political parties and we empirically investigate the relationship between growth and extremist votes. Lower growth rates benefit right-wing and nationalist parties, but do not...

  11. Gender Equality and Economic Growth in Brazil

    OpenAIRE

    Pierre-Richard Agénor; Otaviano Canuto

    2013-01-01

    This note studies the long-run impacts of policies aimed at fostering gender equality on economic growth in Brazil. After a brief review of gender issues in Brazil, this note describes a framework for quantifying the growth effects of gender-based policies in developing economies. The analysis is based on a computable overlapping generations (OLG) model that accounts for the impact of acce...

  12. Does the internet generate economic growth, international trade, or both?

    OpenAIRE

    Meijers, Huub

    2012-01-01

    Recent cross country panel data studies find a positive impact of internet use on economic growth and a positive impact of internet use on trade. The present study challenges the first finding by showing that internet use does not explain economic growth directly in a fully specified growth model. In particular openness to international trade variables seems to be highly correlated with internet use and the findings in the literature that internet use causes trade is confirmed here, suggestin...

  13. The causality between energy consumption and economic growth in Turkey

    International Nuclear Information System (INIS)

    Erdal, Guelistan; Erdal, Hilmi; Esenguen, Kemal

    2008-01-01

    This paper applies the causality test to examine the causal relationship between primary energy consumption (EC) and real Gross National Product (GNP) for Turkey during 1970-2006. We employ unit root tests, the augmented Dickey-Fuller (ADF) and the Philips-Perron (PP), Johansen cointegration test, and Pair-wise Granger causality test to examine relation between EC and GNP. Our empirical results indicate that the two series are found to be non-stationary. However, first differences of these series lead to stationarity. Further, the results indicate that EC and GNP are cointegrated and there is bidirectional causality running from EC to GNP and vice versa. This means that an increase in EC directly affects economic growth and that economic growth also stimulates further EC. This bidirectional causality relationship between EC and GNP determined for Turkey at 1970-2006 period is in accordance with the ones in literature reported for similar countries. Consequently, we conclude that energy is a limiting factor to economic growth in Turkey and, hence, shocks to energy supply will have a negative impact on economic growth

  14. Effects of oil production on economic growth in Eurasian countries: Panel ARDL approach

    International Nuclear Information System (INIS)

    Bildirici, Melike Elif; Kayıkçı, Fazıl

    2013-01-01

    This study aims at analyzing the relationship between oil production and economic growth in major oil exporting Eurasian countries; Azerbaijan, Kazakhstan, Russian Federation and Turkmenistan for 1993–2010 periods. Empirical results reveal that oil production and economic growth are cointegrated for these countries. Furthermore, there is positive bi-directional causality between oil production and economic growth both in the long run and in the short run which supports the policies about investing in energy infrastructure. -- Highlights: ► Causality between economic growth and oil production is important for energy policies. ► Oil production and GDP are cointegrated for four oil exporting Eurasian countries. ► There is positive bi-directional causality between oil production and economic growth for these countries.

  15. Balance of Payments Constrained Economic Growth in Nigeria ...

    African Journals Online (AJOL)

    African Journal of Economic Review, Volume V, Issue II, July 2017 ... between economic growth and current account balance equilibrium. .... With these precedents, there is a need to analyze the degree to which balance of payments .... With this result, we can now investigate the long run relationship between our variables.

  16. Electricity consumption and economic growth in South Africa. A trivariate causality test

    Energy Technology Data Exchange (ETDEWEB)

    Odhiambo, Nicholas M. [Economics Department, University of South Africa (UNISA), P.O. Box 392, UNISA, 0003, Pretoria (South Africa)

    2009-09-15

    In this paper we examine the causal relationship between electricity consumption and economic growth in South Africa. We incorporate the employment rate as an intermittent variable in the bivariate model between electricity consumption and economic growth - thereby creating a simple trivariate causality framework. Our empirical results show that there is a distinct bidirectional causality between electricity consumption and economic growth in South Africa. In addition, the results show that employment in South Africa Granger-causes economic growth. The results apply irrespective of whether the causality is estimated in the short-run or in the long-run formulation. The study, therefore, recommends that policies geared towards the expansion of the electricity infrastructure should be intensified in South Africa in order to cope with the increasing demand exerted by the country's strong economic growth and rapid industrialisation programme. This will certainly enable the country to avoid unprecedented power outages similar to those experienced in the country in mid-January 2008. (author)

  17. CO2 emissions, energy consumption and economic growth in China: A panel data analysis

    International Nuclear Information System (INIS)

    Wang, S.S.; Zhou, D.Q.; Zhou, P.; Wang, Q.W.

    2011-01-01

    This paper examines the causal relationships between carbon dioxide emissions, energy consumption and real economic output using panel cointegration and panel vector error correction modeling techniques based on the panel data for 28 provinces in China over the period 1995-2007. Our empirical results show that CO 2 emissions, energy consumption and economic growth have appeared to be cointegrated. Moreover, there exists bidirectional causality between CO 2 emissions and energy consumption, and also between energy consumption and economic growth. It has also been found that energy consumption and economic growth are the long-run causes for CO 2 emissions and CO 2 emissions and economic growth are the long-run causes for energy consumption. The results indicate that China's CO 2 emissions will not decrease in a long period of time and reducing CO 2 emissions may handicap China's economic growth to some degree. Some policy implications of the empirical results have finally been proposed. - Highlights: → We conduct a panel data analysis of the energy-CO 2 -economy nexus in China. → CO 2 emissions, energy use and economic growth appear to be cointegrated. → There exists bidirectional causality between energy consumption and economic growth. → Energy consumption and economic growth are the long-run causes for CO 2 emissions.

  18. [Analysis of grey correlation between energy consumption and economic growth in Liaoning Province, China.

    Science.gov (United States)

    Wang, Li; Xi, Feng Ming; Wang, Jiao Yue

    2016-03-01

    The contradiction between energy consumption and economic growth is increasingly prominent in China. Liaoning Province as one of Chinese heavy industrial bases, consumes a large amount of energy. Its economic development has a strong dependence on energy consumption, but the energy in short supply become more apparent. In order to further understand the relationship between energy consumption and economic growth and put forward scientific suggestions on low carbon development, we used the grey correlation analysis method to separately examine the relevance of economic growth with energy consumption industries and energy consumption varieties through analy sis of energy consumption and economic growth data in Liaoning Province from 2000 to 2012. The results showed that the wholesale and retail sector and hotel and restaurant sector were in the minimum energy consumption in all kinds of sectors, but they presented the closest connection with the economic growth. Although industry energy consumption was the maximum, the degree of connection between industry energy consumption and economic growth was weak. In all types of energy consumption, oil and hydro-power consumption had a significant connection with economic growth. However, the degree of connection of coal consumption with economic growth was not significant, which meant that coal utilization efficiency was low. In order to achieve low carbon and sustainable development, Liaoning Province should transform the economic growth mode, adjust industry structure, optimize energy structure, and improve energy utilization efficiency, especially promote producer services and develop clean and renewable energy.

  19. Women's roundtable discussion on the economic, social and political impacts of the Southeast Asian financial crisis.

    Science.gov (United States)

    Kelkar, G

    1998-01-01

    This article summarizes the main issues revealed at a women's roundtable discussion on the Economic, Social, and Political Impacts of the Southeast Asian Financial Crisis. The discussion was organized by the Development Alternatives of Women for the New Era (DAWN) and was held during April 12-14, 1998, in Manila, the Philippines. The aim was to explore the effects of the financial crisis and its management by states and multilateral agencies on women's political, economic, cultural, and social status; and to reach regional understanding of new issues for the women's movement in Asia and to identify areas of advocacy. Participants included women scholars and activists from Southeast, East, and South Asia; Africa; the Caribbean; Latin America; and the Pacific. Participants came from a wide variety of backgrounds. Nine issues were emphasized. For example, some predicted the currency devaluation before July 1997. The financial crisis is linked with globalization. The International Monetary Fund (IMF) is the primary institution for addressing the financial crisis. IMF conditions on inflation rates and budget surpluses are recessionary and government budget oriented. The crisis has exposed cronyism and corruption within capitalism. Patriarchal values have reemerged as Asian values. Women have lost jobs and income, while the cost of living continues to increase. Prostitution has become more acceptable as legitimate work. Women's human rights are not legally protected. State ideology assumes domestic and sex roles. Issues in each region are identified. 14 key issues pertain to all regions.

  20. Human Capital--Economic Growth Nexus in the Former Soviet Bloc

    Science.gov (United States)

    Osipian, Ararat L.

    2007-01-01

    This study analyses the role and impact of higher education on per capita economic growth in the Former Soviet Bloc. It attempts to estimate the significance of educational levels for initiating substantial economic growth that now takes place in these two countries. This study estimates a system of linear and log-linear equations that account for…

  1. TAX COMPOSITION AND ECONOMIC GROWTH. A PANEL-MODEL APPROACH FOR EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    MURA PETRU-OVIDIU

    2015-03-01

    Full Text Available In this paper, we investigate the impact of tax composition on economic growth, based on a panel-model approach. The dataset includes six East-European countries and covers the period 1995-2012. Specifically, the study explores the relative impact of different components of tax revenue (direct and indirect tax revenue, as percentage of total tax revenue on economic growth. The paper adds marginally to the empirical literature, showing how the two types of tax revenue influence economic growth in Eastern Europe, under an extended set of economic and sociopolitical control variables. The most important empirical output, for the 6 investigated East-European countries during 1995-2012, suggests that direct taxes are significant and negatively correlated with economic growth, while indirect taxes exert a positive influence on the dependent variable, though insignificant. As for the control variables, it seems that only freedom from corruption and political stability have a significant impact on economic growth. The study suggests that the design of tax systems in Eastern European countries is in accordance with the Commission’s priorities regarding its growth-friendliness. As for policy implications, governments should continue shifting the tax burden away from labour on to tax bases linked to consumption, property, and combating pollution, with potential positive effects both for growth and for fighting against tax evasion.

  2. THE IMPACT OF DOMESTIC INVESTMENT ON ECONOMIC GROWTH: NEW EVIDENCE FROM MALAYSIA

    Directory of Open Access Journals (Sweden)

    Sayef Bakari

    2017-08-01

    Full Text Available This paper investigates the relationship between domestic investment and economic growth in Malaysia. In order to achieve this purpose, annual data for the periods between 1960 and 2015 was tested by using Correlation analysis, Johansen co-integration analysis of Vector Error Correction Model and the Granger-Causality tests. According to the result of the analysis, it was determined that there is a positive effect of domestic investment, exports and labors on economic growth in the long run term, however, there is no  relationship between domestic investment and economic growth in the short run term. These results provide en evidence that domestic investment, exports and labors are seen as a source of economic growth in Malaysia

  3. Asian gas

    International Nuclear Information System (INIS)

    Masuda, T.

    1990-01-01

    This paper reports on natural gas which now appears ready to take a leading role on the world energy stage. Demand for natural gas, and specifically LNG, will be strong throughout the world, particularly in Asia. Indonesia and Malaysia will become much more dependent on natural gas in the Asian market. In Thailand, where remarkable economic growth has been fueled by imported oil and domestically produced natural gas, LNG may soon have to be imported from neighboring countries. The author sees Thailand's imports of natural gas increasing from 1.5 to 4.5 million tons annually. Similarly, Korea's imports of LNG will rise from 2 to 8 million tons between 1987 and 2000. In Japan, energy demand is expected to increase at an even faster rate in the 1990s. Given the opposition to nuclear power generation and growing concern about the greenhouse effect, it is likely that LNG will satisfy a major portion of Japan's increasing demand for energy. Japanese gas companies are studying the possibility of establishing a national pipeline network to move gas beyond metropolitan areas

  4. Global warming, energy use, and economic growth

    Science.gov (United States)

    Khanna, Neha

    The dissertation comprises four papers that explore the interactions between global warming, energy use, and economic growth. While the papers are separate entities, they share the underlying theme of highlighting national differences in the growth experience and their implications for long-term energy use and climate change. The first paper provides an overview of some key economic issues in the climate change literature. In doing so, the paper critically appraises the 1995 draft report of Working Group III of the Intergovernmental Panel on Climate Change. The focus is the choice of a pure rate of time preference in the economic modeling of climate change, abatement costs differentials between developed and developing countries, and contrasting implications of standard discount rates and value of life estimates for these two country groups. The second paper develops a global model that takes account of the depletion of oil resources in the context of a geo-economic model for climate change. It is found that in the presence of non-decreasing carbon and energy intensities and declining petroleum availability, the carbon emissions trajectory is much higher than that typically projected by other models of this genre. Furthermore, by introducing price and income sensitive demand functions for fossil fuels, the model provides a framework to assess the effectiveness of fuel specific carbon taxes in reducing the COsb2 emissions trajectory. Cross-price substitution effects necessitate unrealistically high tax rates in order to lower the projected emissions trajectory to the optimal level. The economic structure of five integrated assessment models for climate change is reviewed in the third paper, with a special focus on the macroeconomic and damage assessment modules. The final paper undertakes an econometric estimation of the changing shares of capital, labour, energy, and technical change in explaining the growth patterns of 38 countries. Production elasticities vary by

  5. Relationship between Economic Freedom and Pro-poor Growth: Evidence from Pakistan (1995-2010

    Directory of Open Access Journals (Sweden)

    Khalid ZAMAN

    2011-07-01

    Full Text Available The relationship between economic freedom and pro-poor growth is examined in Pakistan from 1995-2010. The concept of pro-poor growth is derived from the literature of Kakwani and Pernia (2000 and Kakwani and Son (2003. The domino effect shows that there is a strong link between economic freedom indicators and pro-poor growth. Econometric analysis proves a strong relationship between economic freedom, poverty reduction and income inequality. Results reveal that larger the business freedom and / or trade freedom, greater the economic growth. This will ultimately reduce poverty in the country.

  6. Performance Agent Groups in the Promotion of Smart Economic Growth

    Directory of Open Access Journals (Sweden)

    Krūzmētra Maiga

    2017-12-01

    Full Text Available Any country is interested in economic growth regardless of its development level in any period; yet an increasingly important role in defining growth is played by the term ‘smart growth’. The EU development strategy until 2020 defines smart growth as a strategic objective. Smart growth does not take place automatically. It is affected both by the condition of the economic, social and natural environments and by subjective factors - the competence of performance agents. The present research distinguished three groups of rural space and regional performance agents: national institutions, local governments and communities of residents of the territories examined by the research. The research summarised the opinions of experts (Latvia n=171; Lithuania n=163 from the south-eastern part of Latvia and the north-eastern part of Lithuania with the purpose of assessing the contribution of the performance agent groups to the promotion of smart economic growth. The research aimed to identify the positive indications of the contribution made by each performance agent group as well as the largest problems affecting the promotion of smart economic growth in each country. Despite the fact that the sample groups were not representative (did not reflect the views of the entire population, the obtained survey data and the results of this analysis provided insight into the performance agents’ action ratings from the bottom-up position and allowed comparing the situations in Latvia and Lithuania. The research has become an urgent task in project No. 5.2.3 “Rural and Regional Development Processes and Opportunities in Latvia in the Context of Knowledge Economy” in National Research Programme 5.2. "Economic Transformation, Smart Growth, Governance and Legal Framework for the State and Society for Sustainable Development - a New Approach to the Creation of a Sustainable Learning Community: EKOSOC-LV”.

  7. SUSTAINABILITY OF ECONOMIC GROWTH AND INEQUALITY IN INCOMES DISTRIBUTION

    Directory of Open Access Journals (Sweden)

    Bogdan Ion Boldea

    2012-07-01

    Full Text Available The problem of inequality in incomes distribution is a present one, much discussed. Economic growth is considered an essential force to reduce the level of poverty by increasing the labor demand and finally the wages within the economy. But the extent to which poverty is reduced as a result of economic growth depends mostly on the initial inequalities in income and on how the distribution of income changes with economic growth. A lot of researches are focused on studying the evolution of inequality in incomes distribution and others have attempted to explore the relationship between income inequality and economic growth. There are also studies which try to identify the main factors which have impact on inequality in incomes distribution. The objective of this study is to put in discussion another possible factor that affects the variability on inequality of incomes distribution – economic growth variability. As background research, until now, we did not find any studies which are investigating this possible relation between inequality of incomes distribution and economic growth variability. To provide some empirical evidences for a positive impact of social output volatility on inequality of incomes’ distribution we are involving a small sample of 27 developing countries for an observation time span between 1995 and 2006. The values of the Gini coefficient reported in World Income Inequality Database are used as dependent variable. As a first step in testing our research hypothesis, we are involving a static panel data model with pooled ordinary least squares (OLS, fixed effects (FE and random effects (RE estimators. The F statistics tests the null hypothesis of same specific effects for all countries. If we accept the null hypothesis, we could use the OLS estimator. The Hausman test can decide which model is better: random effects (RE versus fixed effects (FE. The FE model was selected because it avoids the inconsistency due to

  8. Tax Shift by Economic Functions and Its Effect on Economic Growth in the European Union

    Directory of Open Access Journals (Sweden)

    Irena Szarowská

    2015-01-01

    Full Text Available The aim of the paper is to examine effects of tax shift on economic growth and provide a direct empirical evidence in the European Union (EU. It is used the Eurostat’s definition to categorize tax burden by economic functions and implicit tax rates of consumption, labour and capital are investigated. First, paper summarizes main development of tax shift in a whole EU till 2014 and followed empirical analysis is based on annual panel data of 22 EU Member States in years 1995–2012 (time span is divided into a pre-crisis and a post-crisis period. Explanatory variables are not examined in individual regressions, but the study uses Generalized Method of Moments applied on dynamic panel data and estimations are based on Arellan-Bond estimator (1991. Results confirm positive and statistically significant impact of consumption taxes and weaker but negative effect of labour taxation on economic growth. In a post-crisis period, findings report raising labour taxes as the strongest and the only significant variable. It suggests that harmful effect of labour taxation is enlarging in a time of unfavorable economic conditions. A tax shift on capital taxation has negative but often statistically insignificant impact on economic growth.

  9. Tax Revenue, Stock Market and Economic Growth of Pakistan

    OpenAIRE

    Muhammad Irfan Javaid Attari; Roshaiza Taha; Muhammad Imran Farooq

    2014-01-01

    The purpose of this paper is to examine the effects of capital market and fiscal policy influences in determining the nexus of economic growth in Pakistan from July 2003 to July 2012. The authors utilize ADF unit root test, Johansen Cointegration test, VECM test, Granger causality test and variance decomposition analysis to test the relationship among tax revenue, stock market and economic growth in Pakistan. Granger causality analysis is used to answer questions whether “Does tax revenue cau...

  10. INNOVATIVE ASPECTS OF ECONOMIC GROWTH (THE REGION

    Directory of Open Access Journals (Sweden)

    Sergei A. Orekhov

    2014-01-01

    Full Text Available Principles of implementation of innovativetechnologies are positioned as a priorityarea for development in the managementof economic processes in the modernRussian economy. Declares that they are the economic growth of the country. This paper discusses the practice of building existing schemes of organization ofthe economy, which is why the definingelement of this process is the businessclass passengers - is the situation quitedependent and extremely nekomfortnomsituation.

  11. FDI and Economic Growth in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Gheorghe H. Popescu

    2014-11-01

    Full Text Available This paper discusses the major trends in scholarship about the role of FDI and exports on economic growth, the effect of tax policies on FDI, the formation of the economic catch up of the Central and Eastern Europe (CEE region and the determinants of FDI inflows in CEE nations. I am specifically interested in how previous research investigated the influence of FDI on host country economic growth, the inward FDI stock as a percentage of GDP, the features and restrictions of fiscal schemes in CEE economies and the institutional soundness displayed in policies towards FDI. The analysis presented in this paper contributes to research on FDI as a mechanism in the transition to the market, the dissimilarities in the FDI-assisted development methods among the CEE nations, the impact of FDI inflows for productivity convergence in CEE and the current slowing of growth in emerging Europe.

  12. Firm dynamic analysis for urban land use and economic growth modelling

    NARCIS (Netherlands)

    Che'Man, N.; Sabri, S.; Hosni, N.; Timmermans, H.J.P.

    2013-01-01

    In urban growth processes, urbanisation is highly influenced by economic growth which triggers the dynamics of economic agents and land uses. This is consisted of complex subsystems which need sophisticated methods like agent-based modelling and simulation to understand the pattern, behaviour and

  13. The Analysis of Theoretical Approaches to Identification of Factors of Regional Economic Growth

    Directory of Open Access Journals (Sweden)

    Kosyrieva Olena V.

    2016-05-01

    Full Text Available The article is devoted to the investigation of current approaches to identification of factors of economic growth in the regions. The theory of new economic geography based on works and studies of P. Krugman has been considered. There highlighted the key issues of regional economic growth requiring an in-depth studying and consideration in the elaboration of strategies for sustainable development of the regions. The views of leading domestic and foreign scholars as well as the OECD experts, the World Bank, the National Statistics Service of the United Kingdom and others on the main drivers of economic growth have been analyzed. On the basis of the study the factors of regional economic growth most commonly encountered in theory and practice have been generalized. It is proved that scientists and analysts most often classify as the factors of regional economic growth the following ones: those characterizing human potential, scientific-technical and innovative activity, management and institutional capacity. The factors less frequently correlated by specialists and scientists with the regional economic growth include: those characterizing the environment, business and sociopolitical factors, which is associated with difficulty of their quantification, but in any case does not diminish their importance.

  14. Income inequality and economic growth¡ª¡ªthe Kuznets curve revisited

    OpenAIRE

    YIN Heng; GONG Liutang; ZOU Heng-fu

    2006-01-01

    In a neoclassical growth framework with a typical political-economy mechanism, this paper reexamines the relationship between the income inequality and economic growth by introducing government spending into the production function and the utility function. It demonstrates that Kuznets famous inverted-U shape relationship between inequality and economic growth will hold the growth rate will be first increasing with the income inequality before the growth rate decreases with inequality.

  15. Population growth and economic development.

    Science.gov (United States)

    Corbridge, S

    1989-01-01

    The Malthusian and neo-Malthusian approaches to the role of population growth in economic development and resource depletion are briefly outlined. Three arguments are then presented that emphasize demographic determinism, empirical evidence, and cause and effect. The author concludes that non-coercive family planning programs may have a role to play in countries that are unable to reduce inequalities, particularly for the poor and for women.

  16. OIL MARKET, NUCLEAR ENERGY CONSUMPTION AND ECONOMIC GROWTH: EVIDENCE FROM EMERGING ECONOMIES

    Directory of Open Access Journals (Sweden)

    Hanan Naser

    2014-04-01

    Full Text Available This paper empirically examines the relationship between oil consumption, nuclear energy consumption, oil price and economic growth in four emerging economies (Russia, China, South Korea, and India over the period from 1965 to 2010. Applying a modified version of the granger causality test developed by Toda and Yamamoto, we find that the level of world crude oil prices (WTI plays a crucial role in determining the economic growth in the investigated countries. The results suggest that there is a unidirectional causality running from real GDP to oil consumption in China and South Korea, while bidirectional relationship between oil consumption and real GDP growth appears in India. Furthermore, the results propose that while nuclear energy stimulates economic growth in both South Korea and India, the rapid increase in China economic growth requires additional usage of nuclear energy.

  17. Density, recruitment and growth performance of Asian green mussel (Perna viridis in Marudu Bay, Northeast Malaysian Borneo, three years after a massive mortality event

    Directory of Open Access Journals (Sweden)

    Afizah Mohd Taib

    2016-12-01

    Full Text Available Density, recruitment and growth performance of Asian green mussel (Perna viridis in a particular coastal marine environment can be affected by many factors, including environmental change, pollution, disease outbreak and massive mortality event. The present study was conducted to determine the density, recruitment and growth performance of farmed Asian green mussel in Marudu Bay, three years after a mass mortality event. The study was carried out for 12 months between April 2013 and March 2014. The length frequency data of 1,308 individuals of green mussel were analyzed using the latest version of the FAO-ICLARM Fish Stock Assessment Tools (FiSAT II. The result showed that the green mussel recruitment in Marudu Bay occurs throughout the year with two major peaks i.e. February and July which coincided with the monsoon seasons. The asymptotic length (L∞, growth coefficient (K and growth performance index (φ’ of the farmed Asian green mussel in Marudu Bay are relatively high at 113.4 mm, 1.7 year-1 and 4.34, respectively. However, despite good culture location, the settlement density of green mussel in the bay was low. We suspected that the low settlement density could be influenced by the ecological effects due to the long term suspension of the culture substrates and the physiochemical properties of the water in Marudu Bay. Nevertheless, chlorophyll-á measurement alone was not able to justify if food scarcity has resulted in high mortality of the farmed Asian green mussel in Marudu Bay.

  18. Modelling the interaction between flooding events and economic growth

    Directory of Open Access Journals (Sweden)

    J. Grames

    2015-06-01

    Full Text Available Socio-hydrology describes the interaction between the socio-economy and water. Recent models analyze the interplay of community risk-coping culture, flooding damage and economic growth (Di Baldassarre et al., 2013; Viglione et al., 2014. These models descriptively explain the feedbacks between socio-economic development and natural disasters like floods. Contrary to these descriptive models, our approach develops an optimization model, where the intertemporal decision of an economic agent interacts with the hydrological system. In order to build this first economic growth model describing the interaction between the consumption and investment decisions of an economic agent and the occurrence of flooding events, we transform an existing descriptive stochastic model into an optimal deterministic model. The intermediate step is to formulate and simulate a descriptive deterministic model. We develop a periodic water function to approximate the former discrete stochastic time series of rainfall events. Due to the non-autonomous exogenous periodic rainfall function the long-term path of consumption and investment will be periodic.

  19. The Republic of Yemen - Economic Growth : Sources, Constraints and Potentials

    OpenAIRE

    World Bank

    2002-01-01

    High and sustained rate of economic growth in Yemen is a necesary, though not sufficient, condition for reduction of the high incidence of poverty and for raising the living standards of Yemeni citizens. Evidence in this report suggests that the main obstacle to rapid and sustained economic growth is the weak governance that characterizes Yemen in addition to the weaknesses in domestic sec...

  20. Energy consumption and economic growth revisited in African countries

    Energy Technology Data Exchange (ETDEWEB)

    Eggoh, Jude C., E-mail: comlanvi-jude.eggoh@univ-orleans.fr [Laboratoire d' Economie d' Orleans (LEO), Universite d' Orleans, Rue de Blois, BP: 6739, 45067 Orleans Cedex 2 (France); Bangake, Chrysost [Laboratoire d' Economie d' Orleans (LEO), Universite d' Orleans, Rue de Blois, BP: 6739, 45067 Orleans Cedex 2 (France); Universite d' Artois and Laboratoire EQUIPPE, Lille 1, FSES, 59655 Villeneuve d' Ascq Cedex (France); Rault, Christophe [Laboratoire d' Economie d' Orleans (LEO), Universite d' Orleans, Rue de Blois, BP: 6739, 45067 Orleans Cedex 2 (France); Toulouse Business School (France)

    2011-11-15

    The aim of this paper is to provide new empirical evidence on the relationship between energy consumption and economic growth for 21 African countries over the period from 1970 to 2006, using recently developed panel cointegration and causality tests. The countries are divided into two groups: net energy importers and net energy exporters. It is found that there exists a long-run equilibrium relationship between energy consumption, real GDP, prices, labor and capital for each group of countries as well as for the whole set of countries. This result is robust to possible cross-country dependence and still holds when allowing for multiple endogenous structural breaks, which can differ among countries. Furthermore, we find that decreasing energy consumption decreases growth and vice versa, and that increasing energy consumption increases growth, and vice versa, and that this applies for both energy exporters and importers. Finally, there is a marked difference in the cointegration relationship when country groups are considered. - Highlights: > We assess the energy consumption and economic growth nexus in 21 African countries. > There exists a long-run relationship between energy consumption and economic growth. > This result is robust to cross-country dependence and for structural breaks. > Our findings finally support the feedback hypothesis of bidirectional causality.

  1. Asian FTAs: Trends and challenges

    OpenAIRE

    Kawai, Masahiro; Wignaraja, Ganeshan

    2009-01-01

    Although a latecomer, economically important Asia has emerged at the forefront of global free trade agreement (FTA) activity. This has sparked concerns about the negative effects of Asian FTAs, including the noodle bowl problem. Amid slow progress in the World Trade Organization's (WTO) Doha negotiations and the global financial crisis, however, Asian regionalism seems to be here to stay and the focus for policymakers should be how best to minimize the costs of FTAs while maximizing their ben...

  2. Nuclear energy consumption, oil consumption and economic growth in G-6 countries: Bootstrap panel causality test

    International Nuclear Information System (INIS)

    Chu, Hsiao-Ping; Chang Tsangyao

    2012-01-01

    This study applies bootstrap panel Granger causality to test whether energy consumption promotes economic growth using data from G-6 countries over the period of 1971–2010. Both nuclear and oil consumption data are used in this study. Regarding the nuclear consumption-economic growth nexus, nuclear consumption causes economic growth in Japan, the UK, and the US; economic growth causes nuclear consumption in the US; nuclear consumption and economic growth show no causal relation in Canada, France and Germany. Regarding oil consumption-economic growth nexus, we find that there is one-way causality from economic growth to oil consumption only in the US, and that oil consumption does not Granger cause economic growth in G-6 countries except Germany and Japan. Our results have important policy implications for the G-6 countries within the context of economic development. - Highlights: ► Bootstrap panel Granger causality test whether energy consumption promotes economic growth. ► Data from G-6 countries for both nuclear and oil consumption data are used. ► Results have important policy implications within the context of economic development.

  3. Employment, Economic Growth and Labor Market Performance: The Case of Turkey

    OpenAIRE

    Alparslan AKÇORAOĞLU

    2010-01-01

    The fundamental aim of this paper is to explore the empirical relationship between employment and economic growth in Turkey over the period 1995Q1-2007Q4 by using modern time series techniques. The employment growth performance is a concern for Turkey as its employment rate is well below any European Union (EU) member country. Some authors have argued that the rates of employment growth in Turkey have remained low over the same period despite relatively strong economic growth. The results of ...

  4. The Public Finance Stance and the Economic Growth: the Case of European Union

    OpenAIRE

    Ioan Talpos; Bogdan Dima; Mihai Ioan Mutascu; Cosmin Enache

    2007-01-01

    This paper is studying the impact of public budget deficit on the economic growth. We have tested the connection between budget deficit and economic growth, using econometrical analysis (the Pool Data Model). Within this framework, we have quantified the intensity of connections between public budget deficit and economic growth in the case of European Union 25.

  5. Do Technological Developments and Financial Development Promote Economic Growth: Fresh Evidence from Romania

    OpenAIRE

    Ur Rehman, Ijaz; Shahbaz, Muhammad; Kyophilavong, Phouphet

    2013-01-01

    We study the relationship between financial development, technological development and economic growth in Romania. We construct aggregate indices of financial development and technological development using principal component analysis. The ARDL bounds testing approach shows the presence of cointegration between financial development, technological development and economic growth. Financial development and technological development contribute to economic growth. Moreover, financial developmen...

  6. Decentralization and public expenditure: Does special local autonomy affect regional economic growth?

    Directory of Open Access Journals (Sweden)

    Martapina Anggai

    2018-04-01

    Full Text Available This study examines the relationship between public expenditure within regional autonomy policy and economic growth in West Papua and Papua provinces. We distinguish two kinds of expenditure’s decentralization – operational and capital – and also private expenditures. We use an unbalanced panel data over the period of 2007-2010 to investigate those expenditures, whether they enhance regional economic growth or not. We find that the government’s operating and private expenditures have a positive effect on local economic growth, but there is no relationship between capital expenditure’s decentralization on economic growth. The findings did not conform to a-priori efficiency expectations, which suggest needing to reform regional autonomy and fiscal decentralization policy in both provinces.

  7. Life insurance, financial development and economic growth in South Africa

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2014-09-01

    Full Text Available The life insurance sector may contribute to economic growth by its very mechanism of savings mobilisation and thereby performing an intermediation role in the economy. This ensures that capital is provided to deficient units who are in need of capital to finance their working capital requirements and invest in technology thereby resulting in an increase in output. In this way, it could be argued that life insurance development spurs financial development. In this article we investigate the causal relationship between the life insurance sector, financial development and economic growth in South Africa for the period 1990 to 2012. We make use of life insurance density as the proxy for life insurance development, real per capita growth domestic product as the proxy for economic growth and real broad money per capita as the proxy for financial development. We test for cointegration amongst the variables by applying the Johansen procedure and then proceed to test for Granger causality based on the vector error correction model (VECM. Our results confirm the existence of at least one cointegrating relationship amongst the variables. The results indicate that the direction of causality runs from the economy to the life insurance sector which is consistent with the “demand-following” insurance-growth hypothesis. There is also evidence of causality running from the economy to financial development which is consistent with the “demand following” finance-growth hypothesis. The results also reveal that life insurance complements economic growth in bringing about financial development further lending credence to the “complementarity” hypothesis

  8. Economic growth, sectoral structure and unemployment

    NARCIS (Netherlands)

    de Groot, H.L.F.

    1998-01-01

    This thesis consists of three parts that deal with the relationship between the relative wealth of nations, economic growth, and the sectoral structure of economies. In the first part, the focus is on the relative stagnancy of Europe versus the USA in terms of productivity levels and unemployment.

  9. The Impact of Taxation on Economic Growth: Case Study of OECD Countries

    Directory of Open Access Journals (Sweden)

    Macek Rudolf

    2015-01-01

    Full Text Available The aim of this paper is to evaluate the impact of individual types of taxes on the economic growth by utilizing regression analysis on the OECD countries for the period of 2000–2011. The impact of taxation is integrated into growth models by its impact on the individual growth variables, which are capital accumulation and investment, human capital and technology. The analysis in this paper is based on extended neoclassical growth model of Mankiw, Romer and Weil (1992, and for the verification of relation between taxation and economic growth the panel regression method is used. The taxation rate itself is not approximated only by traditional tax quota, which is characteristic by many insufficiencies, but also by the alternative World Tax Index which combines hard and soft data. It is evident from the results of both analyses that corporate taxation followed by personal income taxes and social security contribution are the most harmful for economic growth. Concurrently, in case of the value added tax approximated by tax quota, the negative impact on economic growth was not confirmed, from which it can be concluded that tax quota, in this case as the indicator of taxation, fails. When utilizing World Tax Index, a negative relation between these two variables was confirmed, however, it was the least quantifiable. The impact of property taxes was statistically insignificant. Based on the analysis results it is evident that in effort to stimulate economic growth in OECD countries, economic-politic authorities should lower the corporate taxation and personal income taxes, and the loss of income tax revenues should be compensated by the growth of indirect tax revenues.

  10. Public Governance and Economic Growth in the Transitional Economies of the European Union

    Directory of Open Access Journals (Sweden)

    Yilmaz BAYAR

    2016-06-01

    Full Text Available According to new growth theories, public governance is an important determinant for sustained economic growth. This study examines the impact of six public governance indicators, including voice and accountability, political stability and the absence of violence/terrorism, government effectiveness, regulatory quality, rule of law and control of corruption, on the economic growth in the transitional economies of the European Union during the 2002-2013 period. The results show that all governance indicators except regulatory quality had a statistically significant positive impact on economic growth. Our findings also indicate that control of corruption and rule of law had the largest impact on economic growth, while political stability had the lowest impact.

  11. The role of intangible assets in the regional economic growth

    Directory of Open Access Journals (Sweden)

    Jordi Suriñach

    2011-01-01

    Full Text Available This paper is the summary of the IAREG (Intangible Assets and RegionalEconomic Growth European project, which analyzed the role of intangibleassets (IA on regional economic growth. We focused on some of the most relevantintangible assets, for which statistical information is available and where the consortiumhad more expertise. Consequently, in this paper we put special attentionin four big factors: knowledge capital, human capital, social capital and entrepreneurshipcapital. Additional to the main characteristics of each of these IA (relatedwith their measurement and their effects on regional economic growth, we alsoanalyzed the ensemble effects of these IA over the location of firms. For each asset,we describe its main characteristics, the indicators for its measuring and its limitations,as well as the main results associated to its impact on regional growth. Wemust outline that in order to improve the analysis of the effects of the IA in regionaleconomic growth it is necessary to develop more and better databases. We presentsome thoughts in this respect, based on our research experience. Finally, we givesome policy implications and recommendations.

  12. How Taxes and Spending on Education Influence Economic Growth in Poland

    Directory of Open Access Journals (Sweden)

    Michał Konopczyński

    2014-09-01

    Full Text Available This paper investigates the relationship between economic growth in Poland and four types of taxes and human capital investment. We primarily rely on an exogenous growth model that merges the Mankiw-Romer-Weil model, augmented with learning-by-doing and spillover-effects, with selected elements from the literature on optimal taxation. We demonstrate that in the period 2000-2011, economic growth in Poland was primarily due to a rapid increase in the human capital stock (at a rate of 5% per annum and only secondarily due to the accumulation of productive capital (2.7% annually. Simulations of tax cuts suggest that income taxes and consumption taxes restrict economic growth equally heavily. Simultaneously reducing all tax rates by 5 percentage points (pp in Poland should increase annual GDP growth by approximately 0.4 pp. Increasing spending on education by 1 pp of GDP would increase the growth rate by approximately 0.3 pp.

  13. Balance of Payments Constrained Economic Growth in Nigeria ...

    African Journals Online (AJOL)

    modified by Thirwall and Hussain (1982) on Nigeria's economic growth to ... Results signify cointegration between our variables, lending support to ... the fact that the factor inputs have inconclusive roles in the growth process in developing ... towards public sector expansion at the expense of the private sector as well as a ...

  14. World economic growth pushing LNG use

    International Nuclear Information System (INIS)

    Brown, R.L.; Clary, R.

    1997-01-01

    Natural gas, especially liquefied (LNG), is in position to participate in the energy growth now being triggered by strong worldwide economic growth, increasingly open markets, and expanding international trade. Natural gas is abundant, burns cleanly, and is highly efficient in combined-cycle, gas-turbine power plants. Moreover, the comparative remoteness of much of the resource base to established and emerging markets can make LNG a compelling processing and transportation alternative. Discussed here are the resource distribution and emerging market opportunities that can make LNG attractive for monetizing natural-gas reserves

  15. Empirical Study towards the Drivers of Sustainable Economic Growth in EU-28 Countries

    Directory of Open Access Journals (Sweden)

    Daniel Ştefan Armeanu

    2017-12-01

    Full Text Available This study aims at empirically investigating the drivers of sustainable economic growth in EU-28 countries. By means of panel data regression models, in the form of fixed and random effects models, alongside system generalized method of moments, we examine several drivers of real gross domestic product (GDP growth rate, as follows: higher education, business environment, infrastructure, technology, communications, and media, population lifestyle, and demographic changes. As regards higher education, the empirical results show that expenditure per student in higher education and traditional 18–22 year-old students are positively linked with sustainable economic growth, whereas science and technology graduates negatively influence real GDP growth. In terms of business environment, total expenditure on research and development and employment rates of recent graduates contributes to sustainable development, but corruption perceptions index revealed a negative association with economic growth. As well, the results provide support for a negative influence of infrastructure abreast technological measures on economic growth. Besides, we found a negative connection between old-age dependency ratio and sustainable economic growth.

  16. Towards a solidarity economy zakat Decrease poverty vs economic growth

    Directory of Open Access Journals (Sweden)

    Mébarek BOUBLAL

    2015-02-01

    Full Text Available Historically, inequalities in the distribution of goods between men existed. Different economic policies have been developed in order to solve not only the problem of inequality, but also that of unemployment. The statistics speak for themselves; despite efforts provided, no solution has been able to solve this twofold problem. Indeed, we must understand that today's economy is primarily responsible for capital growth; support social policy is the responsibility of the welfare state. Policies such as the single tax , or flat tax and the social economy, or non profit sector, have emerged but not able to reconcile the dilemma posed by the management of the social side with economic growth and to help grow the capital. Consideration of zakat as a social economic system, or zakat solidarity economy, provides an opening to a third way. This pathway is ale to support the reduction of inequalities in redistribution and unemployment, without jeopardizing economic growth.

  17. Asian energy and environmental policy: Promoting growth while preserving the environment

    International Nuclear Information System (INIS)

    Zhang Zhongxiang

    2008-01-01

    Asia has experienced spectacular economic growth over the past two decades. However, this economic progress has come at a high cost. It has led to unprecedented environmental consequences. So this region needs to shift the conventional pattern of 'develop first and then treat the pollution' to a trajectory of sustainable development. To that end, this paper examines a variety of policy responses, at national, regional and international levels, to deal with growing concerns about the environmental challenges in Asia. In the context of national responses, special attention is paid to the following issues: coordination between the central and local governments, market-based environmental instruments and industrial policies, tougher emissions standards for mobile and stationary sources and fuel quality, policies to promote energy efficiency and the use of clean energy and biofuels, the integration of environmental policies with economic and sectoral policies, and engagement of the private sector through e.g., ecolabelling, green government procurement, corporate ratings and disclosure programs, and drawing the support of financial institutions to promote improved corporate environmental performance. The paper concludes that having the right policy mix, coupled with strengthened cooperation at national, local and regional levels, will ensure continuing economic growth in the region without compromising its limited ecological-carrying capacity and environmental quality

  18. ECONOMETRIC EVALUATION OF THE RELATIONSHIP ECONOMIC GROWTH AND UNEMPLOYMENT IN EU & TURKEY

    Directory of Open Access Journals (Sweden)

    Erygit Pinar

    2014-07-01

    Full Text Available Unemployment, in Turkey as well as in the whole, world poses huge economic problems. When considering Turkey's economy with a continued growth but a sustainable growth trend that cannot be provided and cannot be avoided in unemployment. The concepts of unemployment and economic growth in the macro and micro level are the subject of many studies. Economists look for solutions to these problems that are faced by each country; unemployment, unemployment causes, economic growths are all concepts that are discussed. Turkey's population growth rate is high, investment and capital accumulation at the desired level cannot be performed, the quality of labor as a lack of economic and political instability, informal employment, the existence of inter-regional disparities, the lack of sufficient support in agriculture contribute to the many reasons such as unemployment, the foundation raised as an issue is caused to the end. One of the biggest problems faced by Turkey's economy has long been the problems of unemployment. Many policies have been identified and implemented to combat unemployment have been studied. High rates of growth to reduce unemployment are among the most important of these policies. The relationship between unemployment and growth for the first time was examined by Arthur M. Okun (1962. The main objective of this study with the participation of Croatia in 2013 with 28 member countries of the European Union and in Turkey for the period 2001-2011 is to examine and test the relationship between economic growth and unemployment is variable. Analysis Breitung (2000, ADF Fisher and Levin, Lin and Chu (2002 panel unit root tests, Westerlund (2007 panel cointegration tests are used. Breitung (2000, ADF Fisher and Levin, Lin and Chu (2002 tests taken by the series of first differences were stagnant. In addition, error correction model established between unemployment and economic growth Hausman tests were performed, and long-term parameters have

  19. A Discrete Heterogeneous-Group Economic Growth Model with Endogenous Leisure Time

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2009-01-01

    Full Text Available This paper proposes a one-sector multigroup growth model with endogenous labor supply in discrete time. Proposing an alternative approach to behavior of households, we examine the dynamics of wealth and income distribution in a competitive economy with capital accumulation as the main engine of economic growth. We show how human capital levels, preferences, and labor force of heterogeneous households determine the national economic growth, wealth, and income distribution and time allocation of the groups. By simulation we demonstrate, for instance, that in the three-group economy when the rich group's human capital is improved, all the groups will economically benefit, and the leisure times of all the groups are reduced but when any other group's human capital is improved, the group will economically benefit, the other two groups economically lose, and the leisure times of all the groups are increased.

  20. Exchange Rate Fluctuation and the Nigeria Economic Growth

    Directory of Open Access Journals (Sweden)

    Lawal Adedoyin Isola

    2016-11-01

    Full Text Available The aim of this study is to investigate the impact of exchange rate fluctuation on economic growth in Nigeria within the context of four profound theories: purchasing power parity; monetary model of exchange rates; the portfolio balance approach; and the optimal currency area theory. Data was collected from the CBN statistical bulletin in Nigeria from 2003– 2013and the Autoregressive Distributed Lag (ARDL model was employed to estimate the model. In the model, real GDP (RGDP was used as the proxy for economic growth while Inflation rate (IF, Exchange rate (EXC, Interest rate (INT and Money Supply(M2 as proxies for other macroeconomic variables. The empirical results show that exchange rate fluctuation has no effect on economic growth in the long run though a short run relationship exist between the two. Based on these findings, this paper recommends that the Central bank for policy purposes should ensure that stern foreign exchange control policies are put in place in order to help in appropriate determination of the value of the exchange rate. This will in the long run help to strengthen the value of the Naira.

  1. Economic Growth Models Transition

    Directory of Open Access Journals (Sweden)

    Coralia Angelescu

    2006-03-01

    Full Text Available The transitional recession in countries of Eastern Europe has been much longer than expected. The legacy and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the post-socialist economics have started to recover, with some leading countries building momentum toward faster growth. There is a possibility that in wider context of globalization several of these emerging market economies will be able to catch up with the more advanced industrial economies in a matter of one or two generations. Over the past few years, most candidate countries have made progress in the transition to a competitive market economy, macroeconomic stabilization and structural reform. However their income levels have remained far below those in the Member States. Measured by per capita income in purchasing power standards, there has been a very limited amount of catching up over the past fourteen years. Prior, the distinctions between Solow-Swan model and endogenous growth model. The interdependence between transition and integration are stated in this study. Finally, some measures of macroeconomic policy for sustainable growth are proposed in correlation with real macroeconomic situation of the Romanian economy. Our study would be considered the real convergence for the Romanian economy and the recommendations for the adequate policies to achieve a fast real convergence and sustainable growth.

  2. Economic Growth Models Transition

    Directory of Open Access Journals (Sweden)

    Coralia Angelescu

    2006-01-01

    Full Text Available The transitional recession in countries of Eastern Europe has been much longer than expected. The legacy and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the post-socialist economics have started to recover, with some leading countries building momentum toward faster growth. There is a possibility that in wider context of globalization several of these emerging market economies will be able to catch up with the more advanced industrial economies in a matter of one or two generations. Over the past few years, most candidate countries have made progress in the transition to a competitive market economy, macroeconomic stabilization and structural reform. However their income levels have remained far below those in the Member States. Measured by per capita income in purchasing power standards, there has been a very limited amount of catching up over the past fourteen years. Prior, the distinctions between Solow-Swan model and endogenous growth model. The interdependence between transition and integration are stated in this study. Finally, some measures of macroeconomic policy for sustainable growth are proposed in correlation with real macroeconomic situation of the Romanian economy. Our study would be considered the real convergence for the Romanian economy and the recommendations for the adequate policies to achieve a fast real convergence and sustainable growth.

  3. The dynamic relationship between health expenditure and economic growth: is the health-led growth hypothesis valid for Turkey?

    Science.gov (United States)

    Atilgan, Emre; Kilic, Dilek; Ertugrul, Hasan Murat

    2017-06-01

    The well-known health-led growth hypothesis claims a positive correlation between health expenditure and economic growth. The aim of this paper is to empirically investigate the health-led growth hypothesis for the Turkish economy. The bound test approach, autoregressive-distributed lag approach (ARDL) and Kalman filter modeling are employed for the 1975-2013 period to examine the co-integration relationship between economic growth and health expenditure. The ARDL model is employed in order to investigate the long-term and short-term static relationship between health expenditure and economic growth. The results show that a 1 % increase in per-capita health expenditure will lead to a 0.434 % increase in per-capita gross domestic product. These findings are also supported by the Kalman filter model's results. Our findings show that the health-led growth hypothesis is supported for Turkey.

  4. BOLIVIA’S ENERGY CONSUMPTION AND ECONOMIC GROWTH PROFILE: IS THERE A LINK?

    Directory of Open Access Journals (Sweden)

    Ismail SOILE

    2016-01-01

    Full Text Available The fundamental importance of energy for socio-economic existence cannot be over-emphasized. With an annual average growth rate of 3.6% over the period of 1998 and 2008, the Bolivian economic statistics shows that over 60% of the country’s GDP growth rate can be attributed to its export sector. However, energy consumption also grew significantly over the same period. Thus we seek to establish the directional causality between energy consumption and economic growth in Bolivia using secondary annual data for the period of 1971 to 2010. The Granger-causality tests indicate that there is an unidirectional causality that runs from economic growth to energy consumption with no feedback. The study, therefore, recommends that policies meant to manage growing energy demand can be instituted without obstructing growth in Bolivia. Energy taxation and pricing reform can help raise additional revenue for development.

  5. A reconsideration of effect of energy scarcity on economic growth

    International Nuclear Information System (INIS)

    Uri, N.D.

    1995-01-01

    This analysis is concerned with the effect of energy scarcity on economic growth in the U.S. After defining the notion of scarcity and introducing measures of scarcity (unit costs and relative energy price), changes in the trend in resource scarcity for NG, bituminous coal, anthracite coal, and crude oil over the most recent three decades are investigated. Each of the energy resources became a significantly scarcer resource during the decade of the 1970s in the Malthusian Stock Scarcity and Malthusian Flow Scarcity sense. Unit costs exhibit a similar change for NG and crude oil but not for bituminous and anthracite coals. The situation reversed itself during the 1980s. NG, bituminous and anthracite coals, and crude oil all became significantly less scarce resources during the decade of the 1980s than they had been during the 1970s, i.e. the increase in scarcity as measured by relative energy prices observed during the decade of the 1970s was not reversed completely during the 1980s for NG and crude oil demonstrate similar patterns. Given that change has taken place, it has implications for future economic growth to the extent resource scarcity and economic growth are interrelated. To see whether this is a relevant concern, subsequent to the examination of changing resource scarcity trends, an objective effort is made to identify a long run equilibrium relationship between energy scarcity and economic growth. Relying on cointegration techniques, only for crude oil is there a suggestion that resource scarcity has affected economic growth in the U.S. over the period 1889-1992. (author)

  6. Historic, economic and geographic approach to the relations between economic growth and oil prices

    International Nuclear Information System (INIS)

    Girard, C.

    1992-01-01

    This paper attempts to analyze the complex relations between energy prices and economic growth. In part 1, the history of the last 30 years is used to analyze the consequences of energy price variations on world economic growth. In part 2, two interpretation schemes are described successively. One has to do with the international oil market, and the other concerns the impact of oil shocks on national economies. In part 3, an approach by type of country leads to conclusions respectively for the industrialized countries, for the developing countries and for the newly industrialized countries. 1 fig

  7. Growing inter-Asian connections: Links, rivalries, and challenges in South Korean–Central Asian relations

    Directory of Open Access Journals (Sweden)

    Matteo Fumagalli

    2016-01-01

    Full Text Available The geopolitical context, which emerged from the collapse of the Soviet Union and the end of the Cold War, combined with Korea's growing economic prowess, enabled greater dynamism and diversification in Seoul's foreign policy-making. Growing pressure from energy-intensive economies coupled with new developments and investment in logistics and infrastructure has brought different parts of the Eurasian landmass closer together in recent years. Inter-Asian connections are especially growing. This article uses the case of deepening relations between Korea and the post-Soviet Central Asian republics as a vantage point to reflect on one such example of unfolding Asian inter-connectedness. In addition it sees Seoul's engagement in the region as a fitting example of Korea's broader ambitions to assert itself as a global economic player. The article shows that Korea's policy toward Central Asia has been primarily driven by energy needs and is defined by pragmatism. It finds that the economic dimension of the relationship has greatly overshadowed other aspects such as politics and security. In its pursuit of closer ties with the region Seoul has sought to turn structural weaknesses into added value and has attempted to develop a distinctive, non-threatening profile built around the lack of a political baggage and geopolitical ambitions, and the desire to share its experience of formerly impoverished turned leading economy. In turn, Central Asia's selective integration in the world economy has continued, also thanks to its ties with Korea. The Central Asian republics welcomed the opportunity to diversify their foreign relations, the sources of foreign investment and export routes. At the same time the opaque business environment, a leadership succession, which cannot be postponed for much longer, and Seoul's “no-strings attached” approach expose Korea to some risks as regime stability might not last forever.

  8. The Role of Value Added Tax on Economic Growth of Ethiopia ...

    African Journals Online (AJOL)

    The achievement of economic growth is crucial for countries sustainable development. Recently, Value Added Tax (VAT) becomes a major worldwide tax instrument which enhances economic growth. Being a tax levied on the final consumption of goods and services, VAT is collected at each stage of production and ...

  9. The Iranian connection: the geo-economics of exporting Central Asian energy via Iran

    International Nuclear Information System (INIS)

    Stauffer, T.R.

    1997-01-01

    The prospect of exporting Caspian Sea crude oil production via a transit route through Iran is discussed. There are many political and economic barriers that are preventing the establishment of a transit route to bring the landlocked hydrocarbon resources of Azerbaijan and Central Asia to world oil markets. A route via Iran is most appealing because of the existing system of pipelines and export facilities already in place there, plus its close geographic location to Central Asia. Close to 2 MMb/d of production from the Caspian region could be accommodated at under $1.50/barrel transit costs. However, the opposition from the United States and Israel to any Iranian connection for the Caspian Sea production is well documented. The Russians, too, are opposed to any export option for Caucasian or Central Asian crude production that would bypass Russia because it would reduce its economic leverage over the new republics. It is widely believed that export through Iran would be more beneficial to the individual state governments by providing them with greater net well head revenues, as well as in reinforcing their independence at the expense of the central government in Moscow

  10. A cost-benefit analysis for the economic growth in China

    International Nuclear Information System (INIS)

    Wen, Zongguo; Chen, Jining

    2008-01-01

    Currently, traditional development issues such as income inequality, depletion of natural resources, environmental pollution as well as retardation of infrastructure have occurred in China. In the future, more pressures would be imposed on China by the continuous fast development of industrialization, and with transfer of the world manufacture center to China. Sustainable development, including its economic, environmental and social elements, is a key goal of decision-makers. This paper develops a methodology on cost benefit analysis of economic growth at macroscopic level to identify issues of China's sustainability. In order to address some important issues on how to make policies to improve the quality of economic growth, the CBA framework developed in this study analyses economic-ecological-social interaction, building three accounts that reflect three dimensions of sustainable development that includes 26 sub-models in all, and finally is integrated into an index as Net Progress Proceeds (NPP). The estimation methods of these submodels, such as cost of environmental pollution, depletion of natural resources and defensive expenditures are described in detail. Based on the framework and methods, this paper examines the costs and benefits of economic growth in three aspects of economy, ecology and society. The results illustrate that NPR of China's economic growth had been negative for a long time and has just became positive since year 2000 but was quite low. Even the best was only 1.6% in 2002 (the worst was - 24.2% in 1982). Based on the comparison between three accounts, we can draw a conclusion that ecological cost is the dominant factor that affects China's NPR. The empirical results show that if no other innovative measures or policies are taken in the future the costs of growth would outweigh its benefits, resulting in un-sustainability. Basically, the long-term economic growth would be unsustainable due to increasing environmental damage and depletion of

  11. A cost-benefit analysis for the economic growth in China

    Energy Technology Data Exchange (ETDEWEB)

    Wen, Zongguo; Chen, Jining [Department of Environmental Science and Engineering, Tsinghua University, Beijing 100084 (China)

    2008-04-01

    Currently, traditional development issues such as income inequality, depletion of natural resources, environmental pollution as well as retardation of infrastructure have occurred in China. In the future, more pressures would be imposed on China by the continuous fast development of industrialization, and with transfer of the world manufacture center to China. Sustainable development, including its economic, environmental and social elements, is a key goal of decision-makers. This paper develops a methodology on cost benefit analysis of economic growth at macroscopic level to identify issues of China's sustainability. In order to address some important issues on how to make policies to improve the quality of economic growth, the CBA framework developed in this study analyses economic-ecological-social interaction, building three accounts that reflect three dimensions of sustainable development that includes 26 sub-models in all, and finally is integrated into an index as Net Progress Proceeds (NPP). The estimation methods of these submodels, such as cost of environmental pollution, depletion of natural resources and defensive expenditures are described in detail. Based on the framework and methods, this paper examines the costs and benefits of economic growth in three aspects of economy, ecology and society. The results illustrate that NPR of China's economic growth had been negative for a long time and has just became positive since year 2000 but was quite low. Even the best was only 1.6% in 2002 (the worst was - 24.2% in 1982). Based on the comparison between three accounts, we can draw a conclusion that ecological cost is the dominant factor that affects China's NPR. The empirical results show that if no other innovative measures or policies are taken in the future the costs of growth would outweigh its benefits, resulting in un-sustainability. Basically, the long-term economic growth would be unsustainable due to increasing environmental damage

  12. Growth and Economic Opportunities for Women | IDRC ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    GrOW works with research teams around the world to generate evidence on ... Growth and Economic Opportunities for Women ... IDRC “unpacks women's empowerment” at McGill University Conference ... Careers · Contact Us · Site map.

  13. The economic growth of oil countries; La croissance economique des pays petroliers

    Energy Technology Data Exchange (ETDEWEB)

    Arbod, G

    2007-02-15

    The literature tries to apprehend the weakness of the economic growth of oil culminates by the assumption of ousted growth factors. In the Dutch Disease models the non-oil exporting sector would be ousted whereas in the analyses in terms of economic policies it would be the efficient economic policies. We consider the phenomenon through the growth theories, the oil income being regarded as an additional exogenous income for the economy. In this manner the growth dynamic of oil countries, even the most unfavourable, can be modelled without utilizing any concept of economic inefficiency. The last part of our work is devoted to the Saudi economy. After having developed a macro-econometric model, and using scenarios of oil prices, we lead a forecasted analysis of this economy. (author)

  14. Technical conditions for sustainable growth in economic theory. An analysis

    International Nuclear Information System (INIS)

    Granda C, Catalina

    2008-01-01

    Economic theory and its models point out returns to scale, substitution among productive factors and technological progress as conditions for sustainable growth. This work aims at a critical appraisal of these conditions, particularly the ones related to substitution between natural resources and manmade capital and technical change, by recognizing the inevitable physical scarcity of resources concomitant to the human actions in a world governed by hemodynamic restrictions. To do so, the role that the mentioned conditions play in the theories of economic growth with resources is analyzed, and its limitations and objections from a biophysical perspective are indicated as well. Finally, a brief consideration as to how inappropriate the theoretical representations of economic activities are to take account of growth in spite of resource exhaustion or degradation is carried out

  15. Key Drivers for Cooperation toward Sustainable Development and the Management of CO2 Emissions: Comparative Analysis of Six Northeast Asian Countries

    Directory of Open Access Journals (Sweden)

    Andrew Chapman

    2018-01-01

    Full Text Available This study analyzes the key drivers of the relationship between economic growth and carbon emissions in six Northeast Asian countries (China, Japan, Republic of Korea, Democratic People’s Republic of Korea, Mongolia, and Russia from 1991 to 2015. We apply a decomposition analysis approach using Logarithmic Mean Divisia Index to identify the main contributing factors toward CO2 emission changes. To discuss the decomposition results in more in detail, we explain the energy portfolio change in each country to understand the energy and resource utilization strategy. From the results, we find that the key driving factors of CO2 emissions change and energy portfolio trends are different among Northeast Asian countries, driven by economic growth in China and Korea, reduced by energy efficiency improvements in Russia and the DPRK, while being relatively benign in Japan and Mongolia due to a combination of these factors. This result implies that we can better understand the regional cooperation policy for improving each driving factor to achieve sustainable development and management of CO2 emissions considering the characteristics of each country.

  16. Major Demographic Changes in Bangladesh and their Socio-economic Correlates: Analysis of Trends

    OpenAIRE

    Mohammad, Hossain; Tisdell, Clement A.

    2003-01-01

    Catalogues the demographic changes in Bangladesh during the period 1975-2000 and examines how they relate to key socio-economic attributes. Trends are examined in population growth, growth of the working age population, women’s workforce participation, age-dependency ratio, female-male ratio, longevity, fertility, mortality and mean age at first marriage. Bangladesh has made significant breakthroughs in all these areas, a feat not matched by most other South Asian countries, but comparable wi...

  17. Economic growth constraints in Vietnam: A study using the growth diagnostic approach

    Directory of Open Access Journals (Sweden)

    Nguyen Duc Thanh

    2016-04-01

    Full Text Available Recent studies have clearly pointed out a decreasing trend of Vietnam’s economic growth in the short and the medium terms. This paper presents a study applying the growth diagnostic method for Vietnam to determine growth constrains. The binding growth constrains of Vietnam are found to include a poor business environment; an underdeveloped infrastructure, especially the transportation network market; failures related to information externalities, learning externalities and coordination failures. Notably, the energy infrastructure could be a vital constraint in a near future, but is not a binding constraint at present. The inefficiency of financial intermediaries and the government’s over-investment could become a binding constraint when the economy returns to its high growth path.

  18. Does HIV/AIDS matter for economic growth in sub-Saharan Africa?

    DEFF Research Database (Denmark)

    Mveyange, Anthony Francis; Skovsgaard, Christian; Lesner, Tine

    Estimating the impact of HIV/AIDS epidemic on economic growth is challenging because of endogeneity concerns. In this paper, we use novel data on male circumcision and distance from the first HIV outbreak as instrumental variables for the HIV/AIDS epidemic in 241 regions across 25 countries in sub......-Saharan Africa during 2003–12. Our main finding shows that the impact of HIV/AIDS epidemic on economic growth is negative but statistically insignificant. Further investigation on the main channels through which HIV/AIDS may affect economic growth—namely human capital, population growth, and productivity......—finds no impacts of the HIV/AIDS epidemic on these channels....

  19. The Nexus between Higher Education and Economic Growth: An Empirical Investigation for Pakistan

    Directory of Open Access Journals (Sweden)

    Amatul R. Chaudhary

    2009-06-01

    Full Text Available The study investigates the role of higher education in economic growth for Pakistan between 1972 and 2005 using the application of Johansen Cointegration and Toda & Yamamoto (1995 Causality approach in Vector Autoregressive (VAR framework. It examines whether higher education affect long run economic growth in Pakistan. The empirical analysis reveals that there is a long run relationship between economic growth and higher education, which suggests that these variables are necessary for each other. The empirical results of causality test indicate that there exists a unidirectional causality running from economic growth to higher education and no other direction of causality found between these variables.

  20. Can Higher Education Foster Economic Growth? Chicago Fed Letter. Number 229

    Science.gov (United States)

    Mattoon, Richard H.

    2006-01-01

    Not all observers agree that higher education and economic growth are obvious or necessary complements to each other. The controversy may be exacerbated because of the difficulty of measuring the exact contribution of colleges and universities to economic growth. Recognizing that a model based on local conditions and higher education's response…

  1. Effect of small and medium scale enterprises on economic growth in ...

    African Journals Online (AJOL)

    This paper recognised SMEs as source of economic growth in Nigeria. The paper identified SMEs' contribution to Nigeria's Gross Domestic Product (GDP) from 1982 to 2012, and carried out analysis on the effect of SMEs on economic growth in Nigeria, within the same period. Secondary data were collected from CBN ...

  2. Economic growth, inequality, and the economic position of the poor in 1985-1995: an international perspective.

    Science.gov (United States)

    Kangas, Olli

    2002-01-01

    The "trickle-down" theory argues that wider income differences are good for economic growth, that growth is good for the poor, and therefore that widening income disparities benefit the poor. The theory thus fulfills Rawlsian principles of justice. The purpose of this article is to present a preliminary evaluation of the correctness of this theory. Income data for 21 countries were obtained from the Luxembourg Income Study, for the period 1985-95. The results of the analysis show no clear connections between inequality and economic prosperity. The wider the inequality, the worse is the absolute income of the poor. In this respect the theory is falsified. However, the trickle-down theory is partly correct in arguing for the beneficial effects of economic growth for the poor: the absolute income level of the poor is dependent on what is happening in the national economy, while the incidence and depth of poverty in advanced countries are not so much associated with economic factors as a result of national social policy programs.

  3. Economic growth and energy demand in Brazil from 1930 to 1980

    International Nuclear Information System (INIS)

    Theis, I.M.

    1988-10-01

    There are enough evidences that economic growth and energy demand are closely related indeed. These evidences show that the growth of the economic activity calls for greater energy inputs. The Brazilian case is similar to the other industrialized economies, in spite of our industrialization process being started only in the 1930. Two periods excelled as phases of quick and accelerated growth of the Economic Product: the later fifties and the famous miracle from 1968 to 1973. During those periods the demand for energy in Brazil increased to amounts previously unthinkable. More remarkable, however, is that, after those phases of accelerated growth, Brazilian economy had changed the consumption profile considerably: while, until 1968 firewood was the most important resource, since then petroleum has taken this position. (author). 213 refs, 115 tabs

  4. Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa

    OpenAIRE

    Enowbi Batuo, M.; Mlambo, Kupukile; Asongu, Simplice

    2017-01-01

    In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth has come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses ...

  5. Oil Consumption, CO2 Emission, and Economic Growth: Evidence from the Philippines

    Directory of Open Access Journals (Sweden)

    Kyoung-Min Lim

    2014-02-01

    Full Text Available This paper attempts to investigate the short- and long-run causality issues among oil consumption, CO2 emissions, and economic growth in the Philippines by using time series techniques and annual data for the period 1965–2012. Tests for unit root, co-integration, and Granger-causality tests based on an error-correction model are presented. Three important findings emerge from the investigation. First, there is bi-directional causality between oil consumption and economic growth, which suggests that the Philippines should endeavor to overcome the constraints on oil consumption to achieve economic growth. Second, bi-directional causality between oil consumption and CO2 emissions is found, which implies that the Philippines needs to improve efficiency in oil consumption in order not to increase CO2 emissions. Third, uni-directional causality running from CO2 emissions to economic growth is detected, which means that growth can continue without increasing CO2 emissions.

  6. CONSIDERATIONS ON THE ROLE OF FINANCIAL MARKETS IN ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Carmen ALBU

    2014-06-01

    Full Text Available Generally accepted in economic literature, the financial market has a positive impact on growth in a modern economy. Nevertheless, due to the global crises starting in 2008, a number of authors are questioning today about this assertion. Among them, there are authors which are attributing as initial impulse to the crisis an exaggerated expansion of financial market (and non-covered on the real side of economy. In this study, based on economic literature and empirical evidences, we are presentig few considerations regarding the development of financial market during last decades and its role on economic growth.

  7. System dynamics modelling and simulating the effects of intellectual capital on economic growth

    Directory of Open Access Journals (Sweden)

    Ivona Milić Beran

    2015-10-01

    Full Text Available System dynamics modelling is one of the best scientific methods for modelling complex, nonlinear natural, economic and technical system dynamics as it enables both monitoring and assessment of the effects of intellectual capital on economic growth. Intellectual capital is defined as “the ability to transform knowledge and intangible assets into resources to create wealth for a company and a country.” Transformation of knowledge is crucial. Knowledge increases a country’s wealth only if its importance is recognized and applied differently from existing work practices. The aim of this paper is to show the efficiency of modelling system dynamics and simulating the effects of intellectual capital on economic growth. A computer simulation provided a mathematical model, providing practical insight into the dynamic behavior of the observed system, i.e. the analysis of economic growth and observation of mutual correlation between individual parameters. The results of the simulation are presented in graphical form. The dynamic model of the effects of intellectual capital on Croatia’s economic growth has been verified by comparing simulation results with existing data on economic growth.

  8. Economic crisis in Asia and Middle Eastern economy; Ajia keizai kiki to chuto keizai

    Energy Technology Data Exchange (ETDEWEB)

    Ishinoda, Toru

    1999-02-01

    Economic crisis in Asia and its influences on Middle Eastern economy are explained based on statistics. In Asian countries domestic energy demand has increased rapidly with recent high rate of economic growth for a background. Crisis on currency and finance originated in Thailand in the second half of 1997 has spread to neighboring countries of Malaysia, Indonesia, Philippine and Republic of Korea, then economic depression and confusion has propagated all over Asia, and decrease in oil demands has caused sudden drop of oil price, which has an important effect upon economy of oil producing countries of Middle East. Drastic decrease in oil and gas income has resulted in downward modification of budget, cut down of expenditure and reexamination of investment projects, including suspension. Statistical data were shown on trades with Asian countries, effects of sudden drop in oil price in Iran and Saudi arabia and its deficit in finance. Recovery of Asian economy being slow, sharp increase in demand for oil and turn over of oil price can't be expected, and it seems that oil producing countries, who have economic structure of depending much on export of oil products such as crude oil, petroleum products and natural gas, will stay in distress for the time being. (NEDO)

  9. Interpreting the dynamic nexus between energy consumption and economic growth: Empirical evidence from Russia

    International Nuclear Information System (INIS)

    Zhang Yuejun

    2011-01-01

    Research on the nexus between energy consumption and economic growth is a fundamental topic for energy policy making and low-carbon economic development. Russia proves the third largest energy consumption country in the world in recent years, while little research has shed light upon its energy consumption issue till now, especially its energy-growth nexus. Therefore, this paper empirically investigates the dynamic nexus of the two variables in Russia based on the state space model. The results indicate that, first of all, Russia's energy consumption is cointegrated with its economic growth in a time-varying way though they do not have static or average cointegration relationship. Hence it is unsuitable to merely portrait the nexus in an average manner. Second, ever since the year of 2000, Russia's energy efficiency has achieved much more promotion compared with that in previous decades, mainly due to the industrial structure adjustment and technology progress. Third, among BRIC countries, the consistency of Russia's energy consumption and economic growth appears the worst, which suggests the complexity of energy-growth nexus in Russia. Finally, there exists bi-directional causality between Russia's energy consumption and economic growth, though their quantitative proportional relation does not have solid foundation according to the cointegration theory. - Research highlights: →This study investigates the dynamic nexus of energy consumption and economic growth in Russia. → Russia's energy consumption is cointegrated with its economic growth in a time-varying way though they do not have static or average cointegration relationship. → Ever since 2000, Russia's energy efficiency has achieved much more promotion compared with that in previous decades. → Among BRIC countries, the consistency of Russia's energy consumption and economic growth appears the worst. → There exists bi-directional causality between Russia's energy consumption and economic growth.

  10. Poverty, governance and economic growth

    Directory of Open Access Journals (Sweden)

    Kefi Mohamed Karim

    2013-07-01

    Full Text Available The objective of this paper is to study the effect of governance and povrety on economic growth of a set of eight developing countries during the period 2000-2009, using a dynamic and static panel data model and a simultaneous equations model. The key findings generated from these three empirical tests stipulate a negative effect of governance on povrety and a positive effect of political instability and corruption on poverty

  11. THE WELFARE AND THE ECONOMIC GROWTH: TWO FACES OF THE SAME COIN

    Directory of Open Access Journals (Sweden)

    ALINA LIGIA DUMITRESCU

    2015-12-01

    Full Text Available The research starts with review of the evolution of the concept of welfare. The model of economic growth and social welfare of the European Union continuously adapts to social and economic changes of contemporary European society. As a result of the financial and economic crisis and its impact on the EU’s economy, including economic contraction and rising unemployment, European Commission has launched the Strategy “Europe 2020”. The study will focus on the analysis of the strategy “Europe 2020” as a tool for economic growth and welfare.

  12. Transport system as an element of sustainable economic growth in the tourist region

    OpenAIRE

    Mrnjavac, Edna

    2001-01-01

    Transport system is a whole composed of technical, technological, organisational, economic and legislative elements with the aim to perform transfer, loading and unloading of goods and passengers. Taking in consideration that most economic activities demand participation of certain transport system elements, any economic growth is impossible without an adequate transport system development. In order to secure environmental sustainable economic growth the economic policy subjects have to pay s...

  13. Natural Hazards, Poverty Traps versus Economic Growth

    Science.gov (United States)

    Netti, Dr.

    2012-04-01

    Governments, even in developed countries, devote too scarce resources to coping (ex-ante) with natural hazards; as a consequence of this short-sightedness, (ex-post) direct and indirect effects of catastrophic events deeply compromise the economic growth. Protective measures against natural hazards mean complex choices involving the opinions of multidisciplinary groups of experts in the fields of ecology, civic and geotechnical engineering, geology, meteorology, law and economics. Moreover, tools and choices affect different stakeholders: politicians, producers, consumers, taxpayers and voters. Complementarity between informed rationality and democracy need to be recognized and guaranteed as too often the perceptions of the majority of the stakeholders involved about natural hazards are not consistent with any objective information about the catastrophic event. The interaction between strict budget constraints, extremely high degrees of uncertainty, risk-aversion and credit rationing, trade-off between democracy and rationality, are the main causes of potential 'poverty traps'. First of all we believe that the 'reconstruction output' to be included in GDP as an ex-post effect of a natural hazard is a forced investment much more effective in crowding-out other consumption and investment and less effective for growth than investments aiming at increasing, ex-ante, the resiliency of the economy. Keynes' 'Animal Spirits' are embedded in positive expectation for future gains especially if not concentrated in reconstruction procurement sectors but spread across different sectors of the economy. The increased demand for reconstruction goods and services may act in both directions depending on the phase of the business cycles in which the economy is. Risk premiums for risk-averter investors increase in consequence of a natural hazard event; this restrict budget constraints and strengthen credit rationing. A mere replacement effect of the destroyed capital by a more

  14. Cointegration and Causality between Public Expenditure and Economic Growth: Case of Kyrgyzstan

    Directory of Open Access Journals (Sweden)

    Raziye ABDIYEVA

    2017-01-01

    Full Text Available According to Wagner’s law there is unidirectional relationship from economic growth to public expenditure. Wagner’s states that increase of national income leads to faster growth of public expenditure. In other words, out of economic and social development in the country, people will demand more public goods and it will increase public expenditure at a faster rate than national income. This study is analyzing the long term and causality relationship between public expenditure and economic growth in Kyrgyzstan and tests the validity of Wagner's law in Kyrgyz economy by using an ARDL and Error Correction models over the period 1995 to 2014. Empirical results showed that there is an unidirectional causality relationship between economic growth and public expenditure in long term. Empirical evidence is support the validity of Wagner’s law in Kyrgyz economy.

  15. Monetary-Fiscal-Trade Policy and Economic Growth in Pakistan: Time Series Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Syed Tehseen Jawaid

    2011-01-01

    Full Text Available This study empirically examines the effect of monetary, fiscal and trade policy on economic growth in Pakistan using annual time series data from 1981 to 2009. Money supply, government expenditure and trade openness are used as proxies of monetary, fiscal and trade policy respectively. Cointegration and error correction model indicate the existence of positive significant long run and short run relationship of monetary and fiscal policy with economic growth. Result also indicates that monetary policy is more effective than fiscal policy in Pakistan. In contrast, trade policy has insignificant effect on economic growth both in the short run and in the long run. In light of the findings, it is suggested that the policy makers should focus more on monetary policy in order to ensure economic growth in the country. It is also recommended that further research should be conducted to find out such components of exports and imports which lead to the ineffectiveness of trade policy to enhance economic growth in Pakistan.

  16. Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach

    International Nuclear Information System (INIS)

    Odhiambo, Nicholas M.

    2009-01-01

    In this paper, we examine the intertemporal causal relationship between energy consumption and economic growth in Tanzania during the period of 1971-2006. Unlike the majority of the previous studies, we employ the newly developed autoregressive distributed lag (ARDL)-bounds testing approach by Pesaran et al. [2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16, 289-326] to examine this linkage. We also use two proxies of energy consumption, namely total energy consumption per capita and electricity consumption per capita. The results of the bounds test show that there is a stable long-run relationship between each of the proxies of energy consumption and economic growth. The results of the causality test, on the other hand, show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima-facie causal flow from electricity consumption to economic growth. Overall, the study finds that energy consumption spurs economic growth in Tanzania

  17. Energy consumption and economic growth nexus in Tanzania. An ARDL bounds testing approach

    Energy Technology Data Exchange (ETDEWEB)

    Odhiambo, Nicholas M. [Economics Department, University of South Africa (UNISA), P.O. Box 392, UNISA, 0003, Pretoria (South Africa)

    2009-02-15

    In this paper, we examine the intertemporal causal relationship between energy consumption and economic growth in Tanzania during the period of 1971-2006. Unlike the majority of the previous studies, we employ the newly developed autoregressive distributed lag (ARDL)-bounds testing approach by Pesaran et al. [2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16, 289-326] to examine this linkage. We also use two proxies of energy consumption, namely total energy consumption per capita and electricity consumption per capita. The results of the bounds test show that there is a stable long-run relationship between each of the proxies of energy consumption and economic growth. The results of the causality test, on the other hand, show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima-facie causal flow from electricity consumption to economic growth. Overall, the study finds that energy consumption spurs economic growth in Tanzania. (author)

  18. Energy consumption and economic growth nexus in Tanzania: An ARDL bounds testing approach

    Energy Technology Data Exchange (ETDEWEB)

    Odhiambo, Nicholas M. [Economics Department, University of South Africa (UNISA), P.O. Box 392, UNISA, 0003, Pretoria (South Africa)], E-mail: nmbaya99@yahoo.com

    2009-02-15

    In this paper, we examine the intertemporal causal relationship between energy consumption and economic growth in Tanzania during the period of 1971-2006. Unlike the majority of the previous studies, we employ the newly developed autoregressive distributed lag (ARDL)-bounds testing approach by Pesaran et al. [2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16, 289-326] to examine this linkage. We also use two proxies of energy consumption, namely total energy consumption per capita and electricity consumption per capita. The results of the bounds test show that there is a stable long-run relationship between each of the proxies of energy consumption and economic growth. The results of the causality test, on the other hand, show that there is a unidirectional causal flow from total energy consumption to economic growth and a prima-facie causal flow from electricity consumption to economic growth. Overall, the study finds that energy consumption spurs economic growth in Tanzania.

  19. Economic analyses of rapid population growth.

    Science.gov (United States)

    Birdsall, N

    1989-01-01

    "Discussion of the macroeconomic consequences of rapid population growth is organized into three schools: pessimists, optimists, and the recent revisionists. For the revisionists, differing views are presented about the pervasiveness and relevance of market failures, such as the negative externalities of childbearing, and about the ability of families and institutions to adjust rapidly to changes brought on by rapid population growth. A welfare economics approach is used to review the merits of various public policies to reduce fertility, including public financing of family planning services and taxes and incentives associated with childbearing." The focus is on developing countries. excerpt

  20. Natural resources endowment and economic growth: The West African Experience

    Directory of Open Access Journals (Sweden)

    Mohamed Jalloh

    2013-06-01

    Full Text Available This study aims at investigating the nexus between natural resource endowment and economic growth using a sample of West African countries. The study adopted a Barrow-type growth model to analyse the impact of natural resource wealth on economic growth. A dynamic panel estimation technique was employed using relevant data from West African Countries. The results from the panel regressions indicate that natural resource endowments have very minimal impact in terms of promoting economic growth in West Africa, more so in resource rich countries. In terms of relative effects, the results indicate that a 10% increase in natural resource export reduces growth in income per capita by approximately 0.4%. Part of the factors explaining this finding amongst others; include high corruption in the public sector as well as the frequency of civil conflicts in resource rich economies of West Africa. For the natural resources of the region to fully benefit its citizens, these countries require , urgently, to improve management of natural resource export revenues and to apply effective policy measures to eradicate/ mitigate incidences of rampant corruption in the public sector.