WorldWideScience

Sample records for economic growth rate

  1. 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?

  2. 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.

  3. 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,...

  4. 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.

  5. Last Five Years Pakistan Economic Growth Rate GDP And Its Comparison With China India And Bangladesh

    Directory of Open Access Journals (Sweden)

    Abdul Rehman

    2015-01-01

    Full Text Available Abstract This paper formulates and reviews Pakistans last five years economic growth rate and its comparison with the growth rate of China India and Bangladesh. As growth rate the amount of increment of a specific variable has gained within a specific period of time and context. In fact economic growth rate provides general direction and magnitude of growth for overall economy.

  6. EXCHANGE RATE AND ECONOMIC GROWTH. THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    Nicolae Ghiba

    2010-12-01

    Full Text Available Considering the difficulties created by the economic crisis, many exporters have criticized the National Bank of Romania (NBR’s policy regarding the exchange rate evolution. They argue that depreciation is a necessary condition for recovery and not financial stability. On the contrary, Romania cannot afford a shock in the exchange rate level. The risk associated with such a measure is too high for an emerging country and it annihilates any export competitive advantages. Therefore, depreciation may delay the imperative of Romanian economic recovery. A solid economic recovery should have as starting point a financial system sound and stable. Excessive exchange rate depreciation jeopardizes the financial soundness of banks and the borrower’s ability to repay their loans. Therefore, it creates inflationary flare-ups, particularly dangerous for the economy of any state.

  7. Influence of corruption on economic growth rate and foreign investment

    Science.gov (United States)

    Podobnik, Boris; Shao, Jia; Njavro, Djuro; Ivanov, Plamen Ch.; Stanley, H. E.

    2008-06-01

    We analyze the dependence of the Gross Domestic Product ( GDP) per capita growth rates on changes in the Corruption Perceptions Index ( CPI). For the period 1999 2004 for all countries in the world, we find on average that an increase of CPI by one unit leads to an increase of the annual GDP per capita growth rate by 1.7%. By regressing only the European countries with transition economies, we find that an increase of CPI by one unit generates an increase of the annual GDP per capita growth rate by 2.4%. We also analyze the relation between foreign direct investments received by different countries and CPI, and we find a statistically significant power-law functional dependence between foreign direct investment per capita and the country corruption level measured by the CPI. We introduce a new measure to quantify the relative corruption between countries based on their respective wealth as measured by GDP per capita.

  8. 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 ...

  9. Gross domestic product growth rates as confined Lévy flights: Towards a unifying theory of economic growth rate fluctuations

    Science.gov (United States)

    Lera, Sandro Claudio; Sornette, Didier

    2018-01-01

    A model that combines economic growth rate fluctuations at the microscopic and macroscopic levels is presented. At the microscopic level, firms are growing at different rates while also being exposed to idiosyncratic shocks at the firm and sector levels. We describe such fluctuations as independent Lévy-stable fluctuations, varying over multiple orders of magnitude. These fluctuations are aggregated and measured at the macroscopic level in averaged economic output quantities such as GDP. A fundamental question is thereby to what extent individual firm size fluctuations can have a noticeable impact on the overall economy. We argue that this question can be answered by considering the Lévy fluctuations as embedded in a steep confining potential well, ensuring nonlinear mean-reversal behavior, without having to rely on microscopic details of the system. The steepness of the potential well directly controls the extent to which idiosyncratic shocks to firms and sectors are damped at the level of the economy. Additionally, the theory naturally accounts for business cycles, represented in terms of a bimodal economic output distribution and thus connects two so far unrelated fields in economics. By analyzing 200 years of U.S. gross domestic product growth rates, we find that the model is in good agreement with the data.

  10. Interest Rate Deregulation, Bank Development And Economic Growth In South Africa: An Empirical Investigation

    OpenAIRE

    Nicholas M Odhiambo

    2010-01-01

    In this paper the dynamic relationship between interest rate reforms, bank-based financial development and economic growth is examined – using two models in a stepwise fashion. In the first model, the impact of interest rate reforms on financial development is examined using a financial deepening model. In the second model, the dynamic causal relationship between financial development and economic growth is examined, by including investment as an intermittent variable in the bi-variate settin...

  11. Implications Of Foreign Direct Investment, Financial Development And Real Exchange Rate For Economic Growth In Cameroon

    Directory of Open Access Journals (Sweden)

    Victalice Ngimanang Achamoh

    2016-05-01

    Full Text Available This paper assesses the effects of foreign direct investment (FDI, financial development and real exchange rate (RER on economic growth in Cameroon using Cameroon’s annual time series data spanning the period 1977 - 2010. To address these objectives, residual based Engle-Granger test, the OLS based Autoregressive Distributive Lag (ARDL bound testing and maximum likelihood based Johansen cointegration techniques are employed. Results of Unit roots tests show that all the series possessed unit roots at level or first difference form. The ARDL model and VECM results reveal that the RER has a significant negative effect on economic growth, while FDI and Financial Development relate positively to economic growth. These findings have implications for stimulating economic growth by increasing efficiency of the financial sector in allocating credit to the private sector and preventing real exchange rate appreciation in the shortrun.

  12. Interstate Differences on Economic Growth Rates in Australia, 1953-54 to 1990-91

    OpenAIRE

    Harris, P; Harris, D

    1992-01-01

    This paper examines interstate differences in economic growth rates in Australia over the period 1953-54 to 1990-91 using a six State classification (with ACT included in New South Wales and the Northern Territory in South Australia). The economic growth rate is measured by the increase in constant price gross state product at factor cost (GSP) per head of population over time, using three year moving averages of GSP and population to remove some of the annual fluctuations in the data. The an...

  13. Multiplicative utility and the influence of environmental care on the short-term economic growth rate

    NARCIS (Netherlands)

    Vellinga, N.

    1999-01-01

    This paper addresses the issue of determining under what circumstances economic growth rates are influenced by environmental care. The models used are extensions of the model by Lucas. The extensions consist of output leading to pollution and there is a stock of nature. There is also abatement to

  14. Economic Growth, Exchange Rate and Constrained Competiveness of the Tourism Sector in Andalucía

    Directory of Open Access Journals (Sweden)

    Nasir Muhammad Ali

    2015-12-01

    Full Text Available This paper examines the relationship between tourism and economic growth, analyzing key factors affecting tourism income in Andalucía, Spain. Based on time series annual data for the period 2005 to 2012 and a multiple regression analysis we show that international tourism has made an important contribution to Andalucía’s economic growth. Some of the factors considered in the analysis include the number of luxury hotels, the hotel price index and the exchange rate, though the latter is outside of the control of local authorities under the European Monetary Union (EMU.

  15. Optimal tax rate and economic growth. Evidence from Nigeria and South Africa

    Directory of Open Access Journals (Sweden)

    Olufemi Muibi SAIBU

    2015-05-01

    Full Text Available The recent economic crisis had made developing countries to look inward for financial resources to finance development. The readily alternative is the tax revenues however, the possible adverse direct and indirect effects of tax on productivity and work efforts as well as on aggregate consumption had make some African countries (especially Nigeria and South Africa reluctant in implementing far reaching tax policy reform. This paper examines optimal tax burden and real output growth Nigeria and South Africa, two of the top four economies in Africa. The paper empirically determined what should be the optimal tax rate for Nigeria and South Africa-the two leading economies in Africa. The paper found that nonlinearity hypothesis in the effects of tax in the case of South Africa is rejected while a significant nonlinear relationship is found in the case of Nigeria. The results suggest that the growth-maximizing tax rate is about 15% of per capita GDP for South Africa and 30% for Nigeria. At that tax rate, the economic growth rate would be around 6% and 8% instead of the actual mean growth rate of 2.84% and 4.51% for South Africa and Nigeria respectively. The paper concluded the current tax burden in the two countries may be sub-optimal and may hurt long term sustainable growth process in the two countries

  16. Analysis of Correlations between Economic Growth (Rate of Real GDP and the Underground Economy

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    Pripoaie Silviu

    2009-06-01

    Full Text Available Analysis of performance of any economy involves the measurement and correlation of threebasic elements: the rate of economic growth, the rate of inflation and unemployment rate. When the rateof growth (rate of real GDP is high, the production of goods and services is growing and thereforeincreasing the number of jobs, decrease unemployment and raise living standards. If the economy is inrecession phase, increasing fiscal pressure to ensure the necessary budgetary funds triggers complexeconomic mechanisms. Rules more strictly is that those who are not able to operate in the normaleconomy to slide towards the underground economy, and this not because he wants to tax evasion, butbecause they simply can not cope with new regulations. It is widely accepted in economic theory andpractice the idea that reliability scale macroeconomic indicators of a country is affected by size ofunderground economy and the various tests made so far on this subject, focusing either on the socialaspect or the economic or moral, or emphasizes the illegal or the edge of legality. This has led to variousstudies in this area do not provide comparable data or provide data to the contrary. Worldwide were putin place, however, some calculation methods provided that applied the same country and same period,the results are rarely consistent, sometimes even in fundamentally different.

  17. Biomedical Progress Rates as New Parameters for Models of Economic Growth in Developed Countries

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    Alex Zhavoronkov

    2013-11-01

    Full Text Available While the doubling of life expectancy in developed countries during the 20th century can be attributed mostly to decreases in child mortality, the trillions of dollars spent on biomedical research by governments, foundations and corporations over the past sixty years are also yielding longevity dividends in both working and retired population. Biomedical progress will likely increase the healthy productive lifespan and the number of years of government support in the old age. In this paper we introduce several new parameters that can be applied to established models of economic growth: the biomedical progress rate, the rate of clinical adoption and the rate of change in retirement age. The biomedical progress rate is comprised of the rejuvenation rate (extending the productive lifespan and the non-rejuvenating rate (extending the lifespan beyond the age at which the net contribution to the economy becomes negative. While staying within the neoclassical economics framework and extending the overlapping generations (OLG growth model and assumptions from the life cycle theory of saving behavior, we provide an example of the relations between these new parameters in the context of demographics, labor, households and the firm.

  18. Biomedical progress rates as new parameters for models of economic growth in developed countries.

    Science.gov (United States)

    Zhavoronkov, Alex; Litovchenko, Maria

    2013-11-08

    While the doubling of life expectancy in developed countries during the 20th century can be attributed mostly to decreases in child mortality, the trillions of dollars spent on biomedical research by governments, foundations and corporations over the past sixty years are also yielding longevity dividends in both working and retired population. Biomedical progress will likely increase the healthy productive lifespan and the number of years of government support in the old age. In this paper we introduce several new parameters that can be applied to established models of economic growth: the biomedical progress rate, the rate of clinical adoption and the rate of change in retirement age. The biomedical progress rate is comprised of the rejuvenation rate (extending the productive lifespan) and the non-rejuvenating rate (extending the lifespan beyond the age at which the net contribution to the economy becomes negative). While staying within the neoclassical economics framework and extending the overlapping generations (OLG) growth model and assumptions from the life cycle theory of saving behavior, we provide an example of the relations between these new parameters in the context of demographics, labor, households and the firm.

  19. Metrologic analysis of energy and economic growth rate and study of the countermeasures in China

    International Nuclear Information System (INIS)

    Zhong, W.P.; Yun, Z.; Lain, C.W.; Kun, G.S.

    1993-01-01

    Coal output in China increased from 872mt in 1985 to 1080mt in 1990, representing an annual growth rate of 4.37% . As the biggest coal burning country, it gives out a large amount of CO 2 and other pollutants into air, resulting in serious air pollution and sharing a great part in creating the global greenhouse effect. On the other hand, China faces severe energy shortage. Coal will remain the most important energy resource for a long time, Using the method of econometrics, this paper analyses the relations between China's energy production, consumption increase and national economic growth in the list forty years, makes comparisons with other countries, and points out problems of China's energy consumption increase and economic development. On this basis the strategy for developing China's energy industry is put forward, In the end, the authors advance that the leading position of energy industry in the national economy must be established and economic developing speed in China must be determined according to that of the energy industry, and China's national economy can then develop continuously, steadily and coordinately. Environment problems will become restrictive condition of china's energy developing strategy and technology choice

  20. 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.

  1. The Effect of Exchange Rate and Inflation on Foreign Direct Investment and Its Relationship with Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Alex Ehimare OMANKHANLEN

    2011-03-01

    Full Text Available This study is on the effect of exchange rate and inflation on foreign direct investment and its relationship with economic growth. Its main objective is to find the effect of inflation and exchange rate and the bidirectional influences between FDI and economic growth in Nigeria. A thirty year period was studied. A linear regression analysis was used on the thirty year data to determine the relationship between inflation, exchange rate, FDI inflows and economic growth. The study reveals that FDI follow economic growth occasioned by trade openness which saw the entry of some major companies especially the telecommunication companies, while Inflation has no effect on FDI. However exchange rate has effect on FDI.

  2. 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

  3. 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.

  4. 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,...

  5. DECREASING SCHOOL DROPOUT RATE AS A FACTOR OF ECONOMIC GROWTH AND SOCIAL EMPOWERMENT. THEORETICAL INSIGHTS

    Directory of Open Access Journals (Sweden)

    Alina Badulescu

    2016-07-01

    Full Text Available Economic development and social empowerment in Romania are unconcievable in the absence of a modern education system, which needs both economic and financial investments and social, political, cultural measures to increase the inclusion of young people in school system. In this particular context, given that Romania faces a high degree rate of school dropout, and moreover there are few chances that Romania reach its goals, we try in this paper to look inside the real situation. Indeed, school dropout present serious negative consequences both on individual level and for the whole society. Recognising this fact, next step is to investigate and reveal the determining factors for this situation, and we are particularly interested in the economic and systemic factors. Consequently, we present in this paper first a brief literature review on the fenomenon of school dropping out, including reviewing main studies related to factors, effects, causes etc. In the second part, starting from several statistical data provided by INS, EUROSTAT and UNICEF studies, we propose some theoretical models and policy reccomendations in order to decrease the school dropout rate and especially the early school dropout rate.

  6. 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

  7. 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...

  8. 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.

  9. An empirical investigation on different methods of economic growth rate forecast and its behavior from fifteen countries across five continents

    Science.gov (United States)

    Yin, Yip Chee; Hock-Eam, Lim

    2012-09-01

    Our empirical results show that we can predict GDP growth rate more accurately in continent with fewer large economies, compared to smaller economies like Malaysia. This difficulty is very likely positively correlated with subsidy or social security policies. The stage of economic development and level of competiveness also appears to have interactive effects on this forecast stability. These results are generally independent of the forecasting procedures. Countries with high stability in their economic growth, forecasting by model selection is better than model averaging. Overall forecast weight averaging (FWA) is a better forecasting procedure in most countries. FWA also outperforms simple model averaging (SMA) and has the same forecasting ability as Bayesian model averaging (BMA) in almost all countries.

  10. 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....

  11. 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.

  12. Economic Growth Rate May Be High in Spite of a Decreasing Working-age Population in Finland

    Directory of Open Access Journals (Sweden)

    Pekka Parkkinen

    2004-01-01

    Full Text Available This article examines the possibilities for the growth of real income in Finland in a situation where the population is aging at a record rate. In contrast to other European countries, no larger age groups were born in Finland after the 1940s. Therefore, the labor force will decrease in long run, even though an abundant amount of labor reserves still exist in Finland after the exceptionally deep economic depression experienced in the previous decade. Finlands real income has been calculated as the product of the labor input and productivity per hour worked. The rate of change in productivity has been estimated on the basis of the historical development of labor productivity. On the basis of an analysis of labor input and productivity per hour worked, the real income of Finland per capita could rise to one-and-a-half times what it is now in one decade and a half, even if the working-age population decreased markedly and even if the number of hours worked per employed person declined at the traditional rate. Increasing immigration is not the only solution to the challenges of an aging and diminishing working-age population. By employing domestic labor reserves and improving productivity, reasonable economic growth rate can be achieved and at the same time the problems caused by uncontrolled immigration can be avoided.

  13. 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 ...

  14. 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...

  15. Influence of water temperature on the economic value of growth rate in fish farming

    NARCIS (Netherlands)

    Besson, M.; Vandeputte, M.; Arendonk, van J.A.M.; Aubin, J.; Boer, de I.J.M.; Quillet, E.; Komen, H.

    2016-01-01

    In sea cage farming, fish are exposed to seasonal variations of water temperature, and these variations can differ from one location to another. A small increase in water temperature does not only stimulate growth of the fish (until an optimal level) but also lowers dissolved oxygen concentration

  16. 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...

  17. Relationship between mining revenue, government consumption, exchange rate and economic growth in Botswana

    Directory of Open Access Journals (Sweden)

    Kegomoditswe Koitsiwe

    2015-01-01

    Full Text Available El objetivo de este estudio es investigar en forma empírica las relaciones dinámicas entre ingreso minero, consumo del gobierno, tipo de cambio y crecimiento económico en Bostwana. Se analizó información trimestral de 1994 a 2012 usando un modelo de vectores autorregresivos (VAR no restringidos que consiste en la función de respuesta al impul - so y descomposición de varianzas. Adicionalmente, se empleó la causalidad Granger del VAR para examinar la dirección de la causalidad entre variables. La función de respuesta al impulso mostró la respuesta positiva y negativa a impactos mineros mientras que la descomposición de varianzas indica que el ingreso minero define la variabilidad en creci - miento económico y consumo del gobierno. Los resultados empíricos también sugieren que el ingreso minero y la tipo de cambio causan en el sentido de Granger, el crecimiento económico mientras que el consumo del gobierno es causado por el ingreso minero y el crecimiento económico. Estas observaciones revelan lo vulnerable que es la economía de Bostwana a los impactos de choques externos. Concluimos que, aunque el sector minero tiene un papel importante en la economía de Bostwana, es necesario que el gobierno adopte reformas estructurales adicionales que fomenten el desarrollo del sector no minero para diversificar la exportación. Derechos Reservados©2015 Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración. Este es un artículo de acceso abierto distribuido bajo los términos de la Licencia Creative Commons CC BY-NC-ND 4.0.

  18. The role of tourism and exchange rate on economic growth:Evidence from the BIMP-EAGA countries

    OpenAIRE

    Hanafiah Harvey; Fumitaka Furuoka; Qaiser Munir

    2013-01-01

    Developing economies as well as developed economies recognized appropriate tourism policies will be an important factor in promoting economic growth. BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area) was conceived with the objective to speed up economic development among the four countries and one of which is focused on tourism. Focusing on annual data, this paper utilized the bounds testing approach to cointegration and error-correction modeling to evaluate if tourism ...

  19. 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...

  20. Public Debt, Economic Growth and the Real Interest Rate : A Panel VAR Approach to EU and OECD Countries

    NARCIS (Netherlands)

    Sterken, Elmer; Ogawa, Kazuo; Tokutsu, Ichiro

    2016-01-01

    We investigate the causal relationship between the public debt to GDP ratio and economic growth for 31 EU and OECD countries from 1995 to 2013. A number of studies have tackled this problem, but very few make the transmission mechanism explicit in their analysis. We estimate a panel VAR model that

  1. 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

  2. Threshold effect of the economic growth rate on the renewable energy development from a change in energy price. Evidence from OECD countries

    International Nuclear Information System (INIS)

    Chang, Ting-Huan; Huang, Chien-Ming; Lee, Ming-Chih

    2009-01-01

    This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. (author)

  3. 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.

  4. 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.

  5. Pengaruh Nilai Tukar Terhadap Ekspor Dan Dampaknya Terhadap Pertumbuhan Ekonomi Indonesia [The Effect of Exchange Rates on Exports and its Impact on Indonesia's Economic Growth

    Directory of Open Access Journals (Sweden)

    Annaria Magdalena Marpaung

    2017-09-01

    Full Text Available Indonesia's export policy has been promoted since 1983. Since then, exports have been a concern in spurring economic growth along with the changing industrialization strategy from the emphasis on import substitution industry to the export promotion industry. In line with the 2017 economic growth target of 5.4%, the study on exports is interesting to examine given that exports are one of the factors driving Indonesia's economic growth. The objectives of the study were to analyze the effect of exchange rate on exports and their impact on Indonesia's economic growth. The data analysis was done by path analysis, using historical data from 1970 to 2015. The results showed: (a The exchange rate (Rp/USD partially has a positive and significant influence on the export volume of Indonesia, with a total influence of 71.57%,( b Partial export changes have a positive and significant impact on economic growth Indonesia, with a total influence of 65.29%, (c Partial exchange rates have a positive but insignificant effect on economic growth in Indonesia, with a total influence of 1.19% and (d Changes in exchange rates and export changes have a positive effect on the economic growth of Indonesia, with direct effect of 77.38% and indirect effect of 6.36% and both exogenous variables have an effect of 71.02% on the economic growth of Indonesia. Bahasa Indonesia Abstrak:  Pengutamaan ekspor Indonesia sudah digalakkan sejak tahun 1983. Sejak saat itu, ekspor menjadi perhatian dalam memacu pertumbuhan ekonomi seiring dengan berubahnya strategi industrialisasi dari penekanan pada industri substitusi impor ke industri promosi ekspor. Sejalan dengan target pertumbuhan ekonomi tahun 2017 sebesar 5,4%, maka kajian tentang ekspor menarik untuk diteliti, dimana ekspor merupakan salah satu faktor yang mendorong pertumbuhan ekonomi. Perilaku ekspor dipengaruhi oleh kurs. Tujuan penelitian adalah untuk menganalisis pengaruh nilai tukar terhadap ekspor dan dampaknya terhadap

  6. 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...

  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. 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.

  9. 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 ...

  10. 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...

  11. 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...

  12. 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....

  13. Effect of production quotas on economic and environmental values of growth rate and feed efficiency in sea cage fish farming.

    Science.gov (United States)

    Besson, M; de Boer, I J M; Vandeputte, M; van Arendonk, J A M; Quillet, E; Komen, H; Aubin, J

    2017-01-01

    In sea cage fish farming, production quotas aim to constrain the impact of fish farming on the surrounding ecosystem. It is unknown how these quotas affect economic profitability and environmental impact of genetic improvement. We combined bioeconomic modelling with life cycle assessment (LCA) to calculate the economic (EV) and environmental (ENV) values of thermal growth coefficient (TGC) and feed conversion ratio (FCR) of sea bass reared in sea cages, given four types of quota commonly used in Europe: annual production (Qprod), annual feed distributed (Qannual_feed), standing stock (Qstock), and daily feed distributed (Qdaily_feed). ENV were calculated for LCA impact categories climate change, eutrophication and acidification. ENV were expressed per ton of fish produced per year (ENV(fish)) and per farm per year (ENV(farm)). Results show that irrespective of quota used, EV of FCR as well as ENV(fish) and ENV(farm) were always positive, meaning that improving FCR increased profit and decreased environmental impacts. However, the EV and the ENV(fish) of TGC were positive only when quota was Qstock or Qdaily_feed. Moreover, the ENV(farm) of TGC was negative in Qstock and Qdaily_feed quotas, meaning that improving TGC increased the environmental impact of the farm. We conclude that Qstock quota and Qdaily_feed quota are economically favorable to a genetic improvement of TGC, a major trait for farmers. However, improving TGC increases the environmental impact of the farm. Improving FCR represents a good opportunity to balance out this increase but more information on its genetic background is needed to develop breeding programs improving FCR.

  14. Effect of production quotas on economic and environmental values of growth rate and feed efficiency in sea cage fish farming.

    Directory of Open Access Journals (Sweden)

    M Besson

    Full Text Available In sea cage fish farming, production quotas aim to constrain the impact of fish farming on the surrounding ecosystem. It is unknown how these quotas affect economic profitability and environmental impact of genetic improvement. We combined bioeconomic modelling with life cycle assessment (LCA to calculate the economic (EV and environmental (ENV values of thermal growth coefficient (TGC and feed conversion ratio (FCR of sea bass reared in sea cages, given four types of quota commonly used in Europe: annual production (Qprod, annual feed distributed (Qannual_feed, standing stock (Qstock, and daily feed distributed (Qdaily_feed. ENV were calculated for LCA impact categories climate change, eutrophication and acidification. ENV were expressed per ton of fish produced per year (ENV(fish and per farm per year (ENV(farm. Results show that irrespective of quota used, EV of FCR as well as ENV(fish and ENV(farm were always positive, meaning that improving FCR increased profit and decreased environmental impacts. However, the EV and the ENV(fish of TGC were positive only when quota was Qstock or Qdaily_feed. Moreover, the ENV(farm of TGC was negative in Qstock and Qdaily_feed quotas, meaning that improving TGC increased the environmental impact of the farm. We conclude that Qstock quota and Qdaily_feed quota are economically favorable to a genetic improvement of TGC, a major trait for farmers. However, improving TGC increases the environmental impact of the farm. Improving FCR represents a good opportunity to balance out this increase but more information on its genetic background is needed to develop breeding programs improving FCR.

  15. 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...

  16. Economic growth and inflation rate: implications for municipal revenue and health expenditure of the municipalities of Pernambuco, Brazil.

    Science.gov (United States)

    Feliciano, Marciana; Bezerra, Adriana Falangola Benjamin; Santo, Antônio Carlos Gomes do Espírito

    2017-06-01

    This paper analyzes the implications of municipal budget revenue growth and the monetary policy's inflation rates goals in the availability of public health resources of municipalities. This is a descriptive, exploratory, quantitative, retrospective and longitudinal cross-sectional study covering the period 2002-2011. We analyzed health financing and expenditure variables in the municipalities of the state of Pernambuco, Brazil, describing the trend and the relationship between them. Data showed the growth of the variables and trend towards homogeneity. The exception was for the participation of Intergovernmental Transfers in the Total Health Expenditure of the Municipality. We found a significant correlation between Budget Revenue per capita and Health Expenditure per capita and a strong significant negative correlation between Inflation Rate, Budget Revenue per capita and Health Expenditure per capita. We concluded that increased health expenditure is due more to higher municipal tax revenue than to increased transfers that, in relative terms, did not increase. The strong inverse relationship between inflation rate and the Financing and Expenditure variables show that the monetary policy's inflation goals have restricted health financing to municipalities.

  17. 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...

  18. 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...

  19. 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...

  20. 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)

  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. Blue Growth and Economics

    Directory of Open Access Journals (Sweden)

    Phoebe eKoundouri

    2015-11-01

    Full Text Available Oceans and seas represent over 70% of the earth's surface. Furthermore, living aquatic resources can provide a significant contribution to food, energy and bio-based products. However, marine ecosystems are subject to increasing pressures and competing usages, resulting from resources over-exploitation and pollution. In order to produce efficient marine management plans, it is essential to consider the total economic value provided by the marine ecosystems. In this review, we are focusing on the Marine Framework Strategy Directive and the European Marine Spatial Planning that are established for the protection and efficient use of the marine area. We present the ecosystem services approach with regards to the marine ecosystem and propose economic methods that capture the marine ecosystem’s total economic value in relation to the opportunity cost of marine space. Values should be used to guide policy makers following the European directives and initiatives.

  3. 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...

  4. 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...

  5. Relationship between suicide rate and economic growth and stock market in the People’s Republic of China: 2004–2013

    Science.gov (United States)

    Yin, Honglei; Xu, Lin; Shao, Yechang; Li, Liping; Wan, Chengsong

    2016-01-01

    Objectives The objective of this study was to estimate the features of suicide rate and its association with economic development and stock market during the past decade in the People’s Republic of China. Methods Official data were gathered and analyzed in the People’s Republic of China during the period 2004–2013. Nationwide suicide rate was stratified by four year age-groups, sex, urban/rural areas, and regions (East, Central, and West). Annual economic indexes including gross domestic product (GDP) per capita and rural and urban income per capita were all adjusted for inflation. Variation coefficient of market index (VCMI) was also included as an economic index to measure the fluctuation of the stock market. Negative binomial regression was performed to examine the time trend of region-level suicide rates and effects of sex, age, urban/rural area, region, and economic index on the suicide rates. Results Suicide rates of each age-group, sex, urban/rural area, and region were generally decreased from 2004 to 2013, while annual GDP per capita and rural and urban income per capita were generally increased by year. VCMI fluctuated largely, which peaked around 2009 and decreased after that time. Negative binomial regression showed that the decreased suicide rate in East and Central rural areas was the main cause of the decrease in suicide rate in the People’s Republic of China. Suicide rate in the People’s Republic of China for the study period increased with age and was higher in rural than in urban area, higher in males than in females, and the highest in the Central region. When GDP per capita increased by 2,787 RMB, the suicide rate decreased by 0.498 times. VCMI showed no significant relationship with suicide rate in the negative binomial regression. Conclusion Suicide rate decreased in 2004–2013; varied among different age-groups, sex, urban/rural areas, and regions; and was negatively associated with the economic growth in the People’s Republic of

  6. 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)....

  7. 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.

  8. 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.

  9. 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.

  10. 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....

  11. 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...

  12. 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

  13. 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 ...

  14. Economic and Environmental Impacts of Improving Growth Rate and Feed Efficiency in Fish Farming Depend on Nitrogen and Density Limitation

    NARCIS (Netherlands)

    Besson, M.; Komen, H.; Vandeputte, M.; Aubin, J.; Boer, de I.J.M.; Arendonk, van J.A.M.

    2014-01-01

    The aim of fish breeding is to increase profit by producing faster growing fish with lower feed intake. However, little is known about the economic and environmental impacts of selective breeding programs for fish. We modelled a fish farm producing African catfish in a Recirculating Aquaculture

  15. 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.)

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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...

  1. 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 ...

  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. 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

  4. Effective Exchange Rate Classifications and Growth

    OpenAIRE

    Justin M. Dubas; Byung-Joo Lee; Nelson C. Mark

    2005-01-01

    We propose an econometric procedure for obtaining de facto exchange rate regime classifications which we apply to study the relationship between exchange rate regimes and economic growth. Our classification method models the de jure regimes as outcomes of a multinomial logit choice problem conditional on the volatility of a country's effective exchange rate, a bilateral exchange rate and international reserves. An `effective' de facto exchange rate regime classification is then obtained by as...

  5. 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.

  6. 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

  7. 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...

  8. 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.

  9. 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

  10. 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

  11. 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...

  12. 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 ...

  13. Lead-lag cross-sectional structure and detection of correlated anticorrelated regime shifts: Application to the volatilities of inflation and economic growth rates

    Science.gov (United States)

    Zhou, Wei-Xing; Sornette, Didier

    2007-07-01

    We have recently introduced the “thermal optimal path” (TOP) method to investigate the real-time lead-lag structure between two time series. The TOP method consists in searching for a robust noise-averaged optimal path of the distance matrix along which the two time series have the greatest similarity. Here, we generalize the TOP method by introducing a more general definition of distance which takes into account possible regime shifts between positive and negative correlations. This generalization to track possible changes of correlation signs is able to identify possible transitions from one convention (or consensus) to another. Numerical simulations on synthetic time series verify that the new TOP method performs as expected even in the presence of substantial noise. We then apply it to investigate changes of convention in the dependence structure between the historical volatilities of the USA inflation rate and economic growth rate. Several measures show that the new TOP method significantly outperforms standard cross-correlation methods.

  14. Energy taxation and economic growth

    International Nuclear Information System (INIS)

    Seymour, Adam; Mabro, Robert.

    1994-01-01

    These two linked articles look at the relationship between policies aimed at taxing various energy sources and economic growth in the country, raising such taxes in order to decide how such fiscal policy can best serve the needs of developing nations. It is argued that, while many developing nations seek to protect internal energy markets by taxing imported petroleum products, a policy of domestic energy prices being set at the same level as their international equivalent costs is more consistent with the efficient management of long-term structural adjustment programmes. (UK)

  15. 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.

  16. 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

  17. 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...

  18. Relationship of suicide rates to economic variables in Europe

    DEFF Research Database (Denmark)

    Fountoulakis, Konstantinos N; Kawohl, Wolfram; Theodorakis, Pavlos N

    2014-01-01

    European countries and included the number of deaths by suicide in men and women, the unemployment rate, the gross domestic product (GDP) per capita, the annual economic growth rate and inflation. RESULTS: There was a strong correlation between suicide rates and all economic indices except GPD per capita...... in men but only a correlation with unemployment in women. However, the increase in suicide rates occurred several months before the economic crisis emerged. CONCLUSIONS: Overall, this study confirms a general relationship between the economic environment and suicide rates; however, it does not support...

  19. On climate change and economic growth

    International Nuclear Information System (INIS)

    Fankhauser, Samuel; Tol, Richard S.J.

    2005-01-01

    The economic impact of climate change is usually measured as the extent to which the climate of a given period affects social welfare in that period. This static approach ignores the dynamic effects through which climate change may affect economic growth and hence future welfare. In this paper we take a closer look at these dynamic effects, in particular saving and capital accumulation. With a constant savings rate, a lower output due to climate change will lead to a proportionate reduction in investment which in turn will depress future production (capital accumulation effect) and, in almost all cases, future consumption per capita. If the savings rate is endogenous, forward looking agents would change their savings behavior to accommodate the impact of future climate change. This suppresses growth prospects in absolute and per capita terms (savings effect). In an endogenous growth context, these two effects may be exacerbated through changes in labour productivity and the rate of technical progress. Simulations using a simple climate-economy model suggest that the capital accumulation effect is important, especially if technological change is endogenous, and may be larger than the direct impact of climate change. The savings effect is less pronounced. The dynamic effects are more important, relative to the direct effects, if climate change impacts are moderate overall. This suggests that they are more of a concern in developed countries, which are believed to be less vulnerable to climate change. The magnitude of dynamic effects is not sensitive to the choice of discount rate

  20. 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...

  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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

  6. 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.

  7. 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 ...

  8. 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.

  9. 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.

  10. 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.

  11. 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

  12. 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)

  13. 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.

  14. 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.

  15. 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.

  16. [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)

  17. 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...

  18. 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,...

  19. 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.

  20. 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.

  1. 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.

  2. When economic growth is less than exponential

    DEFF Research Database (Denmark)

    Groth, Christian; Koch, Karl-Josef; Steger, Thomas

    2010-01-01

    This paper argues that growth theory needs a more general notion of "regularity" than that of exponential growth. We suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set...

  3. When Economic Growth is Less than Exponential

    DEFF Research Database (Denmark)

    Groth, Christian; Koch, Karl-Josef; Steger, Thomas M.

    This paper argues that growth theory needs a more general notion of "regularity" than that of exponential growth. We suggest that paths along which the rate of decline of the growth rate is proportional to the growth rate itself deserve attention. This opens up for considering a richer set...

  4. 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.)

  5. Development of Technology Transfer Economic Growth Metrics

    Science.gov (United States)

    Mastrangelo, Christina M.

    1998-01-01

    The primary objective of this project is to determine the feasibility of producing technology transfer metrics that answer the question: Do NASA/MSFC technical assistance activities impact economic growth? The data for this project resides in a 7800-record database maintained by Tec-Masters, Incorporated. The technology assistance data results from survey responses from companies and individuals who have interacted with NASA via a Technology Transfer Agreement, or TTA. The goal of this project was to determine if the existing data could provide indications of increased wealth. This work demonstrates that there is evidence that companies that used NASA technology transfer have a higher job growth rate than the rest of the economy. It also shows that the jobs being supported are jobs in higher wage SIC codes, and this indicates improvements in personal wealth. Finally, this work suggests that with correct data, the wealth issue may be addressed.

  6. Interest Rate Liberalization, Financial Development and Economic ...

    African Journals Online (AJOL)

    debate the impact of financial sector on economic growth; most of them ..... financial development, introduces domestic credit to the banking public, DCB, ...... Hysteresis in Unemployment: ... Obute, C., Adyorough, A., & Itodo, A.I. (2012).

  7. 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.

  8. 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.

  9. 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.

  10. Effect of the Prevalence of HIV/AIDS and the Life Expectancy Rate on Economic Growth in SSA Countries: Difference GMM Approach.

    Science.gov (United States)

    Waziri, Salisu Ibrahim; Mohamed Nor, Norashidah; Raja Abdullah, Nik Mustapha; Adamu, Peter

    2015-09-01

    The productivity of countries around the globe is adversely affected by the health-related problems of their labour force. This study examined the effect of the prevalence of human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) and life expectancy on the economic growth of 33 Sub-Saharan African (SSA) countries over a period of 11 years (2002-2012). The study employed a dynamic panel approach as opposed to the static traditional approach utilised in the literature. The dynamic approach became eminent because of the fact that HIV/AIDS is a dynamic variable as its prevalence today depends on the previous years. The result revealed that HIV/AIDS is negatively correlated with economic growth in the region, with a coefficient of 0.014, and significant at the 1% level. That is, a 10% increase in HIV/AIDS prevalence leads to a 0.14% decrease in the GDP of the region. Tackling HIV/AIDS is therefore imperative to the developing Sub-Saharan African region and all hands must be on deck to end the menace globally.

  11. Bioenergy, Pollution, and Economic Growth

    International Nuclear Information System (INIS)

    Ankarhem, Mattias

    2005-01-01

    This thesis consists of four papers: two of them deal with the effects on the forest sector of an increase in the demand for forest fuels, and two of them concern the relation between economic growth and pollution. Paper [I] is a first, preliminary study of the potential effects on the Swedish forest sector of a continuing rise in the use of forest resources as a fuel in energy generation. Sweden has made a commitment that the energy system should be sustainable, i.e., it should be based on renewable resources. However, an increasing use of the forest resources as an energy input could have effects outside the energy sector. We consider this in a static model by estimating a system of demand and supply equations for the four main actors on the Swedish roundwood market; forestry, sawmills, pulpmills and the energy sector. We then calculate the industries' short run supply and demand elasticities. Paper [II], is a development of the former paper. In this paper, we estimate the dynamic effects on the forest sector of an increased demand for forest fuels. This is done by developing a partial adjustment model of the forest sector that enables short, intermediate, and long run price elasticities to be estimated. It is relevant to study the effects of increased demand for forest fuels as the Swedish government has committed to an energy policy that is likely to further increase the use of renewable resources in the Swedish energy system. Four subsectors are included in the model: forestry, sawmills, pulpmills and the energy industry. The results show that the short run elasticities are fairly consistent with earlier studies and that sluggish adjustment in the capital stock is important in determining the intermediate and long run responses. Simulation shows that an increase in the demand for forest fuels has a positive effect on the equilibrium price of all three types of wood, and a negative effect on the equilibrium quantities of sawtimber and pulpwood. In paper [III] a

  12. Bioenergy, Pollution, and Economic Growth

    Energy Technology Data Exchange (ETDEWEB)

    Ankarhem, Mattias

    2005-04-15

    This thesis consists of four papers: two of them deal with the effects on the forest sector of an increase in the demand for forest fuels, and two of them concern the relation between economic growth and pollution. Paper [I] is a first, preliminary study of the potential effects on the Swedish forest sector of a continuing rise in the use of forest resources as a fuel in energy generation. Sweden has made a commitment that the energy system should be sustainable, i.e., it should be based on renewable resources. However, an increasing use of the forest resources as an energy input could have effects outside the energy sector. We consider this in a static model by estimating a system of demand and supply equations for the four main actors on the Swedish roundwood market; forestry, sawmills, pulpmills and the energy sector. We then calculate the industries' short run supply and demand elasticities. Paper [II], is a development of the former paper. In this paper, we estimate the dynamic effects on the forest sector of an increased demand for forest fuels. This is done by developing a partial adjustment model of the forest sector that enables short, intermediate, and long run price elasticities to be estimated. It is relevant to study the effects of increased demand for forest fuels as the Swedish government has committed to an energy policy that is likely to further increase the use of renewable resources in the Swedish energy system. Four subsectors are included in the model: forestry, sawmills, pulpmills and the energy industry. The results show that the short run elasticities are fairly consistent with earlier studies and that sluggish adjustment in the capital stock is important in determining the intermediate and long run responses. Simulation shows that an increase in the demand for forest fuels has a positive effect on the equilibrium price of all three types of wood, and a negative effect on the equilibrium quantities of sawtimber and pulpwood. In paper

  13. 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...

  14. 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

  15. Entrepreneurship Education and Economic Growth

    DEFF Research Database (Denmark)

    Pedersen, Jonna; Lindquist, Carl Rickard

    . This paper addresses the presumptions behind the project. The presumptions in relation to entrepreneurship demonstrate that the effort should target both growth entrepreneurs and SMEs in a wide sense; there is a need for growth entrepreneurs with ambitions to generate breakthrough innovation as well...

  16. 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.

  17. Investor Protections and Economic Growth

    OpenAIRE

    Haidar, Jamal Ibrahim

    2009-01-01

    Using objective measures of investor protections in 170 countries, I establish that the level of investor protection matters for cross-country differences in GDP growth: countries with stronger protections tend to grow faster than those with poor investor protections.

  18. 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)

  19. 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.

  20. 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.

  1. 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...

  2. 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

  3. Financial Intermediation and Economic Growth of Jordan 1964-1988

    OpenAIRE

    Magableh, Ali H.

    1995-01-01

    Until recently, the economics and financial literature placed little attention on the role that financial intermediation can play in accelerating the rate of economic development in less Developed Countries (LDCs). This has been changed now, however, where some instrumental role has been emphasised for financial intermediation in the process of economic development and growth. It is argued that an expansion of the financial system, size and intermediation in LDCs tends to increase the level o...

  4. 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 ...

  5. 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

  6. 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...

  7. 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...

  8. Energy consumption and economic growth

    Energy Technology Data Exchange (ETDEWEB)

    Brookes, L G

    1972-10-01

    A mathematical model relating Gross National Product (GNP) per capita to useful energy consumed per capita is demonstrated to predict the shift in this relationship actually experienced in the U.K. and the U.S. over a period of years. World GNP growths in the recent past are used to forecast GNP growth to the year 2030 and also (via the model) the necessary fuel consumption for such growth; likewise, potential production of fossil fuels (exclusive of tar sands and oil shale) is shown to 2030, based on two different assumptions about total world reserves. Fossil fuel ceases to meet world requirements for energy at some time between 1985 and 1995. The most likely candidate for filling the gap is nuclear power.

  9. 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

  10. Correlations between Labor Employment and Economic Growth

    Directory of Open Access Journals (Sweden)

    Sfichi Elena Daniela

    2017-01-01

    Full Text Available The main objectives of macroeconomic policy for most governments are: a high level of labouremployment, price stability and high rate of economic growth. As far as I walk in life, I learnsomething new, everywhere I go, I find something that fascinates me. This is why this subject hasan influence over me, I wonder every day why people find a job to maintain with such difficulty andwhy they are so lazy when they hear about work. This type of behaviour leads to a huge increase ofunemployment, because people leave their courage under an invisible line and create a fakepersonality where they hide saying that they can’t do what society wants. In case that increasinginflation is obvious, unemployment is decreasing and people are trying to find something to do, towork, because inflation also leads to some actions which affect directly the unemployed ones.

  11. Global warming and economic growth

    International Nuclear Information System (INIS)

    Gonand, Frederic

    2015-01-01

    The macro-economic impacts of climate change and of policies to reduce carbon content should be moderate on a global basis for the planet - a few hundredths of a % of world GDP on an annual basis, but significant for some regions (Asia-Pacific notably). The probability of extreme climatic events justifies with effect from today the implementation of measures that will carry a cost in order to limit global warming. (author)

  12. Equity, Economic Growth and Lifestyle

    DEFF Research Database (Denmark)

    Meyer, Niels I; Nørgaard, Jørgen; Hvelplund, Frede

    2011-01-01

    sources (RES) in the supply sector and energy efficiency in the demand sector. Much less attention has been given to potential changes in life style and to alternative economic and social systems. This chapter will focus on non-technological strategies for mitigation of global warming including...... such questions as national and international equity, “limits to growth”, alternative employment policies, military and security policy and alternatives to traditional GDP as the dominant indicator of welfare and of sound development....

  13. Cultural diversity and economic growth

    DEFF Research Database (Denmark)

    Ager, Philipp; Brückner, Markus

    2013-01-01

    We exploit the large inflow of immigrants to the US during the 1870–1920 period to examine the effects that within-county changes in the cultural composition of the US population had on output growth. We construct measures of fractionalization and polarization to distinguish between the different...

  14. 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.

  15. 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

  16. 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

  17. 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.

  18. 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 ...

  19. 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 ...

  20. 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...

  1. 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.

  2. Clean versus Dirty Economic Growth

    OpenAIRE

    Palokangas, Tapio

    2012-01-01

    This document considers an economy with many regions and two engines of growth: horizontal R&D, which increases the number of polluting product lines; and vertical R&D, which improves productivity in these lines. Pollution in any region decreases welfare in all regions. Any group of regions can form a jurisdiction where a common policy maker controls pollution. Large jurisdictions, which can better internalize externality through pollution, perform vertical R&D. Because jurisdictions face dec...

  3. Green attitude and economic growth

    OpenAIRE

    Ott, Ingrid; Soretz, Susanne

    2015-01-01

    We analyse the interdependence between green attitude and equilibrium development of environmental quality in an endogenous growth model. Individuals take only part of their impact on pollution into account, hence there is a negative externality of capital accumulation on environmental quality. Increasing wealth or increasing pollution enhance green attitude and reduce the externality, because individuals care more about the environment if their income is higher or if pollution is more obviou...

  4. 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.

  5. 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.

  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. An economical non-destructive method for estimating eelgrass, Zostera marina (Potamogetonaceae leaf growth rates: formal development and use in northwestern Baja California

    Directory of Open Access Journals (Sweden)

    Elena Solana-Arellano

    2008-09-01

    Full Text Available Seagrass beds provide much of the primary production in estuaries; host many fishes and fish larvae, and abate erosion. The present study presents original analytical methods for estimating mean leaf-growth rates of eelgrass (Zostera marina. The method was calibrated by using data collected in a Z. marina meadow at Punta Banda estuary in Baja California, Mexico. The analytical assessments were based on measurements of leaf length and standard regression procedures. We present a detailed explanation of the formal procedures involved in the derivation of these analytical methods. The measured daily leaf-growth rate was 10.9 mm d-1 leaf-1. The corresponding value projected by our method was 10.2 mm d-1 leaf-1. The associated standard errors were of 0.53 and 0.56 mm d-1 leaf-1 respectively. The method was validated by projecting leaf-growth rates from an independent data set, which gave consistent results. The use of the method to obtain the mean leaf growth rate of a transplanted plot is also illustrated. Comparison of our leaf-growth data with previously reported assessments show the significant forcing of sea-surface temperature on eelgrass leaf dynamics. The formal constructs provided here are of general scope and can be applied to equivalent eelgrass data sets in a straightforward manner. Rev. Biol. Trop. 56 (3: 1003-1013. Epub 2008 September 30.Las praderas de pastos marinos abaten la erosión y aportan gran parte de la productividad primaria de los esteros y son refugio de muchos peces y sus larvas. El presente trabajo introduce métodos analíticos para estimar las tasas medias de crecimiento foliar de Zostera marina L. y sus varianzas. La calibración del método se llevó a cabo utilizando datos de una pradera de esta fanerógama en el Estero de Punta Banda Baja California, México. Las referidas estimaciones analíticas, se basan en medias de longitud foliar y en procedimientos estandarizados de regresión. Dichas determinaciones son por

  8. 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 ...

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. Oil prices and economic growth

    International Nuclear Information System (INIS)

    Babusiaux, D.; Lescaroux, F.

    2006-01-01

    There is no limit to the sources of hydrocarbons (whether pumped out of the earth or produced in factories) for the next few decades, but there is and will be a need for increasingly complex and costly techniques as the usual sources of petroleum run out. Does this mean that prices will keep on rising? Probably, since environmental costs must be added onto direct costs. The mining of oil out of 'tar sands', for example, or the production of hydrocarbons by the chemical industry will have a significant impact owing to the emission of greenhouse gases. If prices do rise in the short or middle term, the cause will have to do more with the calendar of investments than with the availability of energy and its costs. In the long run however, price hikes are not all that certain. A few points for analyzing and predicting the macro-and micro-economic effects of fluctuating oil prices are discussed. (author)

  15. 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....

  16. Energy Distribution and Economic Growth

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2011-01-01

    This research examines the physical constraints on the growth process. In order to run, maintain and build capital energy is required to be distributed to geographically dispersed sites where investments are deemed profitable. We capture this aspect of physical reality by a network theory....../2 and 3/4, depending on the efficiency of the network. Together with an energy conservation equation, capturing instantaneous aggregate demand for electricity, we are able to provide a metabolic-energetic founded law of motion for capital per capita that is mathematically isomorphic to the one emanating...... of electricity distribution. The model leads to a supply relation according to which feasible electricity consumption per capita rises with the size of the economy, as measured by capital per capita. Specifically, the relation is a simple power law with an exponent assigned to capital that is bounded between 1...

  17. The Economic Analysis of University Participation Rates

    Science.gov (United States)

    Fallis, George

    2015-01-01

    Over the postwar period in most developed countries, the university participation rate has risen steadily to well over 30 percent, although there remain differences between countries. Students from lower income families have lower participation rates than those from higher income families. The article provides an economic analysis of these…

  18. 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.

  19. Measuring Economic Growth in New Zealand

    OpenAIRE

    Peter Mawson

    2002-01-01

    This paper examines New Zealand’s ranking in the OECD based on real GDP per capita. The fall in ranking experienced by New Zealand implies that real GDP per capita growth in New Zealand has been relatively poor in comparison to other OECD countries. The paper examines the history of New Zealand’s growth rate and explores the differences between various techniques for measuring average growth rates. The approaches are all shown to be variants of the average annual growth rate but differ in ter...

  20. 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.

  1. 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.

  2. 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

  3. 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.

  4. 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.

  5. 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...

  6. 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.

  7. 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.

  8. 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.

  9. 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)

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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....

  18. Borderplex Economic Growth: Chicken, Egg, or Scrambled?

    OpenAIRE

    Fullerton, Thomas; Molina, Angel; Ibarreche, Santiago

    2007-01-01

    Regional debates over which metropoitan economy is the dominant growth pole in multi-city areas can be intense. Such discourse is frequently voiced with regard to economic expansion in the El Paso, Texas, USA - Ciudad Juarez, Chihuahua, Mexico borderplex economy. To date, no empirical analyses have been carried out to address that question. Granger causality tests are applied to various cross-border data to shed light on that question and others regarding the nature of regional growth in t...

  19. Industrial Employment, Investment Equipment and Economic Growth

    OpenAIRE

    Dellas, Harris

    2000-01-01

    The industrialization of labour is the main engine of growth during the early stages of economic development. In less developed countries, equipment investment has played a less important role than non-equipment investment; and it has only proved growth enhancing when it either encountered a substantial industrial labour force or fostered a large increase in the share of industrial employment. These findings draw attention to the effects of investment on the composition of the labour force; a...

  20. 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...

  1. 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

  2. One interpretation of the low economic growth in Mexico

    OpenAIRE

    Isaac, Sánchez Juárez

    2011-01-01

    Since 1982 the Mexican economy was characterized by the presence of low economic growth rates, this situation has caused a severe reduction in employment and thus the welfare of the Mexican population. Following a kaldorian’s framework of development we assume that the process of stagnation suffered by México, especially in recent years is explained by the lack of dynamism in the domestic manufacturing sector. The latter is attributed mainly to the current economic model, implemented in the l...

  3. The Dynamic Effects of Entrepreneurship on Regional Economic Growth

    DEFF Research Database (Denmark)

    Matejovsky, Lukas; Mohapatra, Sandeep; Steiner, Bodo

    2014-01-01

    This study explores the temporal pattern of income disparity for Canadian provinces in two estimation steps. First, an econometric growth regression model is applied to identify the impact of entrepreneurship on regional economic growth. The estimation results suggest that entrepreneurship......, measured in terms of the selfemployment rate, plays a pivotal role in determining regional development in Canada. Second, a dynamic vector autoregression (VAR) model is employed to predict the long-run regional growth effects that result from policy shocks affecting entrepreneurship. Compared to other...... growth drivers, entrepreneurship is found to have more pronounced and long-term stimulative effects on regional development for the period of 1987 to 2007...

  4. 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

  5. Human Capital Composition and Economic Growth

    Science.gov (United States)

    Tsai, Chun-Li; Hung, Ming-Cheng; Harriott, Kevin

    2010-01-01

    The objective of this paper is to analyze the effect of various compositions of human capital on economic growth. We construct alternative measures of human capital composition using five fields of study. In each instance, the measure represents the number of graduates in the respective field as a percentage of all graduates. The measures are as…

  6. 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.

  7. House Price, House Quality and Economic Growth

    NARCIS (Netherlands)

    De Vries, P.; Boelhouwer, P.J.

    2010-01-01

    The literature on housing markets suggest that periods of economic growth are characterised by a demand for better housing quality and increasing prices. The basic principles of the theory are that the short-run price fluctuations occur due to market imperfection, while over the long term, causality

  8. Education for Economic Growth: A Critical Investment.

    Science.gov (United States)

    Hunt, James B., Jr.

    1984-01-01

    Declaring that a "national emergency" exists in American education, the author outlines "Action for Excellence" recommendations developed by the Task Force on Education for Economic Growth, of which he was chairman, and discusses accomplishments in educational reform in the state of North Carolina, where he is governor. (JBM)

  9. 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.

  10. Economic growth: trade, public finance, and the paradox of thrift

    OpenAIRE

    John Smithin

    2014-01-01

    The classical argument for free trade stressed the possibilities of economic growth by exploiting the gains from trade. A trade surplus per se was not the main objective; presumably the argument was that trade would be balanced at the new higher growth rate. Moreover, the arguments for free trade were made against the background of an assumed hard peg (the gold standard) which would enforce balance of payments equilibrium. This means that contemporary free trade agreements (FTAs), with floati...

  11. 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

  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. 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.

  14. 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 ...

  15. Effects of culture systems on growth and economic performance of ...

    African Journals Online (AJOL)

    The effect of culture system on growth and economics performance of Orechromis niloticus (Nile tilapia) in concrete tanks was investigated. Four outdoor concrete tanks measuring 2.5 x 2 m was used for the study for 24 weeks culture period. The culture systems included the use of algae only at the stocking rates of 4 ...

  16. Educational Expansion, Economic Growth and Antisocial Behaviour: Evidence from England

    Science.gov (United States)

    Sabates, Ricardo

    2010-01-01

    This paper investigates the impact of the increase in post-compulsory schooling and economic growth on conviction rates for antisocial behaviour in England. I hypothesise that both educational and employment opportunities should lead to greater reductions in antisocial behaviour when they are combined than when they exist in isolation. I test this…

  17. Harnessing the Gender Dividend to Boost Economic Growth in ...

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

    Taking advantage of the gender dividend to accelerate economic growth in ECOWAS. This project aims to analyze the gender dividend in West Africa. The gender dividend is the increase in national production per head attributable to more equality between women and men in the labour market. Declining birth rates can ...

  18. 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.

  19. 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

  20. 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.

  1. 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...

  2. 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

  3. How Does Social Trust Affect Economic Growth?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    Social capital in the form of generalized trust has been shown to be a determinant of economic growth in a number of studies. Other studies have explored other consequences of trust, such as its effects on governance, corruption, education and investment. This paper connects the two strands...... of literature by estimating the effects of trust on growth through a set of potential transmission mechanisms directly. It does so by modelling the process using a three-stage least squares estimator on a sample of countries for which a full data set is available. The results indicate that trust affects...

  4. 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

  5. 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

  6. 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 ...

  7. Bank Liquidity, Market Participation, and Economic Growth

    OpenAIRE

    Mattana, Elena; Panetti, Ettore

    2012-01-01

    We report evidence that bank liquidity ratios (liquid assets as a percentage of total assets) decrease during the process of economic development. To reconcile this observation with (i) the increasing importance of financial markets and (ii) the increasing direct participation of individual investors in them, we build a neoclassical growth model with banks and markets. In this environment, banks engage in cross-subsidization of the impatient depositors to keep up with the competitive pressure...

  8. Boosting Economic Growth Through Advanced Machine Vision

    OpenAIRE

    MAAD, Soha; GARBAYA, Samir; AYADI, Nizar; BOUAKAZ, Saida

    2012-01-01

    In this chapter, we overview the potential of machine vision and related technologies in various application domains of critical importance for economic growth and prospect. Considered domains include healthcare, energy and environment, finance, and industrial innovation. Visibility technologies considered encompass augmented and virtual reality, 3D technologies, and media content authoring tools and technologies. We overview the main challenges facing the application domains and discuss the ...

  9. 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.

  10. 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.

  11. 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)

  12. Energy expenditure, economic growth, and the minimum EROI of society

    International Nuclear Information System (INIS)

    Fizaine, Florian; Court, Victor

    2016-01-01

    We estimate energy expenditure for the US and world economies from 1850 to 2012. Periods of high energy expenditure relative to GDP (from 1850 to 1945), or spikes (1973–74 and 1978–79) are associated with low economic growth rates, and periods of low or falling energy expenditure are associated with high and rising economic growth rates (e.g. 1945–1973). Over the period 1960–2010 for which we have continuous year-to-year data for control variables (capital formation, population, and unemployment rate) we estimate that, statistically, in order to enjoy positive growth, the US economy cannot afford to spend more than 11% of its GDP on energy. Given the current energy intensity of the US economy, this translates in a minimum societal EROI of approximately 11:1 (or a maximum tolerable average price of energy of twice the current level). Granger tests consistently reveal a one way causality running from the level of energy expenditure (as a fraction of GDP) to economic growth in the US between 1960 and 2010. A coherent economic policy should be founded on improving net energy efficiency. This would yield a “double dividend”: increased societal EROI (through decreased energy intensity of capital investment), and decreased sensitivity to energy price volatility. - Highlights: •We estimate energy expenditures as a fraction of GDP for the US, the world (1850–2012), and the UK (1300–2008). •Statistically speaking, the US economy cannot afford to allocate more than 11% of its GDP to energy expenditures in order to have a positive growth rate. •This corresponds to a maximum tolerable average price of energy of twice the current level. •In the same way, US growth is only possible if its primary energy system has at least a minimum EROI of approximately 11:1.

  13. Self-ratings of materialism and status consumption in a Malaysian sample: effects of answering during an assumed recession versus economic growth.

    Science.gov (United States)

    Jusoh, W J; Heaney, J G; Goldsmith, R E

    2001-06-01

    Consumers' self-assessments of materialism and status consumption may be influenced by external economic conditions. In this study, 239 Malaysian students were asked to describe their levels of materialism using Richins and Dawson's 1992 Materialism scale and status consumption using Eastman, Goldsmith, and Flynn's 1999 Status Consumption Scale. Half the students were told to respond assuming that they were in an expanding economy, and half as if the economy was in a recession. Comparison of the groups' mean scores showed no statistically significant differences.

  14. 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

  15. MEASURING ECONOMIC GROWTH FROM OUTER SPACE

    Science.gov (United States)

    Henderson, J. Vernon; Storeygard, Adam; Weil, David N.

    2013-01-01

    GDP growth is often measured poorly for countries and rarely measured at all for cities or subnational regions. We propose a readily available proxy: satellite data on lights at night. We develop a statistical framework that uses lights growth to augment existing income growth measures, under the assumption that measurement error in using observed light as an indicator of income is uncorrelated with measurement error in national income accounts. For countries with good national income accounts data, information on growth of lights is of marginal value in estimating the true growth rate of income, while for countries with the worst national income accounts, the optimal estimate of true income growth is a composite with roughly equal weights. Among poor-data countries, our new estimate of average annual growth differs by as much as 3 percentage points from official data. Lights data also allow for measurement of income growth in sub- and supranational regions. As an application, we examine growth in Sub Saharan African regions over the last 17 years. We find that real incomes in non-coastal areas have grown faster by 1/3 of an annual percentage point than coastal areas; non-malarial areas have grown faster than malarial ones by 1/3 to 2/3 annual percent points; and primate city regions have grown no faster than hinterland areas. Such applications point toward a research program in which “empirical growth” need no longer be synonymous with “national income accounts.” PMID:25067841

  16. 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.

  17. The current Russian model of social development, and economic growth

    Directory of Open Access Journals (Sweden)

    V V Paramonov

    2016-12-01

    Full Text Available Although the Article 7 of the Constitution of Russia adopted in 1993 defines the country as a social state, the contemporary social and economic situation is significantly different from this declaration. The author considers the current situation focusing on the foundations of the welfare state. The indicators of social inequality and stratification that allow to identify the country as a social state prove the widening gap between the rich and poor. In recent years, nothing has been done to achieve the more equitable distribution of income and national wealth, which led to the further growth of social inequality exceeding the global indices. The author believes that the high level of social inequality negatively affects the economic growth. Based on the studies of Russian scientists he concludes that equal distribution of income provides higher rates of economic growth and prosperity of the country. The modified theory of the factors of production explains this interconnection, and adds a few more factors, including such a specific resource as sales market, to three factors introduced by J.B. Say at the beginning of the XIX century. The huge social inequality and, consequently, a significant number of the poor deprive the country of such an important resource. To change the situation, the author proposes to return to the progressive tax scale and introduce the zero rate of income tax for the poorest groups in order to create prerequisites for the growth of consumer demand under the economic crisis.

  18. 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 ...

  19. 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.

  20. 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.

  1. 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”.

  2. How Does Social Trust Affect Economic Growth?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

    This paper connects two strands of the literature on social trust by estimating the effects of trust on growth through a set of potential transmission mechanisms directly. It does so by modelling the process using a three-stage least squares estimator on a sample of countries for which a full data...... set is available. The results indicate that trust affects schooling and the rule of law directly. These variables in turn affect the investment rate (schooling) and provide a direct effect (rule of law) on the growth rate. The paper closes with a short discussion of the relevance of the findings....

  3. 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

  4. 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)...

  5. 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 ...

  6. Hospitalization rates among economic immigrants to Canada.

    Science.gov (United States)

    Ng, Edward; Sanmartin, Claudia; Manuel, Douglas G

    2017-07-19

    Economic immigrants generally, and economic class principal applicants (ECPAs) specifically, tend to have better health than other immigrants. However, health outcomes vary among subcategories within this group, especially by sex. This study examines hospitalization rates among ECPAs aged 25 to 74 who arrived in Canada between 1980 and 2006 as skilled workers, business immigrants, or live-in caregivers. The analysis used two linked databases to estimate age-standardized hospitalization rates (ASHRs) overall and for leading causes by sex. ASHRs of ECPA subcategories were compared with each other and with those of the Canadian-born population. Logistic regression was used to derive odds ratios for hospitalization among ECPAs, by sex. Male and female ECPAs aged 25 to 74 had significantly lower all-cause ASHRs than did the Canadian-born population in the same age range. This pattern prevailed for each ECPA subcategory and for each disease examined. Compared with skilled workers, business immigrants had lower odds of hospitalization; live-in caregivers who arrived after 1992 had higher odds. Adjustment for education, official language proficiency, and world region reduced the strength of or eliminated these associations. Compared with the Canadian-born population, ECPAs generally had low hospitalization rates. Differences were apparent among ECPA subcategories.

  7. International Trade and Economic Growth in the Polish Economy

    Directory of Open Access Journals (Sweden)

    Henryk Gurgul

    2010-01-01

    Full Text Available The paper presents the results of examinations of linear and nonlinear causalities performed for international trade involving the Polish economy and its economic growth. In order to infer the impact of the world crisis on the Polish economy, two samples have been studied (containing quarterly data – a full sample (Q1 1996–Q3 2009 and pre-crisis sample (Q1 1996–Q3 2008. The results of linear causality tests support the existence of feedback between the growth rate of exports and growth in gross domestic product (GDP irrespectively of the time period chosen. For both the samples examined, no direct causal links between the growth rates of GDP and imports were detected. One can only suppose the existence of indirect links before the crisis. Bidirectional causality was found for growth rates of exports and imports only for the pre-crisis sample. Some weak evidence of a causal link running from the growth rate of imports to the growth rate of exports was also found for the period that covers the crisis, which may be interpreted as a confirmation of the fact that growth in imports also precedes growth in exports in bullish periods. It results from our computations that, at the time of the financial crisis of 2008, the main factor that caused Polish GDP growth to remain positive was domestic demand. The results of nonlinear causality analysis provided only weak evidence for causality running from GDP to exports, from GDP to imports and from imports to exports. (original abstract

  8. 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,...

  9. 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

  10. India's refining prospects linked to economic growth

    International Nuclear Information System (INIS)

    Lewis, E.

    1996-01-01

    International investors assess refining ventures in India the same way they do comparable projects elsewhere in the world: according to their expectations about investment returns. By that standard, India's appeal is mixed, although its need for some measure of additional refining capacity seems certain. The success of future refinery investments will depend heavily on the government's commitment to policies allowing the economy to grow faster than the population. Unless accompanied by economic growth, expected increases in the population will not automatically raise demand for petroleum products. Decisions about investments in India's refining sector, therefore, must carefully weigh market fundamentals, the business environment, and likely investment performance. This paper reviews the market for the various products and predicts new economic trends

  11. Endogenous growth and economic capacity: Theory and empirical evidence for the NAFTA countries

    Directory of Open Access Journals (Sweden)

    Ignacio Perrotini-Hernàndez

    2017-09-01

    Full Text Available he paper sheds light on the relevance of economic capacity utilisation, capital accumulation and effective demand for the endogeneity of the natural growth rate with respect to normal, depressive and expansive growth regimes. Apart from contributing to fill this theoretical gap, a new model is developed for estimating the elasticity of the natural growth rate, with a specific focus on Canada, Mexico and the United States, throughout the pre-NAFTA and post-NAFTA periods. It is shown that growth regimes are related to the utilisation of economic capacity, while the elasticities of the expansive and depressive natural rates of growth vis-à-vis the normal rate are related to effective demand. It is also found that the normal, depressive and expansive natural rates of growth decreased since the inception of NAFTA, due to the concomitant decline in the growth rate of economic capacity. JEL Classification: O47, O51, O54

  12. 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

  13. 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....

  14. Measurements of Protein Crystal Face Growth Rates

    Science.gov (United States)

    Gorti, S.

    2014-01-01

    Protein crystal growth rates will be determined for several hyperthermophile proteins.; The growth rates will be assessed using available theoretical models, including kinetic roughening.; If/when kinetic roughening supersaturations are established, determinations of protein crystal quality over a range of supersaturations will also be assessed.; The results of our ground based effort may well address the existence of a correlation between fundamental growth mechanisms and protein crystal quality.

  15. Growth Rates of Microbes in the Oceans.

    Science.gov (United States)

    Kirchman, David L

    2016-01-01

    A microbe's growth rate helps to set its ecological success and its contribution to food web dynamics and biogeochemical processes. Growth rates at the community level are constrained by biomass and trophic interactions among bacteria, phytoplankton, and their grazers. Phytoplankton growth rates are approximately 1 d(-1), whereas most heterotrophic bacteria grow slowly, close to 0.1 d(-1); only a few taxa can grow ten times as fast. Data from 16S rRNA and other approaches are used to speculate about the growth rate and the life history strategy of SAR11, the most abundant clade of heterotrophic bacteria in the oceans. These strategies are also explored using genomic data. Although the methods and data are imperfect, the available data can be used to set limits on growth rates and thus on the timescale for changes in the composition and structure of microbial communities.

  16. Tax Evasion and Economic Growth in an Endogenous Growth Model

    OpenAIRE

    加藤, 秀弥; KATO, Hideya

    2004-01-01

    This paper presents an endogenous growth model with tax evasion where government expenditures affect production. An individual evades a tax so as to maximize his or her utility, the tax authority controls the detection probability to maximize net tax revenue, and the government chooses the income tax rate to maximize individuals’ utility. The main conclusions are as follows. First, the optical income tax rate with tax evasion is higher than that without tax evasion. Second, the rise in a ...

  17. Long run economic growth and tourism: Inferring from Uruguay

    OpenAIRE

    Brida, Juan Gabriel; Lionetti, Stefania; Risso, Wiston Adrian

    2009-01-01

    Argentina is the principal source of tourism in Uruguay. This paper analyzes the effects in the long run of tourism from Argentina on the economic growth of Uruguay. Using quarterly data from 1987.I to 2006.IV, the study uses co-integration analysis and shows the existence of one cointegrated vector among Uruguayan real per capita GDP, Argentinean tourism expenditure, and real exchange rate between Uruguay and Argentina, and tests that the causality relationship positively goes in one way fro...

  18. Economic growth and greenhouse gas emissions

    Energy Technology Data Exchange (ETDEWEB)

    Ansuategi, Alberto [Environment Department, University of York, York (United Kingdom); Escapa, Marta [Foundations of Economic Analysis Department, University of the Basque Country, Bilbao (Spain)

    2002-01-01

    Recent empirical research has examined the relationship between certain indicators of environmental degradation and income, concluding that in some cases an inverted U-shaped relationship, which has been called an environmental Kuznets curve (EKC), exists between these variables. Unfortunately, this inverted U-shaped relationship does not hold for greenhouse gas emissions. One explanation of the absence of EKC-like behavior in greenhouse gas emissions is that greenhouse gases are special pollutants that create global, not local, disutility. But the international nature of global warming is not the only reason that prevents de-linking greenhouse gas emissions from economic growth. The intergenerational nature of the negative impact of greenhouse gas emissions may have also been an important factor preventing the implementation of greenhouse gas abatement measures in the past. In this paper we explore the effect that the presence of intergenerational spillovers has on the emissions-income relationship. We use a numerically calibrated overlapping generations model of climate-economy interactions. We conclude that: (1) the intertemporal responsibility of the regulatory agency, (2) the institutional capacity to make intergenerational transfers and (3) the presence of intergenerationally lagged impact of emissions constitute important determinants of the relationship between economic growth and greenhouse gas emissions.

  19. Green economic growth premise for sustainable development

    Directory of Open Access Journals (Sweden)

    Carmen Lenuţa TRICĂ

    2013-01-01

    Full Text Available Accelerating the global issues such as natural resource depletion, damage to the natural environment, economic and financial crises and consumption growth led to the shift of the development paradigm from consumption to sustainable development and recognition of the new path, namely green economy.At the European level a number of international organizations discussed issues of transition to green economy (EC, UNEP, OECD. In 2008, UNEP launched “Green Economy Initiative to Get the Global Markets Back to Work”, aiming to mobilize and re-focuse the global economy towards.This is the twin challenge of moving towards a green economy: radically reducing the footprint of developed countries, while simultaneously raising levels of social and material well being in developing countries.Without public intervention, the related market failures (i.e. market prices that do not fully reflect the environmental degradation generated by economic activity may delay or even prevent the development of environmentally-friendly technologies.Furthermore, in sectors such as electricity, network effects arising from existing infrastructures create additional barriers to the adoption of alternative sources of power, further hampering incentives to invest in new technologies.Given that the transition to a green economy requires increasing of investment in economic sectors that contribute to enhancing of natural capital and reduce environmental risks, we intend to analyze the main measures taken by Romania to ensure transition to green economy.

  20. Growth rate, population entropy, and perturbation theory.

    OpenAIRE

    Demetrius, L.

    1989-01-01

    This paper is concerned with the connection between two classes of population variables: measures of population growth rate—the Malthusian parameter, the net reproduction rate, the gross reproduction rate, and the mean life expectancy; and measures of demographic heterogeneity—population entropy. It is shown that the entropy functions predict the response of the growth rate parameters to perturbations in the age-specific fecundity and mortality schedule. These results are invoked to introduce...

  1. Pollution and economic growth in a model of overlapping generations

    Energy Technology Data Exchange (ETDEWEB)

    Fisher, Eric O`N. [Department of Economics, The Ohio State University, Columbus, OH (United States); Van Marrewijk, Charles [Department of Economics, Erasmus University, Rotterdam (Netherlands)

    1994-01-22

    We analyze a model of overlapping generations in which clean air, a pure public consumption good, is used as a private input into production. Although production exhibits constant returns to scale, endogenous growth can occur because the economy has tWO sectors. In a laissez-faire equilibrium, there is no market for pollution rights, and firms appropriate clean air in an arbitrary manner. Growth occurs only if the marginal propensity to save is high enough and the asymptotic share of pollution in the investment sector is zero. Firms generate quasi-rents that are the value of pollution rights. These quasi-rents crowd out investment and slow economic growth. A laissez- faire equilibrium may not support Pareto optimal allocations, but a Pigouvian tax with lump-sum distribution of the resulting revenues does. Hence, a pollution lax yields a double dividend because it can increase both the static efficiency of the economy and its growth rate. 1 fig., 20 refs.

  2. Pollution and economic growth in a model of overlapping generations

    International Nuclear Information System (INIS)

    Fisher, Eric O'N.; Van Marrewijk, Charles

    1994-01-01

    We analyze a model of overlapping generations in which clean air, a pure public consumption good, is used as a private input into production. Although production exhibits constant returns to scale, endogenous growth can occur because the economy has tWO sectors. In a laissez-faire equilibrium, there is no market for pollution rights, and firms appropriate clean air in an arbitrary manner. Growth occurs only if the marginal propensity to save is high enough and the asymptotic share of pollution in the investment sector is zero. Firms generate quasi-rents that are the value of pollution rights. These quasi-rents crowd out investment and slow economic growth. A laissez- faire equilibrium may not support Pareto optimal allocations, but a Pigouvian tax with lump-sum distribution of the resulting revenues does. Hence, a pollution lax yields a double dividend because it can increase both the static efficiency of the economy and its growth rate. 1 fig., 20 refs

  3. Sustainable Economic Growth: a Perspective for Macedonia

    Directory of Open Access Journals (Sweden)

    Sevil Rexhepi

    2013-09-01

    Full Text Available Retrospective analysis shows that since 1990’s, ex-socialist economies were in transition. This process was multidimensional and had deep roots. In most transition economies, output (GDP is determined by the availability of labour, capital and their productivity (TFP. Hence, these indicators are not generating the business cycles, which is typical for market economies in the long-term. At this point, it is vital to understand the reasons of low-level of capital accumulation in transition economies in order to find opportunities to make better use of physical, human and social capital. Furthermore, it is observed that in these economies, institutions needed to be re-established or the rules of the game needed to be changed to regulate incentive structures that will lead to growth. The main objective of this research is to identify the peculiarity of economic growth in Macedonia and to examine if achieving smart growth in long-term is possible; which is supported by fundamental notions of sustainable development.

  4. 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...

  5. 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...

  6. Innovation, Decentralization, and Planning in a Multi-Region Model of Schumpeterian Economic Growth

    OpenAIRE

    Batabyal, Amit; Nijkamp, Peter

    2014-01-01

    We study innovation and the resulting Schumpeterian economic growth that this innovation gives rise to in a model with N heterogeneous regions. For each region i where i=1,...,N, our analysis leads to five findings. First, we define the balanced growth path (BGP) allocations and the equilibrium of interest. Second, we stipulate the form of the innovation possibilities frontier that is consistent with balanced economic growth. Third, we derive the growth rate of the ith region in the decentral...

  7. 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.

  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. 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.

  10. Strong economic growth driving increased electricity consumption

    International Nuclear Information System (INIS)

    Tiusanen, P.

    2000-01-01

    The Finnish economy is growing faster today than anyone dared hope only a few years ago. Growth estimates for 2000 have already had to be raised. This strong level of economic growth has been reflected in electricity consumption, which has continued to increase, despite the exceptionally warm winter. A major part of this increased electricity usage has so far been met through imports. The continued growth in electricity imports has largely been a result of the fact that the good water level situation in Sweden and Norway, together with the mild winter, has kept electricity prices exceptionally low on the Nordic electricity exchange. The short period of low temperatures seen at the end of January showed, however, that this type of temperature fluctuation, combined with the restrictions that exist in regard to transfer capacity, can serve to push Nordic exchange electricity prices to record levels. This increase in price also highlights the fact that we are approaching a situation in which capacity will be insufficient to meet demand. A truly tough winter has not been seen since the Nordic region's electricity markets were deregulated. The lesson that needs to be learnt is that Finland needs sufficient capacity of her own to meet demand even during particularly cold winters. Finland used 77.9 billion kWh of electricity last year, up 1.6% or 1.3 billion kWh on 1998. This growth was relatively evenly distributed among different user groups. This year, electricity consumption is forecast to grow by 2-3%

  11. Population, internal migration, and economic growth: an empirical analysis.

    Science.gov (United States)

    Moreland, R S

    1982-01-01

    The role of population growth in the development process has received increasing attention during the last 15 years, as manifested in the literature in 3 broad categories. In the 1st category, the effects of rapid population growth on the growth of income have been studied with the use of simulation models, which sometimes include endogenous population growth. The 2nd category of the literature is concerned with theoretical and empirical studies of the economic determinants of various demographic rates--most usually fertility. Internal migration and dualism is the 3rd population development category to recieve attention. An attempt is made to synthesize developments in these 3 categories by estimating from a consistent set of data a 2 sector economic demographic model in which the major demographic rates are endogenous. Due to the fact that the interactions between economic and demographic variables are nonlinear and complex, the indirect effects of changes in a particular variable may depend upon the balance of numerical coefficients. For this reason it was felt that the model should be empirically grounded. A brief overview of the model is provided, and the model is compared to some similar existing models. Estimation of the model's 9 behavior equations is discussed, followed by a "base run" simulation of a developing country "stereotype" and a report of a number of policy experiments. The relatively new field of economic determinants of demographic variables was drawn upon in estimating equations to endogenize demographic phenomena that are frequently left exogenous in simulation models. The fertility and labor force participation rate functions are fairly standard, but a step beyong existing literature was taken in the life expectancy and intersectorial migration equations. On the economic side, sectoral savings functions were estimated, and it was found that the marginal propensity to save is lower in agriculture than in nonagriculture. Testing to see the

  12. Adult Learning, Economic Growth and the Distribution of Income

    Directory of Open Access Journals (Sweden)

    Peter J. Stauvermann

    2018-02-01

    Full Text Available Technological change causes three consequences: it guarantees economic growth, it requires employees to acquire more skills and human capital, and it increases inequality if employees are not capable adapting to new technologies. The second consequence makes it almost necessary for employees to learn during their whole working life, thereby accelerating technological change. Accordingly, the OECD (the Organization for Economic Co-operation and Development and many governments supports the idea of lifelong learning, but it remains unclear how to finance the education of adult students who are working efficiently. In this paper, we use an overlapping generation model with human capital accumulation and inequality to derive a mechanism which reduces income inequality and provides an incentive for all adults to invest more in education. As a consequence, the growth rate of per capita income will increase and income inequality will be reduced.

  13. Social Capital, Economic Growth and Transition Economies

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard

    1998-01-01

    transactions to take place without third-party enforcement. Theory and lessons from empirical evidence lead to three general recommendations for building social capital in the future: First, the state must withdraw and minimize its role in the economy so to leave room for voluntary organization and free......Summary: What does social capital mean and how can it be built? Social capital is considered as a new production factor which must be added to the conventional concepts of human and physical capital. Social capital is productive because it increases the level of trust in a society and allows more......-trade. Second, state withdrawal should be combined with efforts to increase economic growth and gain popular support for the implementation of reforms. Third, voluntary groups, beneficial to the economy, should not be institutionalized to prevent them from turning into harmful rent-seeking groups....

  14. Energy and economic growth in industrializing countries

    Energy Technology Data Exchange (ETDEWEB)

    Samouilidis, J E; Mitropoulos, C S

    1984-07-01

    This paper investigates some aspects of the interrelated paths of economic growth and energy demand, in the case of an industrializing economy, through the use of numerous econometric models. Translog functions have helped establish that income and price elasticities of energy, two critical parameters in the energy-economy interaction, exhibit falling trends with time. The value share of the industrial sector is strongly associated with both energy demand and energy intensity. Any increase in the former will lead to amplified increases in the latter, rendering the continuation of past trends in industrial expansion questionable under conditions of high energy costs. Substitution among capital, labor and energy does take place, though to a limited extent, as indicated by the aggregate measure of energy/non-energy substitution elasticity. All findings appear to suggest that energy policymaking, in an industrializing country like Greece, will be of low effectiveness until certain structural changes in the economy are realized.

  15. SUSTAINABLE ECONOMIC GROWTH THROUGH EXTERNAL TRADE

    Directory of Open Access Journals (Sweden)

    Valentina Vasile

    2016-12-01

    Full Text Available A country’s economic growth is directly influenced by the external trade activity, which is considered by the majority of economists as one of the main engines of a country. How international trade can contributes to a sustainable development of a country depends broadly on the economic policies as well as on global and regional strategies to support the actions for this objective. The high level political meeting of United Nations Organization’s Member States in September 2015 has as aim the adoption of 2030 Agenda for Sustainable Development, which includes global economic, social and environmental goals. Any strategy or global policy influences, of course, in a direct way the international trade activities, by how these measures affect or determine relations between states to achieve the sustainable development objectives. Being involved in all sectors of economic and social life to achieve these noble goals, foreign trade is of course on the list of key areas as well as on the list of the domains being influenced by the global strategy adopted in the framework of the largest summit of its kind in the history of the United Nations. The aim of this paper is to provide an overview of external trade activity of Romania, taking into account the characteristics of companies involved in exports and imports of goods in Romania as well as to identify the key areas to be further developed for a sustainable development of national economy based on export activity. Romania's sustainable development can be achieved in the medium and long term by complementary and converging actions such as increased expenditure on research and development field, attracting as a priority the Greenfield investments, increasing productivity of national capital (human, natural, technological or ensure the efficiency at microeconomic and macroeconomic level. Increasing the share of products and activities using a small amount of energy and material resources but which

  16. real exchange rate misalignment and economic performance in ...

    African Journals Online (AJOL)

    ... effects of real exchange rate misalignment on economic performance in Nigeria. .... main factors that impacts on real exchange rate in India .... financial assets and ignores non-economic factor such as .... and fiscal policies to control inflation.

  17. Economic Growth in the Republic of Yemen : 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...

  18. Economics of Future Growth in Photovoltaics Manufacturing

    Energy Technology Data Exchange (ETDEWEB)

    Basore, Paul A.; Chung, Donald; Buonassisi, Tonio

    2015-06-14

    The past decade's record of growth in the photovoltaics manufacturing industry indicates that global investment in manufacturing capacity for photovoltaic modules tends to increase in proportion to the size of the industry. The slope of this proportionality determines how fast the industry will grow in the future. Two key parameters determine this slope. One is the annual global investment in manufacturing capacity normalized to the manufacturing capacity for the previous year (capacity-normalized capital investment rate, CapIR, units $/W). The other is how much capital investment is required for each watt of annual manufacturing capacity, normalized to the service life of the assets (capacity-normalized capital demand rate, CapDR, units $/W). If these two parameters remain unchanged from the values they have held for the past few years, global manufacturing capacity will peak in the next few years and then decline. However, it only takes a small improvement in CapIR to ensure future growth in photovoltaics. Any accompanying improvement in CapDR will accelerate that growth.

  19. Predicting economic growth with stock networks

    Science.gov (United States)

    Heiberger, Raphael H.

    2018-01-01

    Networks derived from stock prices are often used to model developments on financial markets and are tightly intertwined with crises. Yet, the influence of changing market topologies on the broader economy (i.e. GDP) is unclear. In this paper, we propose a Bayesian approach that utilizes individual-level network measures of companies as lagged probabilistic features to predict national economic growth. We use a comprehensive data set consisting of Standard and Poor's 500 corporations from January 1988 until October 2016. The final model forecasts correctly all major recession and prosperity phases of the U.S. economy up to one year ahead. By employing different network measures on the level of corporations, we can also identify which companies' stocks possess a key role in a changing economic environment and may be used as indication of critical (and prosperous) developments. More generally, the proposed approach allows to predict probabilities for different overall states of social entities by using local network positions and could be applied on various phenomena.

  20. 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.

  1. 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.

  2. Effect of massing on larval growth rate.

    Science.gov (United States)

    Johnson, Aidan P; Wallman, James F

    2014-08-01

    Estimation of minimum postmortem interval commonly relies on predicting the age of blowfly larvae based on their size and an estimate of the temperatures to which they have been exposed throughout their development. The majority of larval growth rate data have been developed using small larval masses in order to avoid excess heat generation. The current study collected growth rate data for larvae at different mass volumes, and assessed the temperature production of these masses, for two forensically important blow fly species, Chrysomya rufifacies and Calliphora vicina. The growth rate of larvae in a small mass, exposed to the higher temperatures equivalent to those experienced by large masses, was also assessed to determine if observed differences were due to the known temperature effects of maggot masses. The results showed that temperature production increased with increasing mass volume, with temperature increases of 11 °C observed in the large Ch. rufifacies masses and increases of 5 °C in the large C. vicina masses. Similarly, the growth rate of the larvae was affected by mass size. The larvae from small masses grown at the higher temperatures experienced by large masses displayed an initial delay in growth, but then grew at a similar rate to those larvae at a constant 23 °C. Since these larvae from masses of equivalent sizes displayed similar patterns of growth rate, despite differing temperatures, and these growth rates differed from larger masses exposed to the same temperatures, it can be concluded that larval growth rate within a mass may be affected by additional factors other than temperature. Overall, this study highlights the importance of understanding the role of massing in larval development and provides initial developmental data for mass sizes of two forensically important blowfly species commonly encountered in Australian forensic casework. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  3. 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…

  4. 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

  5. Remarks on economic growth and energy demand

    International Nuclear Information System (INIS)

    Mueller, W.

    1979-01-01

    An energy policy according to the principles of decoupling is impossible without an increase in reasonable and profitable power application. It is also impossible without increased nuclear energy. Energy policy according to the principles of decoupling connects the natural growth tendency of a liberally arranged industry with the natural limits of the production factor 'nature'. Energy policy is the very sphere where tomorrow's necessities must be planned today. If in long range, a constant level of energy production struturised different from today's can be assumed, then this is future-bound. For it takes into consideration today tomorrow's necessities. This is the only guarantee we have for our industry to be able to grow tomorrow. On the basis of historical experience, an economic system will believe in the goal of a constant energy supply just as it was believing in abounding in energy up to day. The structure of the growth might change in long term. But accepting the thoughts of decoupling, progress will come. (orig./HP) [de

  6. Temperature impacts on economic growth warrant stringent mitigation policy

    Science.gov (United States)

    Moore, Frances C.; Diaz, Delavane B.

    2015-02-01

    Integrated assessment models compare the costs of greenhouse gas mitigation with damages from climate change to evaluate the social welfare implications of climate policy proposals and inform optimal emissions reduction trajectories. However, these models have been criticized for lacking a strong empirical basis for their damage functions, which do little to alter assumptions of sustained gross domestic product (GDP) growth, even under extreme temperature scenarios. We implement empirical estimates of temperature effects on GDP growth rates in the DICE model through two pathways, total factor productivity growth and capital depreciation. This damage specification, even under optimistic adaptation assumptions, substantially slows GDP growth in poor regions but has more modest effects in rich countries. Optimal climate policy in this model stabilizes global temperature change below 2 °C by eliminating emissions in the near future and implies a social cost of carbon several times larger than previous estimates. A sensitivity analysis shows that the magnitude of climate change impacts on economic growth, the rate of adaptation, and the dynamic interaction between damages and GDP are three critical uncertainties requiring further research. In particular, optimal mitigation rates are much lower if countries become less sensitive to climate change impacts as they develop, making this a major source of uncertainty and an important subject for future research.

  7. 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.

  8. THE IMPACT OF PUBLIC DEBT ON ECONOMIC GROWTH WITHIN EU

    Directory of Open Access Journals (Sweden)

    Meral (IBRAIM KAGITCI

    2014-06-01

    Full Text Available The main idea of this paper consists in offering a general view regarding a comparative analysis between different EU countries on public debt and economic growth. In the meantime, this is the evidence that the annual shift of the public dues ratio and the budget deficit to GDP ratio are seen in a bad way and linearly associated with per-capita GDP increase. The conduits term through government`s obligation (level or change is expected to have a big impact over the economical increased rate as: i secret saving; ii social investments; iii all the productivity factors; iv unlimited long-term nominal and real interest rate. From a political point of view, the results will bring basically arguments for dues reduction to support long-term increase prospect.

  9. 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.

  10. 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.

  11. 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.

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

    African Journals Online (AJOL)

    Nafiisah

    stability of the relationship between services sector development and economic ... sector on the economic growth of the small island economy of Mauritius. ...... significant structural instability (The figures are presented in the Appendix). 6.

  13. THE ROLE OF MORTGAGE CREDIT IN ENSURING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Z. L. Garipova

    2014-04-01

    Full Text Available The decision of the important social task - ensuring the availability of housing for the mass of the population of the country, on the one hand, allowed to launch investment, savings, financial and credit mechanisms for ensuring economic growth of the Russian economy on the other. Despite the high degree of sophistication in the scientific literature of the organization of mortgage lending system, a study of its impact on economic growth factors in the scientific literature clearly insufficient. The original article was the theory of economic growth, which allowed on the basis of research of interaction of demand for residential property, it deals with the housing mortgage credit to justify a conclusion about its importance not only for solution of social tasks, availability of housing, but also a significant impact on the demand and supply on the residential property market. Based on the analysis of statistical data for the period from 2006 to 2012, and their correlation analysis carried out research of factors of development of housing markets and mortgage lending, namely incomes, housing prices, interest rates on loans, «channel lending conditions, the terms of banking mortgage.Purchase on Elibrary.ru > Buy now

  14. 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...

  15. 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

  16. Understanding the Drivers of Economic Growth: Grounding Endogenous Economic Growth Models in Resource-Advantage Theory

    OpenAIRE

    Hunt, Shelby D.

    2012-01-01

    Foss (2012) provides an informed and informative comment on my article “Trust, Personal Moral Codes, and the Resource-Advantage Theory of Competition: Explaining Productivity, Economic Growth, and Wealth Creation” (Hunt, 2012). In general, his comment is highly supportive of both the theory and the arguments developed in my article. He does, however, raise certain issues that need to be addressed. These issues relate to the concept of total factor productivity, the role of institutions in pro...

  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 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...

  19. Economic growth and carbon emission control

    Science.gov (United States)

    Zhang, Zhenyu

    The question about whether environmental improvement is compatible with continued economic growth remains unclear and requires further study in a specific context. This study intends to provide insight on the potential for carbon emissions control in the absence of international agreement, and connect the empirical analysis with theoretical framework. The Chinese electricity generation sector is used as a case study to demonstrate the problem. Both social planner and private problems are examined to derive the conditions that define the optimal level of production and pollution. The private problem will be demonstrated under the emission regulation using an emission tax, an input tax and an abatement subsidy respectively. The social optimal emission flow is imposed into the private problem. To provide tractable analytical results, a Cobb-Douglas type production function is used to describe the joint production process of the desired output and undesired output (i.e., electricity and emissions). A modified Hamiltonian approach is employed to solve the system and the steady state solutions are examined for policy implications. The theoretical analysis suggests that the ratio of emissions to desired output (refer to 'emission factor'), is a function of productive capital and other parameters. The finding of non-constant emission factor shows that reducing emissions without further cutting back the production of desired outputs is feasible under some circumstances. Rather than an ad hoc specification, the optimal conditions derived from our theoretical framework are used to examine the relationship between desired output and emission level. Data comes from the China Statistical Yearbook and China Electric Power Yearbook and provincial information of electricity generation for the year of 1993-2003 are used to estimate the Cobb-Douglas type joint production by the full information maximum likelihood (FIML) method. The empirical analysis shed light on the optimal

  20. The implications of automation for economic growth and the labor share of income

    OpenAIRE

    Prettner, Klaus

    2016-01-01

    We introduce automation into the standard Solovian model of capital accumulation and show that (i) there is the possibility of perpetual growth, even in the absence of technological progress; (ii) the long-run economic growth rate declines with population growth, which is consistent with the available empirical evidence; (iii) there is a unique share of savings diverted to automation that maximizes the long-run growth rate of the economy; (iv) the labor share declines with automation to an ex...

  1. Investment in Education and Economic Growth in Nigeria: 1981 ...

    African Journals Online (AJOL)

    PROF. O. E. OSUAGWU

    2013-12-01

    Dec 1, 2013 ... Keywords: Education, Government Investments, Economic growth, Health, Government ..... poor countries, using agricultural output as .... expectancy takes into account mortality, but .... (Akaike Information Criterion) and SBC.

  2. THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Polyakov Egor Nikolaevich

    2013-05-01

    Full Text Available The paper reviews the conduct of monetary policy in Russia throughout last 10 years. The core method of analysis is ADL modeling. The author explains money supply influence on key macroeconomic variables: investment, consumption, import, inflation, REER. Specifically our results show to what extent GDP growth is determined by money supply growth throughout last 10 years. The author explains efficiency fall of Central Bank expansionary actions throughout last 5 years. The author suggests the set of decisions geared towards increasing the monetary policy efficiency. Ruble devaluation is a key of them. In particular, now the Central Bank of Russia and the Government of the following may be recommended: - gradual devaluation of the ruble by operations in the currency market you with the sterilization of excess money supply; - reduction in the rate of growth of tariffs for electricity, gas, of rail transport to the level of inflation; - reduction in the rate of growth of budget expenditures to the level of inflation. According to the author, these measures will allow monetary policy to revive Russia as an effective tool to stimulate economic growth.

  3. THE ROLE OF MONETARY POLICY IN STIMULATING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Егор Николаевич Поляков

    2013-06-01

    Full Text Available The paper reviews the conduct of monetary policy in Russia throughout last 10 years. The core method of analysis is ADL modeling. The author explains money supply influence on key macroeconomic variables: investment, consumption, import, inflation, REER. Specifically our results show to what extent GDP growth is determined by money supply growth throughout last 10 years. The author explains efficiency fall of Central Bank expansionary actions throughout last 5 years. The author suggests the set of decisions geared towards increasing the monetary policy efficiency. Ruble devaluation is a key of them.In particular, now the Central Bank of Russia and the Government of the following may be recommended:- gradual devaluation of the ruble by operations in the currency market you with the sterilization of excess money supply;- reduction in the rate of growth of tariffs for electricity, gas, of rail transport to the level of inflation;- reduction in the rate of growth of budget expenditures to the level of inflation.According to the author, these measures will allow monetary policy to revive Russia as an effective tool to stimulate economic growth.DOI: http://dx.doi.org/10.12731/2218-7405-2013-5-9

  4. 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.

  5. 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 ...

  6. What determines the exchange rate: economic factors or market sentiment?

    OpenAIRE

    Gregory P. Hopper

    1997-01-01

    Do economic factors influence exchange rates? Or does market sentiment play a bigger role? Are short-run exchange rates predictable? Greg Hopper reviews exchange-rate economics, focusing on what is predictable and what isn't. He also examines the practical implications of exchange-rate theories for currency option pricing, risk management, and portfolio selection.

  7. Coal consumption and economic growth in China

    International Nuclear Information System (INIS)

    Li, Raymond; Leung, Guy C.K.

    2012-01-01

    The aim of this paper is to re-examine the relationship between coal consumption and real GDP of China with the use of panel data. This paper applies modern panel data techniques to help shed light on the importance of the heterogeneity among different regions within China. Empirical analyses are conducted for the full panel as well as three subgroups of the panel. The empirical results show that coal consumption and GDP are both I(1) and cointegrated in all regional groupings. Heterogeneity is found in the GDP equation of the full panel. The regional causality tests reveal that the coal consumption–GDP relationship is bidirectional in the Coastal and Central regions whereas causality is unidirectional from GDP to coal consumption in the Western region. Thus, energy conservation measures will not adversely affect the economic growth of the Western region but such measures will likely encumber the economy of the Coastal and Central regions, where most of the coal intensive industries are concentrated. - Highlights: ► We investigate the relationship between coal consumption and GDP in China. ► Panel data are used to account for the potential heterogeneity across different regions. ► Bidirectional causality is found in the Eastern and Central regions. ► Unidirectional causality from GDP to coal consumption is found in the Western region.

  8. 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.

  9. 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 ...

  10. Capital Flight and the Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2017-08-01

    Full Text Available This research examined the impact of capital flight and its determinants on the Nigerian economy using the Autoregressive Distributed Lag (ARDL model to analyze data source from the period of 1981 to 2015. The variables included current account balance, capital flight, foreign direct investments, foreign reserve, inflation rate, external debt, and the real gross domestic product. It was to examine the existence of a long run relationship among the variables studied. The result indicates that capital flight has a negative impact on the economic growth of Nigeria. Therefore, there is a need for government to implement policies that will promote domestic investment and discourage capital flight from Nigeria.

  11. the impact of domestic pricing of petrol on economic growth of ...

    African Journals Online (AJOL)

    Global Journal

    Nigerian economy as well as the effect of gross domestic investment (GDI), labour ... and lending interest rate (LIR) between 1970 and 2013 on economic growth of Nigeria. ..... Ibadan: Atlantis books. ... worldwide stagflation, harvard impacts of.

  12. Islam and Economic Growth in Malaysia

    National Research Council Canada - National Science Library

    bin

    2003-01-01

    .... The teachings of Islam, however, prescribe democratic governance and free-market economics. While Muslims, as a whole, have tremendous economics potential, many Muslims are among the world's poorest and least educated...

  13. Causality tests between stock market development and economic growth in West African Monetary Union

    Directory of Open Access Journals (Sweden)

    Maman Tachiwou ABOUDOU

    2009-12-01

    Full Text Available This paper examines the causal relationship between stock market development and economic growth for the West African Monetary Union economy over the last decade or so. By applying the techniques of unit–root tests and the long–run Granger noncausality test proposed by Toda and Yamamoto (1995, the causal relationships between the real GDP growth rate and two stock market development proxies are tested. The results are in line with the supply leading hypothesis in the sense that there is strong causal flow from the stock market development to economic growth. A unidirectional causal relationship is also observed between real market capitalization ratio and economic growth.

  14. THE IMPACT OF ECONOMIC INFRASTRUCTURE ON LONG TERM ECONOMIC GROWTH IN BOTSWANA

    Directory of Open Access Journals (Sweden)

    Strike Mbulawa

    2017-02-01

    Full Text Available The growth rate for the Botswana economy has slowed down in recent years. This has been explained by weak global demand in minerals, subdued commodity prices and persistent electricity supply problems. The government is making efforts to diversify the economy to tap from other sources of growth. The government has come with two initiatives to boast growth: increasing expenditure on roads and improved generation of electricity. Literature has failed to agree on the causal linkage between growth and infrastructure development.  Previous studies employed different measures of infrastructure development and models resulting in conflicting findings. As a point of departure this study uses a log linear model and different measures of growth and infrastructure to examine the link between the two variables in the context of Botswana. Using vector error correction model and Ordinary Least Squares the study finds that long term economic growth is explained by both measures of infrastructure (electricity distribution and maintenance of roads. The impact of the former was more pronounced than the impact of the later. Evidence supports the infrastructure led growth hypothesis.

  15. 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.

  16. 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...

  17. The Impact of Services on Economic Complexity: Service Sophistication as Route for Economic Growth.

    Science.gov (United States)

    Stojkoski, Viktor; Utkovski, Zoran; Kocarev, Ljupco

    2016-01-01

    Economic complexity reflects the amount of knowledge that is embedded in the productive structure of an economy. By combining tools from network science and econometrics, a robust and stable relationship between a country's productive structure and its economic growth has been established. Here we report that not only goods but also services are important for predicting the rate at which countries will grow. By adopting a terminology which classifies manufactured goods and delivered services as products, we investigate the influence of services on the country's productive structure. In particular, we provide evidence that complexity indices for services are in general higher than those for goods, which is reflected in a general tendency to rank countries with developed service sector higher than countries with economy centred on manufacturing of goods. By focusing on country dynamics based on experimental data, we investigate the impact of services on the economic complexity of countries measured in the product space (consisting of both goods and services). Importantly, we show that diversification of service exports and its sophistication can provide an additional route for economic growth in both developing and developed countries.

  18. 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.

  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. 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…

  1. 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.

  2. 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 ...

  3. 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

  4. 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

  5. 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

  6. 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 ...

  7. 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 ...

  8. DKDP crystal growth controlled by cooling rate

    Science.gov (United States)

    Xie, Xiaoyi; Qi, Hongji; Shao, Jianda

    2017-08-01

    The performance of deuterated potassium dihydrogen phosphate (DKDP) crystal directly affects beam quality, energy and conversion efficiency in the Inertial Confinement Fusion(ICF)facility, which is related with the initial saturation temperature of solution and the real-time supersaturation during the crystal growth. However, traditional method to measure the saturation temperature is neither efficient nor accurate enough. Besides, the supersaturation is often controlled by experience, which yields the higher error and leads to the instability during the crystal growth. In this paper, DKDP solution with 78% deuteration concentration is crystallized in different temperatures. We study the relation between solubility and temperature of DKDP and fit a theoretical curve with a parabola model. With the model, the measurement of saturation temperature is simplified and the control precision of the cooling rate is improved during the crystal growth, which is beneficial for optimizing the crystal growth process.

  9. 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...

  10. 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.

  11. DETERMINATION OF THE SPECIFIC GROWTH RATE ON ...

    African Journals Online (AJOL)

    Sewage generation is one of the dense problems Nigerians encounter on daily bases, mostly at the urbanized area where factories and industries are located. This paper is aimed at determining the specific growth rate “K” of biological activities on cassava wastewater during degradation using Michaelis-Menten Equation.

  12. Unusual growth rate during cystic echinococcosis.

    Science.gov (United States)

    Valour, Florent; Khenifer, Safia; Della-Schiava, Nellie; Cotte, Eddy; Guibert, Benoit; Wallon, Martine; Durupt, Stéphane; Durieu, Isabelle

    2014-04-01

    Cystic echinococcosis is a world wild zoonosis caused by Echinococcus granulosus, leading to hepatic and lung cysts with a usually slight growth rate. We report the case of an 82year-old Algerian woman with hepatic and lung cystic echinococcosis with a 10-fold size increase in 6months. Copyright © 2013. Published by Elsevier Ireland Ltd.

  13. Growth, Mortality and Exploitation Rates of Sarotherodon ...

    African Journals Online (AJOL)

    Evans

    ABSTRACT. Sarotherodon melanotheron population of Dominli Lagoon in the Western Region of Ghana was studied for its growth and mortality parameters as well as exploitation rate. The study generally aimed at providing basic information necessary for the assessment and management of the fish stock in the lagoon.

  14. 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.

  15. 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.

  16. 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...

  17. 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...

  18. 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.

  19. 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.

  20. 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.

  1. 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.

  2. 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 ...

  3. 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…

  4. 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

  5. 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

  6. 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...

  7. 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...

  8. 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...

  9. 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....

  10. Emittance growth rates for displaced beams

    International Nuclear Information System (INIS)

    Anderson, O.A.

    1993-05-01

    Emittance growth rates have been previously analyzed for nonuniform beams in linear channels and for initially uniform mismatched beams in nonlinear channels. These studies were for centered beams. Additional emittance growth can arise in cases where the beam is initially displaced. The purpose of this study is to obtain growth rates for displaced beams. This work differs from studies involving random displacement of electrodes. Our analysis assumes instead that the focusing system is perfectly aligned but that the beam is initially displaced with respect to the equilibrium axis. If the focusing force is slightly nonlinear, we find a gradual transfer of the potential energy of beam displacement into kinetic energy associated with emittance growth. We present explicit results for the emittance growth distance as a function of the nonlinearity of the channel. These results will have practical importance for designers of accelerators and transport systems when setting realistic tolerances for initial beam alignment. These tolerances will depend on the nonlinearity and the length of the system

  11. The Variance Composition of Firm Growth Rates

    Directory of Open Access Journals (Sweden)

    Luiz Artur Ledur Brito

    2009-04-01

    Full Text Available Firms exhibit a wide variability in growth rates. This can be seen as another manifestation of the fact that firms are different from one another in several respects. This study investigated this variability using the variance components technique previously used to decompose the variance of financial performance. The main source of variation in growth rates, responsible for more than 40% of total variance, corresponds to individual, idiosyncratic firm aspects and not to industry, country, or macroeconomic conditions prevailing in specific years. Firm growth, similar to financial performance, is mostly unique to specific firms and not an industry or country related phenomenon. This finding also justifies using growth as an alternative outcome of superior firm resources and as a complementary dimension of competitive advantage. This also links this research with the resource-based view of strategy. Country was the second source of variation with around 10% of total variance. The analysis was done using the Compustat Global database with 80,320 observations, comprising 13,221 companies in 47 countries, covering the years of 1994 to 2002. It also compared the variance structure of growth to the variance structure of financial performance in the same sample.

  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. Economic growth and the incidence of occupational injuries in Austria.

    Science.gov (United States)

    Barth, Alfred; Winker, Robert; Ponocny-Seliger, Elisabeth; Sögner, Leopold

    2007-01-01

    The aim of this paper was to analyze the impact of economic growth measured by real gross domestic product (GDP) on the incidence of occupational injuries in Austria. The relationship between GDP and the occupational injury rate of the wage-earning population between 1955 and 2004 was analyzed using an error correction model. The sample size increased from 1.568,371 persons in 1955 to 2.656,952 in 2004. Occupational injuries were divided into fatal and non-fatal injuries. Occupational injuries (fatal and non-fatal) decreased from 8.59% to 4.08%: non-fatal injuries decreased from 8.56% to 4.07%; fatal injuries decreased from 0.03% to 0.01%. Austrian GDP increased from EUR 37.7 billion to EUR 202.8 billion (base year 1995). Statistical analysis clearly shows that a growing economy is associated with declining injury rates (fatal and non-fatal). Two mechanisms are discussed. Firstly, rising GDP is accompanied by greater investment in safer technologies and occupational safety measures. Secondly, booming economies are associated with a reduced risk of unemployment, which is already known to be a risk factor for occupational injuries. Economic development appears to have an impact on the incidence of occupational injuries in Austria. Health policy should emphasize the necessity for safety at work particularly in phases of economic slowdown.

  14. 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.

  15. Economic growth and change in southeast Alaska.

    Science.gov (United States)

    Rhonda Mazza

    2004-01-01

    This report focuses on economic trends since the 1970s in rural southeast Alaska. These trends are compared with those in the Nation and in nonmetropolitan areas of the country to determine the extent to which the economy in rural southeast Alaska is affected by regional activity and by larger market forces. Many of the economic changes occurring in rural southeast...

  16. 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…

  17. Modification of cell growth rate by irradiation

    International Nuclear Information System (INIS)

    Itoh, Hisao; Takemasa, Kazuhiko; Nishiguchi, Iku; Ka, Wei-Jei; Kutsuki, Shoji; Hashimoto, Shozo

    1993-01-01

    The effect of irradiation on the proliferation kinetics of the monolayer cells has been studied. Two human cell lines with different doubling times (HeLa-P and RMUG) and two clones that have the same radiosensitivity but different doubling times (HeLa-R and HeLa-S) were irradiated with a daily dose of 2 Gy for 6 days. The number of the clonogenic cells/dish was calculated by multiplying the number of total cell/dish by the survival fraction. In the rapidly growing cells (HeLa-P, HeLa-R), the number of the clonogenic cells was not decreased by the first two fractionated irradiations, but decreased thereafter at a similar rate as by single-dose fractionation, whereas the clonogenic cell number decreased from the first fractionated irradiation in the slowly growing cells (RMUG, HeLa-S). When the proliferation of clonogenic cell number increased along with a similar growth rates that was seen in all other types of cells. Further, no correlation was seen between the growth rates of cells without irradiation and cells that received irradiation. This latter result suggests that the slow growth rate of non-irradiated cells may not be the predictive factor of the tumor cure and the interruption of radiotherapy may reduce the beneficial effect of this treatment even in slow growing tumors. (author)

  18. Gender inequality and economic growth: a time series analysis for Pakistan

    OpenAIRE

    Pervaiz, Zahid; Chani, Muhammad Irfan; Jan, Sajjad Ahmad; Chaudhary, Amatul R.

    2011-01-01

    This paper attempts to analyze the impact of gender inequality on economic growth of Pakistan. An annual time series data for the period of 1972-2009 has been used in this study. We have regressed growth rate of real gross domestic product (GDP) per capita on labour force growth, investment, trade openness and a composite index of gender inequality. The results reveal that labour force growth, investment and trade openness have statistically significant and positive impact whereas gender ineq...

  19. Economic and accounting rates of return

    NARCIS (Netherlands)

    Feenstra, D.W.; Wang, H.

    2000-01-01

    The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial

  20. Does high yield spread dampen economic growth? : the case of US-Japan

    Directory of Open Access Journals (Sweden)

    Yutaka Kurihara

    2014-04-01

    Full Text Available This article focuses on the relationship between the United States' and Japan's yield spread of interest rates and economic growth in Japan. The yield spread is defined in this article as the difference between the Japanese government bond yield minus the US government bond yield. Some studies have tackled this issue and found a negative relationship between the yield spread and economic growth; however, recent studies have shown no or a weak relationship. This problem has not yet consensus in spite of its importance. As the Japanese interest rate has been quite low since the adoption of the zero interest rate policy at the end of 1990s, the situation may change the results. The empirical results show that reliability of yield spread as a leading indicator of output growth exists in Japan; however, term structure of interest rate is not related to economic growth.

  1. 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.

  2. 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.

  3. Volume growth rate of acoustic neurinomas

    International Nuclear Information System (INIS)

    Laasonen, E.M.; Troupp, H.

    1986-01-01

    Of 79 acoustic neurinomas seen between June 1980 and June 1984, at least two CT scans were available for each of 23 tumours (21 patients); the scans were performed at intervals of at least 6 months. The volume growth rate of the tumours was either moderate, with a volume doubling time ranging from 205 to 545 days, or slow, with a doubling time ranging from 1090 days to no observable growth. No single clinical, radiological or histological feature correlated with any type of growth rate. However, some conclusions were drawn. If a primary CT scan is negative, at least 1 year should elapse before it is worthwhile taking another scan, even though audiological findings suggest growth; after an apparently radical removal, at least 3 years should elapse before a check CT scan is worthwhile; and if a small acoustic neurinoma is diagnosed, but for some reason not operated upon, a second CT scan should be carried out 1 year later in order to reassess the case. (orig.)

  4. Women's economic empowerment and inclusive growth: labour ...

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

    Deyanira Carvajal

    IDRC commissioned Professor Naila Kabeer to review existing research on women's economic ..... common theme but there are also some important differences. ...... women's entry into the labour market, qualitative research suggests that part ...

  5. Four Centuries of British Economic Growth

    DEFF Research Database (Denmark)

    Madsen, Jakob B.; Ang, James B.; Banerjee, Rajabrata

    2010-01-01

    Using long historical data for Britain over the period 1620–2006, this paper seeks to explain the importance of innovative activity, population growth and other factors in inducing the transition from the Malthusian trap to the post-Malthusian growth regime. Furthermore, the paper tests the ability...

  6. The Biology and Economics of Coral Growth

    NARCIS (Netherlands)

    Osinga, R.; Schutter, M.; Griffioen, B.; Wijffels, R.H.; Verreth, J.A.J.; Shafit, S.; Henard, S.; Taruffi, M.; Gili, C.; Lavorano, S.

    2011-01-01

    To protect natural coral reefs, it is of utmost importance to understand how the growth of the main reef-building organisms-the zooxanthellate scleractinian corals-is controlled. Understanding coral growth is also relevant for coral aquaculture, which is a rapidly developing business. This review

  7. Nigerian population growth and its implications for economic development.

    Science.gov (United States)

    Okpala, A O

    1990-12-01

    The population of Nigeria is growing at a rate of 3.75%/year indicating a doubling of the population every 22 years. Demographers estimated the population to be 91,178,000 in 1985. Even though population density is high (288 people/square mile), it is not equally distributed. It is highest in the south and southwest urban areas such as Lagos (1045 people/square mile) and lowest in the northeast (75 people/square mile). Moreover rural-urban migration is growing. A major reason for rural-urban migration is the dual nature of the economy in Nigeria. In urban areas, economic development brings about higher standards of living, but, in rural areas, a subsistence economy predominates. This coupled with rapid population growth results in small or no growth in per capita income. Only if the government were to integrate redistribution policies into complete economic development plans should it consider redistributing the population. It should stress rural development (e.g., incentives for firms to set up in rural areas). Further it should move some government offices to rural areas. The government also needs to adopt population policies encouraging the lowering of fertility levels. If it were to provide education through the secondary and prevocational education level free of charge, educated women will lower their fertility. Sex education should be included in the curriculum. Further the government must play an active role in family planning programs, especially educating rural women about family planning. It should also use the mass media to promote small family size, but it should not dictate family size. It also needs to recognize that population growth puts much pressure on the environment. For example, population growth causes soil erosion, nutrient exhaustion, rapid deforestation, and other problems which render the land unusable for agriculture.

  8. 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.

  9. 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

  10. Internal and External Determinants of Economic Growth: A closer look at Pakistan’s Economy

    Directory of Open Access Journals (Sweden)

    Muhammad Jamil

    2013-09-01

    Full Text Available This study aims to investigate the impact of internal and external determinants of economic growth on the economic growth of Pakistan. Major internal determinants include stock of physical capital and developmental expenditures, while external determinants include trade openness and real effective exchange rate. In doing so, study utilizes the annual time series data from 1972 to 2011. Advanced Autoregressive Distributed Lag model (ARDL approach has been employed for co-integration and error correction model (ECM for short-run results. Empirical investigations indicate that developmental expenditures, physical capital and trade openness are positively correlated with economic growth in long run, while real effective exchange rate negatively and significantly affect economic growth in long run in case of Pakistan.

  11. The Effects of Unemployment on Economic Growth in Greece. An ARDL Bound Test Approach.

    Directory of Open Access Journals (Sweden)

    Nikolaos Dritsakis

    2016-12-01

    Full Text Available The aim of this paper is to investigate the relationship between unemployment rate, economic growth and inflation rate in Greece, using annual data covering the period 1995-2015. The unit root tests results indicated that the variables have different integration order. Subsequently, the bounds testing (ARDL approach and ECM-ARDL model are applied in order to examine the long-run and the causal relationship between the variables. The empirical results of the study revealed, both in the short and long-run, that there is a unidirectional causal relationship between unemployment and economic growth with direction from unemployment to economic growth, as well as a unidirectional causality running from inflation to economic growth.

  12. 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.

  13. 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.

  14. 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

  15. 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.

  16. 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...

  17. 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

  18. The Impact of Social Factors on Economic Growth: Empirical Evidence for Romania and European Union Countries

    Directory of Open Access Journals (Sweden)

    Ana-Maria Popa

    2012-12-01

    Full Text Available This study analyzes the relationship between the social factors and the economic growth. A summary of social and economic environment is presented for Romania. As such, the paper analyzes the global evolution of social and economic environment over time and establishes a direct correlation between human development and economic welfare. An econometric model and a clustering model are tested for European Union countries. The results of the paper reveal the social factors that are positively correlated with the economic growth (i.e. the expected years of schooling and the life expectancy and, respectively, the factors that are negatively correlated with the economic growth (i.e. the population at risk of poverty and the unemployment rate.

  19. Nível do câmbio e crescimento econômico: teorias e evidências para países em desenvolvimento e emergentes Exchange rate levels and economic growth: theoretical analysis and empirical evidence for developing and emerging countries

    Directory of Open Access Journals (Sweden)

    Eliane Cristina de Araújo

    2010-12-01

    Full Text Available O artigo analisa, teórica e empiricamente, a relação entre nível da taxa de câmbio e crescimento econômico nos países em desenvolvimento. Inicialmente, os objetivos da política cambial são discutidos, enfatizando sua importância como instrumento gerador de crescimento econômico. Dando continuidade, alguns canais de influência do nível da taxa de câmbio sobre o crescimento econômico são apontados: (i os canais do investimento; (ii da exportação dos bens não tradicionais; (iii do desempenho do setor de bens comercializáveis; (iv da compensação às falhas de mercado e falhas contratuais; e (v de estímulo às elasticidades-renda das exportações. Na parte empírica, uma medida de subvalorização cambial é construí-da para 82 países em desenvolvimento entre 1980 e 2007. Essa medida é empregada para captar a relação entre taxa de câmbio desvalorizada e crescimento econômico. Os resultados indicam uma correlação positiva e significante entre a medida de subvalorização cambial construída e o crescimento econômico nos países que fazem parte da amostra.The article analyses, theoretically and empirically, the relationship between exchange rate level and economic growth in emerging and developing countries. Firstly, the exchange rate policy objectives are discussed, emphasizing the importance of this policy to generate economic growth. Continuing, the article explores the channels through which exchange rates can affect economic growth, highlighting its stimulus to investment, export of non-traditional goods, productivity as well as its compensation to market failures and its stimulus to export income-elasticity. In the empirical part, a measure of exchange rate undervaluation based on Rodrik (2007 is built for 82 emerging and developing countries, between 1980 and 2007. This measure is used to investigate the relationship between devalued exchange rate and economic growth, by econometric techniques for panel data

  20. 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.

  1. Modelling the interaction between flooding events and economic growth

    Science.gov (United States)

    Grames, Johanna; Grass, Dieter; Prskawetz, Alexia; Blöschl, Günther

    2015-04-01

    Socio-hydrology describes the interaction between the socio-economy, water and population dynamics. Recent models analyze the interplay of community risk-coping culture, flooding damage and economic growth (Di Baldassarre, 2013, Viglione, 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. This is the first economic growth model describing the interaction between the consumption and investment decisions of an economic agent and the occurrence of flooding events: Investments in defense capital can avoid floods even when the water level is high, but on the other hand such investment competes with investment in productive capital and hence may reduce the level of consumption. When floods occur, the flood damage therefore depends on the existing defense capital. The aim is to find an optimal tradeoff between investments in productive versus defense capital such as to optimize the stream of consumption in the long-term. We assume a non-autonomous exogenous periodic rainfall function (Yevjevich et.al. 1990, Zakaria 2001) which implies that the long-term equilibrium will be periodic . With our model we aim to derive mechanisms that allow consumption smoothing in the long term, and at the same time allow for optimal investment in flood defense to maximize economic output. We choose an aggregate welfare function that depends on the consumption level of the society as the objective function. I.e. we assume a social planer with perfect foresight that maximizes the aggregate welfare function. Within our model framework we can also study whether the path and level of defense capital (that protects people from floods) is related to the time preference rate of the social planner. Our model also allows to investigate how the frequency

  2. [The decline in population growth, income distribution, and economic recession].

    Science.gov (United States)

    Banguero, H

    1983-05-01

    This work uses Keynesian principles and an analysis of the Colombian population in the 1970s to argue that the Colombian policy of slowing population growth, which was adopted with the aim of improving the general welfare of the population, has had shortterm negative effects on effective demand and thus on the level of employment and welfare. These negative effects were caused by the inflexibility of income distribution, which prevented expansion of the internal market, complicated by the stagnant condition of the external sector and the budget deficit. The results of the Colombian case study demonstrate how the deceleration of population growth beginning in the 1960s had a significant impact on the levels of consumption and savings and on the patterns of consumption, leading to low levels of investment and little dynamism. Although the current Colombian economic recession is aggravated by contextual factors such as the world economic recession, the high cost of capital, the industrial recession, and declining food production among others, at the core of the crisis are longer term structural determinants such as the decline in the rate of population growth and the highly unequal distribution of income and wealth, which have contributed to a shrinking of the internal market for some types of goods. Given the unlikelihood of renewed rapid population growth, the Keynesian model suggests that the only alternative for increasing aggregate demand is state intervention through public spending and investment and reorientation of the financial system to achieve a dynamic redistribution of income. Based on these findings and on proposals of other analysts, a stragegy for revitalization is proposed which would imply a gradual income redistribution to allow increased consumption of mass produced goods by the low income groups. Direct consumption subsidies would be avoided because of their inflationary and import-expanding tendencies; rather, incentives and support would be

  3. 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.

  4. ECONOMIC GROWTH AND REGIONAL INEQUALITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Marinela ISTRATE

    2016-10-01

    Full Text Available After the collapse of communism, Romania, just like other Central and East European countries, has experienced profound social and economic mutations, reflected in all activity sectors (from the transition to a market economy and democratic freedom-based society to the decreasing number of active and working population, increasing unemployment, workforce’s growing risk of poverty, rising vulnerability of certain socio-professional groups. Starting from these findings and using an appropriate methodology to identify regional convergences and disparities, the present paper is meant to perform a statistical and territorial analysis of the economic gaps recorded at the level of the Romanian counties (NUTS 3 level during the last two decades and a half. The conclusions converge towards the existence of an adjustment of the economic structures, both from the territorial and temporal perspective, while the issue of reducing regional gaps remains one of the main challenges of the future.

  5. Economic growth, employment and poverty in the Middle East and North Africa

    NARCIS (Netherlands)

    M. Messkoub (Mahmood)

    2008-01-01

    textabstractThis paper  provides an assessment of economic growth, employment and poverty reduction in the Arab MENA region. Considering the high rate of unemployment (especially the youth unemployment) and poverty in most countries in the region employment and poverty impacts of growth are of

  6. Economic Growth and the Environment - or the Extinction of the GDP-dinosaur

    DEFF Research Database (Denmark)

    Røpke, Inge

    1997-01-01

    Abstract Market economies are fundamentally characterized by economic growth. Growth rates may be higher or lower, but the GDP seldom stagnates or diminishes - and when it does, this is considered a symptom of crisis. During the past few decades environmental problems have caused increasing conce...

  7. Nd isotopes and crustal growth rate

    International Nuclear Information System (INIS)

    Albarede, F.

    1988-01-01

    Sm/Nd isotopic constraints on crustal growth is discussed. In order to constrain Sm/Nd fractionation between continental crust and depleted mantle, an extensive data base of isotopic measurements (assumed to be adequately representative of continental crust) was compiled. The results imply that the evolution of depleted mantles was roughly linear, with no major discontinuities over the course of geologic time. This is different from other determinations of depleting mantle evolution, which show nonlinear behavior. The Sm/Nd evolution lines for continental crust and depleted mantle intersect between 3.8 to 4.0 Ga, which may indicate that the onset of continental growth was later than 4.5 Ga. A mathematical model is described, the results of which imply that time integrated crustal additions from the mantle are about 1.8 to 2.5 cu km/a, whereas crustal subtractions by sediment recycling are about 0.6 to 1.5 cu km/a. This results in a net time integrated crustal growth rate of about 1 cu km/a, which is similar to present day rates determined, for example, by Reymer and Schubert

  8. Economic Growth - Quality of Life Nexus in Ethiopia: Time Series ...

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    This study investigates the nexus between economic growth and quality of life ..... competitiveness of political participation, the openness and competitiveness ..... women contributes to minimal food expenditure in the urban areas in the LR.

  9. Framework for Creating a Smart Growth Economic Development Strategy

    Science.gov (United States)

    This step-by-step guide can help small and mid-sized cities, particularly those that have limited population growth, areas of disinvestment, and/or a struggling economy, build a place-based economic development strategy.

  10. Informal sector, business environment and economic growth: A ...

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

    2012-12-01

    Informal sector, business environment and economic growth: A comparative analysis of West and Central Africa ... taxes, which undermines fair competition and puts formal enterprises at a disadvantage. ... Start Date. December 1, 2012 ...

  11. Fuelling Economic Growth: The Role of Public–Private Sector ...

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

    2009-04-26

    Apr 26, 2009 ... At the same time, however, traditional sources of research funding – from ... Fuelling Economic Growth: The Role of Public–Private Sector ... IDRC congratulates first cohort of Women in Climate Change Science Fellows.

  12. Inclusive growth and development: An IDRC-World Economic Forum ...

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

    Advancing economic growth while achieving broad-based progress in living ... It will develop regional and global platforms whereby the private sector, local ... cooperation agreement to support joint research projects in December 2017.

  13. Public procurement, governance and economic growth: some policy ...

    African Journals Online (AJOL)

    Public procurement, governance and economic growth: some policy ... Employing the Keynesian income-expenditure approach to measuring the Gross Domestic ... reduce wastage, enhance the effectiveness of government spending, ensure ...

  14. 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.

  15. Redefining prosperity : resource productivity, economic growth and sustainable development

    OpenAIRE

    Sustainable Development Commission

    2003-01-01

    This report seeks to stimulate debate on how we define prosperity and addresses the inadequacies of standard definitions of Gross Domestic Product and economic growth as yardsticks for well-being. Publisher PDF

  16. 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.

  17. ARDL Approach to Trade Libralisation and Economic Growth in the ...

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    the long and short run impact of trade liberalization to economic growth suggested that ..... To ensure the goodness of fit of the model, diagnostic and stability tests are conducted. .... The results indicate the absence of any instability of the.

  18. The impact of the British model on economic growth

    Directory of Open Access Journals (Sweden)

    Simon György Jr.

    2007-01-01

    Full Text Available The paper is searching for an answer to the question how the British model affected economic development in its mother country, the United Kingdom. The statistical analysis, models of mathematical economics and econometric investigation make it probable to conclude that there was a substantial difference in success between the Thatcherite and the Blairite economic policies; the latter proved more effective. It is particularly remarkable that the Blairite model, connecting privatization with a successful employment policy, reduced unemployment and social sensitivity, has not only speeded up economic growth but also improved economic equilibrium, curtailing, among others, the budget deficit.

  19. Internationalisation and Economic Growth: The Portuguese Case

    Science.gov (United States)

    da Costa, Renato J. Lopes; António, Nélson J. Santos; Miguel, Maria Isabel

    2017-01-01

    Historically, a policy of enforcement in internationalisation processes is still seen by many as an approach to solve certain economic crises. However, Portugal's solution for this problem is part of a greater problem, namely trying to solve a European problem that has recently worsened and is largely uncontrolled. This paper aims to contribute,…

  20. Teaching Economic Growth Theory with Data

    Science.gov (United States)

    Elmslie, Bruce T.; Tebaldi, Edinaldo

    2010-01-01

    Many instructors in subjects such as economics are frequently concerned with how to teach technical material to undergraduate students with limited mathematical backgrounds. One method that has proven successful for the authors is to connect theoretically sophisticated material with actual data. This enables students to see how the theory relates…

  1. Building Regional Economic Growth and Innovation Capacity

    Science.gov (United States)

    Rafn, H. Jeffrey

    2012-01-01

    Like many states at the turn of the century, Wisconsin was faced with a multibillion-dollar deficit due to a sagging economy brought on by the dotcom bubble burst and the economic impact of the 9/11 terrorist attack on the World Trade Center. As the state legislature grappled with the budget crisis, blame was freely assigned. The state was at…

  2. public procurement, governance and economic growth

    African Journals Online (AJOL)

    GRACE

    (2003: 2), ―strong procurement management in the public sector is a tool for achieving political, economic and social goals‖. Thus .... professionalism in the public sector procurement system (Section 4, PPA, 2007). The functions and powers of the ..... K., Bose, N. and Haque, M.E. (2004). Public Expenditures, Bureaucratic.

  3. Growth and Women's Economic Empowerment: Can Political ...

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

    This research project will generate evidence on how women's political ... Kingdom's Department for International Development, The William and Flora Hewlett ... support 11 projects addressing barriers to women's economic empowerment and ... Call for new OWSD Fellowships for Early Career Women Scientists now open.

  4. SOCIAL LIMITS OF THE ROMANIAN ECONOMICAL GROWTH

    Directory of Open Access Journals (Sweden)

    Florea Adrian

    2009-05-01

    Full Text Available The phenomena and processes from the economical life have evolved with intensity and different results, determining the necessity of knowing the way in which the national economy evolves, as well as its dynamic approach. The existence and the dynamics of

  5. Financial Market Liberalization and Economic Growth

    NARCIS (Netherlands)

    G.A. Garita (Gus)

    2008-01-01

    textabstractThe literature has shown that it is hard to …find unambiguous evidence that financial openness yields an improvement in economic performance, particularly at the macro level. One of the major problems in empirical work is the bundling of …financial openness with a potential host of other

  6. A Comparative Analysis of the Impact of Agricultural Exports on Economic Growth of ECOWAS Countries

    Directory of Open Access Journals (Sweden)

    Richardson Kojo Edeme

    2016-10-01

    Full Text Available Towards the acceleration of the attainment of sustainable growth, most countries have focused on agricultural exports as a means of driving their economy. Developing countries of Africa are highly dependent on the agricultural sector and agricultural exports are a major determinant of economic growth of these countries. However, the impact of agricultural exports on economic growth of ECOWAS countries remains unclear. This study therefore evaluates the impact of agricultural exports on the economic growth of fifteen ECOWAS countries using panel data for the period 1980–2013. Variables employed are labour force participation rate, capital stock, agricultural exports, non-agricultural exports, inflation and economic growth. The results of the fixed-effect model show that agricultural exports have not impacted significantly on the economic growth of ECOWAS countries such as Côte d’Ivoire and Nigeria with respect to the Republic of Benin, which is the selected baseline. The study also analysed the country combined effect of the agricultural exports and found that it was significant but the rate of impact was weak. The study recommends, among others, that even though agricultural exports had a significant impact on economic growth, there is still a need for ECOWAS governments to improve their agricultural sector as its significance is more noticeable in some countries such as Côte d’Ivoire and Nigeria.

  7. 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...

  8. 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...

  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. 136 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 ...

  11. Joint determinants of fiscal policy, income inequality and economic growth

    OpenAIRE

    Leonel Muinelo-Gallo; Oriol Roca-Sagalés

    2012-01-01

    This paper analyses the relationship between income inequality and economic growth through fiscal policy. To this end, we present and estimate two systems of structural equiation with error components through which gross income inequality determines different fiscal policy outcomes, which subsequently affects the evolution of economic growth and net income inequality. The empirical results, obtained using an unbalanced panel data of 21 high-income OCDE countries during the period 1972-2006, s...

  12. 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...

  13. TRENDS IN TAX DEVELOPMENT - EFFICIENCY AND ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Tanya Todorova

    2017-12-01

    Full Text Available The discussion on the role of the state and the amount of public revenue to maintain a balance between economic stability and social justice lasts for decades. The need for active state participation in the economy and the use of public revenue as a fiscal instrument is tangible. Delayed economic growth rates on global, regional and national level are a challenge to budget stability. In this article, the object of research is taxation, the subject - the trends and challenges to its effectiveness. The aim is to clarify whether there is a clear strategy on the marginal and implicit tax rate on the income of the population by comparing Bulgaria and other newly admitted countries in the EU (Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Slovakia, Slovenia and Romania. The main task is to justify the need to build a long-term strategy to increase the efficiency of labor taxation in order to achieve optimal distribution and redistribution of income.

  14. Distribution of Financial Resources Within the Budget System of the Russian Federation and Regions’ Economic Growth

    Directory of Open Access Journals (Sweden)

    Artyom Gennadyevich Isaev

    2016-12-01

    Full Text Available This article examines the impact of central government transfers and other sources of regional budget revenues (income tax and property tax on per capita GRP growth in Russian regions. Analysis is based on official data of 78 regions for the period 2005-2014. The results indicate that transfers, while intending to be an instrument of regional incomes equalization, are negatively associated with economic growth of Russian regions, which contrasts with other estimates of federal transfers’ impact on regional economic growth in Russia. This phenomenon can be explained by high rate of social expenditures in regional governments’ spending. At the same time there is positive relationship between regional budget’s investment and economic growth that indicates significant role of public goods for regional economic development. This study can be considered as confirmation of those conclusions concerning impact of fiscal decentralization on economic growth of Russian regions which claim that current system of intergovernmental relations on sub-national level cannot embody the benefits of fiscal federalism as a principle of effective regional development. Significant factors of regional per capita GRP growth are own sources of region’s budget revenues which reflect costs of doing business. So the rise in property taxes retards economic growth in a region. For the regional authorities it makes sense to operate more flexibly with this tool, especially in periods of economic recession when inflow of corporate income tax to budget tends to decrease

  15. 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.

  16. 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.

  17. 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

  18. State Investment in Universities: Rethinking the Impact on Economic Growth

    Science.gov (United States)

    Schalin, Jay

    2010-01-01

    Does investing taxpayer money in higher education lead to major payoffs in economic growth? State legislators and policy makers say yes. They routinely advocate massive appropriations for university education and research, even in poor economic times, on the grounds that taxpayers will be rewarded many times over. The investment of federal funds…

  19. 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.

  20. 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.

  1. The impact of microfinance institution in economic growth of a ...

    African Journals Online (AJOL)

    The findings of the study show that microfinance loans have a significant positive impact on the short run economic performance in Nigeria. Microfinance loans enhanced consumption per capita in short run with an impressive coefficient, although these banks' loans do not have a significant impact on economic growth in ...

  2. Economic Growth, Structural Change and Productive Employment Linkages in India

    DEFF Research Database (Denmark)

    Aggarwal, Aradhna

    2018-01-01

    This article presents a quantitative analysis of growth, structural change and employment linkages at the aggregate level and by sector under the state- and market-led regimes in India. The underlying objectives are: (a) to understand how economic liberalization has affected the economic and labour...... intervention to broad base structural change for generating productive employment, which is at the core of poverty reduction....

  3. Health and economic growth in South East, Nigeria | Umezinwa ...

    African Journals Online (AJOL)

    African Research Review ... In the South eastern states of Nigeria, health cannot be said to be making any significant impact in economic growth. ... There will be a meaningful economic improvement if ever there is a combined proactive engagement in healthcare delivery by the state governments and the citizens.

  4. How Strategic Entrepreneurship and the Institutional Context Drive Economic Growth

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Foss, Nicolai Juul

    2013-01-01

    The economics of growth has shown that countries grow by better allocating whatever resources are at their disposal and by introducing productivity-enhancing innovations. Strategic entrepreneurship plays a key role in this process by searching for, combining, trying out, etc., new resource......, and the Fraser Institute's economic freedom data. Copyright © 2013 Strategic Management Society....

  5. Business Planning and the Economic Growth of Small and Medium ...

    African Journals Online (AJOL)

    The purpose of this study was to determine the relevance of business planning the economic growth of Small and Medium Scale Enterprises (SMEs) and their ability to attract investors and loans, in the face of dwindling economic returns in Nigeria. A five point likert-type questionnaire was utilized in gathering data from 450 ...

  6. 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.

  7. Foreign Direct Investment, Host Country Factors and Economic Growth

    OpenAIRE

    Edna Maeyen Solomon

    2011-01-01

    This paper analyses how the levels of economic development, human capital, financial development and the qualities of the economic and political environments in host countries simultaneously affects the impact of aggregate inflows of Foreign Direct Investment (FDI) on economic growth. Multiple interaction terms are employed between inward FDI and each of the host country factors mentioned above. The System GMM estimator is applied to a panel of 111 countries from 1981 to 2005. The results sho...

  8. Financial Sector Structure and Economic Growth

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen

    Economists consider a well-functioning financial sector to be of first order importance for a modern (capitalist) economy. However, in the aftermath of the financial crisis a debate about the future role of the financial sector emerged and many commentators have called into question whether...... the financial sector actually creates value for the wider society. This research, which is part of a broad research project “Nordic Finance and the Good Society”, aims to contribute to this debate by studying the role of the financial sector structure for economic development of an economy. Therefore......, it proceeds in five steps. First, it provides some reflections on the financial sector and the existing literature studying financial sector structure and its association with economic development. Second, it presents stylized firm-level evidence on capital structure choice and firm behavior. It is argued...

  9. Species Diversity Enhances Predator Growth Rates

    International Nuclear Information System (INIS)

    Olson, M.H.; Jacobs, R.P.; O'Donnell, E.B.

    2007-01-01

    Predators can be important top-down regulators of community structure and are known to have both positive and negative effects on species diversity. However, little is known about the reciprocal effects of species diversity on predators. Across a set of 80 lakes in Connecticut, USA, we found a strong positive correlation between prey species diversity (using the Shannon-Weiner Diversity Index) and growth rates of largemouth bass (Micropterus salmoides). This correlation was strongest for small predators and decreased with body size. Although the underlying mechanisms are not known, the correlation is not driven by total fish abundance, predator abundance, or productivity.

  10. 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.

  11. U. S. Energy and Economic Growth, 1975--2010

    Science.gov (United States)

    Allen, E. L.; Cooper, C. L.; Edmonds, F. C.; Edmonds, J. A.; Reister, D. B.; Weinberg, A. M.; Whittle, C. E.; Zelby, L. W.

    1976-09-01

    This study projects economic growth (GNP) and energy demand for the U.S. to the year 2010. The main finding is that both GNP and total energy demand are likely to grow significantly more slowly than has been assumed in most analyses of energy policy. Projections of energy, GNP, and electricity (total and per capita) are summarized, with electricity demand expected to grow more rapidly than total energy demand. Two scenarios designated ''high'' and ''low'' were developed in this study. However, even the ''high'' scenario, 126 quads (q; 1 q equals 10/sup 15/ Btu) in 2000, is much lower than most previous estimates. It is felt that this raises serious questions about fundamental energy and energy R and D policies which, generally, have been based on perceptions of more lavish energy futures. Although the aggregate demands and GNP are projected to increase rather modestly, the energy demands per capita and GNP per capita increase at rates comparable to or even higher than historic rates. The authors believe that the projections developed in this study represent a logical culmination of many trends toward lower growth. These trends have not yet been factored into the older energy projections upon which so much energy policy is based.

  12. Economic analysis of crystal growth in space

    Science.gov (United States)

    Ulrich, D. R.; Chung, A. M.; Yan, C. S.; Mccreight, L. R.

    1972-01-01

    Many advanced electronic technologies and devices for the 1980's are based on sophisticated compound single crystals, i.e. ceramic oxides and compound semiconductors. Space processing of these electronic crystals with maximum perfection, purity, and size is suggested. No ecomonic or technical justification was found for the growth of silicon single crystals for solid state electronic devices in space.

  13. Self-Serving Dictators and Economic Growth

    NARCIS (Netherlands)

    Haile, D.; Sadrieh, A.; Verbon, H.A.A.

    2003-01-01

    A new line of theoretical and empirical literature emphasizes the pivotal role of fair institutions for growth.We present a model, a laboratory experiment, and a simple cross-country regression supporting this view.We model an economy with an unequal distribution of property rights, in which

  14. 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

  15. Subtle mechanisms of growth: technology and economic growth

    Directory of Open Access Journals (Sweden)

    Glauco Arbix

    Full Text Available The article deals with obstacles faced by developing countries to reach economic development. Passivity in technological learning, low productivity in relation to developed economies, adoption of spurious competitive advantages and reproduction of technological delay are presented as challenges to overcome. It states that breaking the passive strategy is the only way for these countries to build a better future.

  16. The evaluation system of city's smart growth success rates

    Science.gov (United States)

    Huang, Yifan

    2018-04-01

    "Smart growth" is to pursue the best integrated perform+-ance of the Economically prosperous, socially Equitable, and Environmentally Sustainable(3E). Firstly, we establish the smart growth evaluation system(SGI) and the sustainable development evaluation system(SDI). Based on the ten principles and the definition of three E's of sustainability. B y using the Z-score method and the principal component analysis method, we evaluate and quantify indexes synthetically. Then we define the success of smart growth as the ratio of the SDI to the SGI composite score growth rate (SSG). After that we select two cities — Canberra and Durres as the objects of our model in view of the model. Based on the development plans and key data of these two cities, we can figure out the success of smart growth. And according to our model, we adjust some of the growth indicators for both cities. Then observe the results before and after adjustment, and finally verify the accuracy of the model.

  17. Population growth, economic security, and cultural change in wilderness counties

    Science.gov (United States)

    Paul A. Lorah

    2000-01-01

    A familiar version of the “jobs versus the environment” argument asserts that wilderness areas limit economic growth by locking up potentially productive natural resources. Analysis of the development paths of rural Western counties shows that this is unlikely: the presence of Wilderness is correlated with income, employment and population growth. Similarly, Wilderness...

  18. 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 ...

  19. 150 Years of Italian CO2 Emissions and Economic Growth

    DEFF Research Database (Denmark)

    Annicchiarico, Barbara; Bennato, Anna Rita; Chini, Emilio Zanetti

    This paper examines the relationship between economic growth and carbon dioxide emissions in Italy considering the developments in a 150-year time span. Using several statistical techniques, we find that GDP growth and carbon dioxide emissions are strongly interrelated, with a dramatic change...

  20. 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.

  1. Economic Limits to Corporate Growth in America

    Science.gov (United States)

    2006-12-01

    data ranges. Such simple models are certainly open to criticism , particularly that they do not incorporate factors likely to drive the growth...involved. This relationship stipulates higher expected returns for riskier endeavors. In the capital asset pricing model ( CAPM ), the relationship...premium associated with taking on risk levels different than that of the market. A model like the CAPM predicts that the only risk rewarded in the

  2. PRIORITIZING ECONOMIC GROWTH: ENHANCING MACROECONOMIC POLICY CHOICE

    OpenAIRE

    Colin I. BRADFORD, Jr.

    2005-01-01

    This paper spells out a logic for increasing macroeconomic policy space in order to prioritize the goals of growth, employment creation and poverty reduction. First, there is the need to create additional policy instruments so that a greater number of policy goals can be addressed. Frequently, real economy goals get partly crowded out by financial objectives because there are too few instruments for too many goals. Second, the calibrated use of policy tools by degrees of commitment, deploymen...

  3. South Africa: poised for economic growth

    Energy Technology Data Exchange (ETDEWEB)

    Zuma, J. (African National Congress (South Africa))

    1993-01-01

    South Africa is now emerging from the period of Apartheid. Elections will be held soon, but the economic damage caused by Apartheid has to be rectified. Partly this will be through an industrial strategy, and the minerals industry will play its part. The coal mining industry provides a large proportion of South Africa's exports and 90% of electricity. It is also the basis of a synfuels industry. The coal industry will continue to be an important source of exports, either directly, or as the provider of power to energy intensive industries such as aluminium production.

  4. CLUSTERS- SOURCES OF ECONOMIC GROWTH IN EUROPE

    Directory of Open Access Journals (Sweden)

    Constantin BORDEI

    2016-05-01

    Full Text Available Global competition has evolved from the competition between companies to the competition between regions. In this context, clusters play an important role as competences’ concentration poles. The cluster initiatives represent concentrated efforts to increase the wealth and competitiveness in a certain region including companies, local administration, research and training institutions. This paper proposes the analysis of the European clusters’ role in ensuring the regional development. Resulted conclusions emphasize both the positive results of clusters’ existence, as well as the fields where improvements can be made in order to increase the clusters’ impact on the economic development.

  5. Causality relationship between the price of oil and economic growth in Japan

    International Nuclear Information System (INIS)

    Hanabusa, Kunihiro

    2009-01-01

    This paper investigates the relationship between the price of oil and economic growth in Japan during the period from 2000 to 2008 using an exponential generalized autoregressive conditional heteroskedasticity (EGARCH) model. We employ a residual cross-correlation function (CCF) approach developed by [Cheung, Y.W., Ng, N.K., 1996. A causality-in-variance test and its application to financial market prices. Journal of Econometrics 72, 33-48]. The empirical results reveal that the economic growth rate Granger-causes the change of oil price in mean and variance and the change of oil price Granger-causes the economic growth rate in mean and variance. Previous studies have analyzed the response of economic activity to oil price shocks. However, we analyze the causality relations for both means and variances, and identify the direction of information flow and the timing of causation. (author)

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. The Role of Agriculture on the Recent Brazilian Economic Growth

    OpenAIRE

    Spolador, Humberto Francisco Silva; Roe, Terry L.

    2012-01-01

    This paper investigates the contribution of the Brazilian agriculture to economic growth of the Brazilian economy. It draws upon the Global Trade Analysis Project (GTAP) data base, and other time series data to construct a multi-sector Ramsey model that shows the transition growth of the Brazilian agricultural sector and its effects on growth of the Brazilian economy, with particular emphasis given to the years 1994–2010.

  11. The impact of remittances on economic growth: An econometric model

    Directory of Open Access Journals (Sweden)

    Dietmar Meyer

    2017-05-01

    In other words, the econometric analysis will be based on those six remittance receiving countries. The paper is then to review the empirical literature devoted to the impact of remittances on economic growth, in order, to identify empirically if there are significant relationships between remittances and growth in these countries. The results suggest that remittances have a positive impact on growth and that this impact increases at higher levels of remittances relative to GDP.

  12. Capital Market Development: A Spur to Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Ismail O. Fasanya

    2013-10-01

    Full Text Available This paper examines the relationship between capital market development and Nigeria’s economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is an essential catalyst for economic growth and is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.

  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. 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. Economic conditions and suicide rates in New York City.

    Science.gov (United States)

    Nandi, Arijit; Prescott, Marta R; Cerdá, Magdalena; Vlahov, David; Tardiff, Kenneth J; Galea, Sandro

    2012-03-15

    Extant analyses of the relation between economic conditions and population health were often based on annualized data and were susceptible to confounding by nonlinear time trends. In the present study, the authors used generalized additive models with nonparametric smoothing splines to examine the association between economic conditions, including levels of economic activity in New York State and the degree of volatility in the New York Stock Exchange, and monthly rates of death by suicide in New York City. The rate of suicide declined linearly from 8.1 per 100,000 people in 1990 to 4.8 per 100,000 people in 1999 and then remained stable from 1999 to 2006. In a generalized additive model in which the authors accounted for long-term and seasonal time trends, there was a negative association between monthly levels of economic activity and rates of suicide; the predicted rate of suicide was 0.12 per 100,000 persons lower when economic activity was at its peak compared with when it was at its nadir. The relation between economic activity and suicide differed by race/ethnicity and sex. Stock market volatility was not associated with suicide rates. Further work is needed to elucidate pathways that link economic conditions and suicide.

  17. AN ANALYSIS OF MACRO- ECONOMIC DETERMINANTS OF EXCHANGE RATE VOLATILITY IN INDIA

    OpenAIRE

    Dr. S. Poornima; M. Ganeshwari

    2016-01-01

    The price of one currency in terms of another currency i.e., exchange rate is a very important variable for an open economy in the global market, because it affects the overall economic performance and growth of the economy. So, the relationship between the related macro-economic factor and exchange rate causing fluctuation in the value of the former carries a high degree of impact for any open economy. This paper empirically investigates the impact between macro-economic factors that affect ...

  18. 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.

  19. 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.

  20. 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.

  1. CURRENT ACCOUNT DEFICIT AND ECONOMIC GROWTH IN ARMENIA

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    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.

  2. 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....

  3. Economic values for growth and grade changes of sugar maple in the Lake States.

    Science.gov (United States)

    Richard M. Godman; Joseph J. Mendel

    1978-01-01

    Current and expected rates of value increase over a 10-year period were developed for sawtimber-size sugar maple based on variable growth rates, expected merchantable height changes, and butt log grade improvement. These economic guides, along with silvicultural considerations, provide a value basis for selecting trees during thinning and determining final harvest...

  4. Unstable periodic orbits and chaotic economic growth

    International Nuclear Information System (INIS)

    Ishiyama, K.; Saiki, Y.

    2005-01-01

    We numerically find many unstable periodic solutions embedded in a chaotic attractor in a macroeconomic growth cycle model of two countries with different fiscal policies, and we focus on a special type of the unstable periodic solutions. It is confirmed that chaotic behavior represented by the model is qualitatively and quantitatively related to the unstable periodic solutions. We point out that the structure of a chaotic solution is dissolved into a class of finite unstable periodic solutions picked out among a large number of periodic solutions. In this context it is essential for the unstable periodic solutions to be embedded in the chaotic attractor

  5. Too much of a good thing? Economic growth and human rights, 1960 to 2010.

    Science.gov (United States)

    Cole, Wade M

    2017-09-01

    Despite widespread belief in the benefits of economic growth, some scholars emphasize the potentially negative consequences of growth-and especially rapid growth-for social and political outcomes. Using data for 149 countries between 1960 and 2010, I analyze the effect of economic growth on fundamental human rights conditions. Dynamic random-effects and two-way fixed-effects estimators, both with and without instrumental variables, yield several conclusions. First, economic growth is causally prior to rights conditions. Second, economic growth has a modest positive effect on human rights, albeit with diminishing returns at high growth rates. Third, low-income countries account for much of this relationship: growth improves rights conditions for most low-income countries, but extremely rapid growth is inimical. Growth has little effect among middle-income countries, while for high-income countries the relationship is positive but not robust. I bring these findings to bear on long-standing debates between proponents and critics of modernization theory. Copyright © 2017 Elsevier Inc. All rights reserved.

  6. 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

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

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    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.

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

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    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.

  9. Impact of Energy Consumption on Economic Growth in Major OECD Economies (1977-2014): A Panel Data Approach

    OpenAIRE

    Aali-Bujari, Alí; Venegas-Martínez, Francisco; Palafox-Roca, Alfredo Omar

    2017-01-01

    This paper is aimed at assessing the impact of energy use growth on economic growth in the major economies of the Organization for Economic Cooperation and Development (OECD) during the period 1977-2014. To do this, a Granger causality analysis among relevant variables is carried out and, subsequently, a panel data model is estimated with the Generalized Method of Moments (GMM). The main empirical finding is that real GDP per capita growth is positively affected by the growth rate of energy u...

  10. 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.

  11. 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)

  12. 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

  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. 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.

  15. 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.

  16. 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.

  17. Convergence and economic growth in Mexico

    Directory of Open Access Journals (Sweden)

    Alejandro Bautista-Díaz

    2000-01-01

    Full Text Available Recientemente, se ha puesto mucha atención en lo escrito sobre crecimiento económico, el fenómeno de convergencia condicional o la tendencia de las economías regionales con niveles bajos de ingreso a un crecimiento rápido, como condicional en su tasa de acumulación de factores. El estudio utiliza teorías neoclásicas de crecimiento estandarizadas, para obtener la aproximación empírica de la hipótesis de convergencia sobre el capital humano entre los 31 estados y el Distrito Federal en México, utilizando índices de educación. El estudio encuentra que la tasa anual de convergencia de capital humano per cápita en México oscila del 3.55 al 4.58 por ciento. También estima la convergencia de ingreso per cápita condicional en variables de capital humano.

  18. 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.

  19. Socio-economic factors and suicide rates in European Union countries.

    Science.gov (United States)

    Ferretti, Fabio; Coluccia, Anna

    2009-04-01

    Are socio-economic factors valid determinants of suicide? The modern sociological theory of suicide is based on Durkheim's studies. In addition to these fundamental social determinants, modern theorists have put more attention on economic factors. The purpose of the research is to determine the relationship between suicide rates and socio-economic factors, such as demography, economic development, education, healthcare systems, living conditions and labour market. All data were collected from a Eurostat publication and they concern 25 European Union countries. In order to test this relationship, a discriminant analysis was performed using an ordinal dependent variable and a set of independent variables concerning socio-economic factors. A dataset of 37 independent variables was used. We estimated a model with five variables: annual growth rates for industry, people working in S&T (% of total employment), at-risk-of-poverty rate, all accidents (standardized rates), and healthcare expenditures (% of GDP). Highly significant values of Wilk's Lambda assess a good discriminating power of the model. The accuracy too is very high: all cases are correctly classified by the model. Countries with high suicide rate levels are marked by high levels of at-risk-of-poverty rates, high annual growth rates for industry and low healthcare expenditures.

  20. 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

  1. The Balance of Payment-Constrained Economic Growth in Ethiopia ...

    African Journals Online (AJOL)

    Administrator

    Page 100 financial liberalization and export promotion strategy necessarily lead to better growth performance. Rather, one should consider not only exports of goods and services, but also the income elasticity of imports. The balance of payments-constrained growth model postulates that the rate of growth in any country is ...

  2. Determinants of Economic Growth: Empirical Evidence from Russian Regions

    Directory of Open Access Journals (Sweden)

    Svetlana Ledyaeva

    2008-06-01

    Full Text Available A modification of Barro and Sala-i-Martin empirical framework of growth model is specified to examine determinants of per capita growth in 74 Russian regions during period of 1996-2005. We utilize both panel and cross-sectional data. Results imply that in general regional growth in 1996-2005 is explained by the initial level of region's economic development, the 1998 financial crisis, domestic investments, and exports. Growth convergence between poor and rich regions in Russia was not found for the period studied.

  3. Higher education, Graduate unemployment, Poverty and Economic growth in Tunisia, 1990-2013

    Directory of Open Access Journals (Sweden)

    Haifa Mefteh

    2016-07-01

    Full Text Available This paper examines the relationship between economic growth, higher education, unemployment and poverty using properties of time series variables while applying the Ordinary Least Squares (OLS method. Our study thus contributes to the existing literature by giving the first integrated approach to examine the four way linkages in the Tunisian background over the period 1990-2013. This paper holds that higher education can impact unemployment and graduate unemployment causes poverty which would affect economic growth. Our empirical results show that there is bi-directional causal relationship between per capita gross domestic product (GDP and poverty rate (POV and also between Number of graduate students (GRA and School enrollment tertiary education (ENR besides unidirectional causal relationship which running from Number of graduate students to Unemployment with tertiary education (UNP, from Higher education expenditure (EXP to poverty rate and from Unemployment with tertiary education to poverty rate. Our empirical results also verified the existence of positive effect of ENR, GRA and POV on economic growth, while, UNP and EXP have negative determining influence on economic growth with only GRA statistically significant. These empirical insights are of particular interest for the policy makers as they help build sound economic policies to sustain economic development and improve the higher educational quality.

  4. Human Capital as a Binding Constraint to Economic Growth: The Case of Macedonia

    Directory of Open Access Journals (Sweden)

    Darko Lazarov

    2016-06-01

    Full Text Available The main objective of the paper is to explore the assumption if the lack of skilled and well-educated workforces (human capital holds a potential of a binding constraint to economic growth of the Macedonian economy. Not neglecting growth econometrics’ insights for the investigation of the relationship between human capital and economic growth, the work is primarily based on a growth diagnostic approach. The empirical techniques used in this paper are: growth accounting decomposition production method; macro and micro assessment of the return rate on investment in human capital; and, comparative benchmark analysis concerns with regard to unemployment distribution according to education and age structure and companies’ perceptions about the quality of workforce. The estimated results indicate an important contribution of human capital to economic growth (its relative contribution in terms of growth rate composition is approximately 22 percent. The macro and micro assessment of the rate of return on investment in human capital shows that the rate of return to higher education is significantly superior to corresponding returns to secondary education. Finally, the international benchmark analysis helps in comparative human capital impact analysis (educational structure of labor force in the wider region. Predominantly, it is based on educational structure, unemployment distribution and the companies’ perception about the quality of the workforce.

  5. Energy and economic growth: Grounding our understanding in physical reality

    International Nuclear Information System (INIS)

    Ockwell, David G.

    2008-01-01

    This article attempts to summarise the complex, wide ranging and unresolved debate within the economics literature on the possibility of decoupling economic growth from energy use. It explores the difference between neo-classical and ecological economic worldviews and highlights how the ecological economic approach attempts to ground its analysis within the physical limits implied by the laws of thermodynamics. Once these laws are accounted for, the possibility of decoupling economic growth from energy use seems more limited than neo-classical economics implies. Analysis of empirical evidence also demonstrates that observed improvements in GDP/energy use ratios in the USA are better explained by shifts towards higher quality fuels than by improvements in the energy efficiency of technologies. This implies a need to focus on decarbonising energy supply. Furthermore, where energy-efficiency improvements are attempted, they must be considered within the context of a possible rebound effect, which implies that net economy-wide energy savings from energy-efficiency improvements may not be as large as the energy saved directly from the efficiency improvement itself. Both decarbonising energy supply and improving energy efficiency require the rapid development and deployment of new and existing low-carbon technologies. This review therefore concludes by briefly outlining areas of economic thought that have emerged as a result of engagement between economists and experts from other disciplines. They include ecological, evolutionary and institutional economics, all of which can make policy-relevant contributions to achieving a transition to a low-carbon economy

  6. 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

  7. 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.

  8. Do Declining Discount Rates lead to Time Inconsistent Economic Advice?

    DEFF Research Database (Denmark)

    Hansen, Anders Chr.

    2006-01-01

    This paper addresses the risk of time inconsistency in economic appraisals related to the use of hyperbolic discounting (declining discount rates) instead of exponential discounting (constant discount rate). Many economists are uneasy about the prospects of potential time inconsistency. The paper...

  9. 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

  10. A theory of organized crime, corruption and economic growth

    OpenAIRE

    Rana, MP; Blackbourn, K; Neanidis, KC

    2017-01-01

    We develop a framework for studying the interactions between organized crime and corruption, together with the individual and combined effects of these phenomena on economic growth. Criminal organizations co-exist with law-abiding productive agents and potentially corrupt law enforcers. The crime syndicate obstructs the economic activities of agents through extortion, and may pay bribes to law enforcers in return for their compliance in this. We show how organized crime has a negative effect ...

  11. A Theory of Organized Crime, Corruption and Economic Growth

    OpenAIRE

    Blackburn, Keith; Neanidis, Kyriakos; Rana, Maria Paola

    2017-01-01

    We develop a framework for studying the interactions between organized crime and corruption, together with the individual and combined e¤ects of these phenomena on economic growth. Criminal organizations co-exist with law-abiding productive agents and potentially corrupt law enforcers. The crime syndicate obstructs the economic activities of agents through extortion, and may pay bribes to law enforcers in return for their compliance in this. We show how organized crime has a negative e¤ect on...

  12. Effect of feeding frequency and feeding rate on growth of ...

    African Journals Online (AJOL)

    Effect of feeding frequency and feeding rate on growth of Oreochromis mossambicus (Teleostei: Cichlidae) fry. ... Weight gain, specific growth rate and gross food conversion ratio were significantly affected by ... AJOL African Journals Online.

  13. Economic growth and emissions reconsidering the empirical basis of environmental Kuznets curves

    International Nuclear Information System (INIS)

    De Bruyn, S.M.; Van den Bergh, J.C.J.M.; Opschoor, J.B.

    1998-01-01

    Recent empirical research indicates that certain types of emissions follow an inverted-U or environmental Kuznets curve (EKC) as income grows. This regularity has been interpreted as a possible de-linking of economic growth and patterns of certain pollutants for developed economies. In this paper the empirical basis of this result is investigated, by considering some statistical particularities of the various EKC studies performed. It is argued that the inverted-U relationship between income and emissions estimated from panel data need not hold for specific individual countries over time. Based on insights from 'intensity-of-use' analysis in resource economics an alternative growth model is specified and estimated for three types of emissions (CO 2 , NO x and SO 2 ) in four countries (Netherlands, UK, USA and Western Germany). It is found that the time patterns of these emissions correlate positively with economic growth and that emission reductions may have been achieved as a result of structural and technological changes in the economy. 'Sustainable growth' is defined as the rate of economic growth that does not lead to growth in emissions. Its rate is calculated for each type of emission and country, based on estimated parameter values. The resulting indicators reflect a balance between the positive influence of growth and negative influence of structural change and technological progress on emission levels

  14. Economic Growth and CO2 Emissions in the European Union

    International Nuclear Information System (INIS)

    Bengochea-Morancho, A.; Martinez-Zarzoso, I.; Higon-Tamarit, F.

    2001-01-01

    This paper examines the relationship between economic growth and CO 2 emissions in the European Union. A panel data analysis for the period 1981 to 1995 is applied in order to estimate the relationship between Gross Domestic Product (GDP) growth and CO 2 emissions in ten selected European countries. The analysis shows important disparities between the most industrialised countries and the rest. The results do not seem to support a uniform policy to control emissions; they rather indicate that a reduction in emissions should be achieved by taking into account the specific economic situation and the industrial structure of each EU member state. 20 refs

  15. 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.

  16. US carbon emissions, technological progress and economic growth since 1870

    International Nuclear Information System (INIS)

    Huntington, H.G.

    2005-01-01

    The long-term US experience emphasises the importance of controlling for electrification and other major technology transformations when evaluating the growth of carbon emissions at different stages of development. Prior to World War I, carbon emissions grew faster than economic growth by 2.3% per year. As electricity use expanded and steam engines became much larger, carbon emissions began to grow slower than economic growth by 1.6% per year. Adjusting to this technological shift, an expanding economy continues to increase carbon emissions by about 9% for each 10% faster growth. There is little evidence of a decline in this elasticity as the income level rises. These results suggest that the USA today will need to find additional policies to curb carbon emissions if it wishes to prevent any further increase in its per capita emissions, and if its per capita economy grows by more than 1.8% per year. (Author)

  17. Relationship of suicide rates with climate and economic variables in Europe during 2000-2012

    DEFF Research Database (Denmark)

    Fountoulakis, Konstantinos N; Chatzikosta, Isaia; Pastiadis, Konstantinos

    2016-01-01

    BACKGROUND: It is well known that suicidal rates vary considerably among European countries and the reasons for this are unknown, although several theories have been proposed. The effect of economic variables has been extensively studied but not that of climate. METHODS: Data from 29 European...... countries covering the years 2000-2012 and concerning male and female standardized suicidal rates (according to WHO), economic variables (according World Bank) and climate variables were gathered. The statistical analysis included cluster and principal component analysis and categorical regression. RESULTS......: The derived models explained 62.4 % of the variability of male suicidal rates. Economic variables alone explained 26.9 % and climate variables 37.6 %. For females, the respective figures were 41.7, 11.5 and 28.1 %. Male suicides correlated with high unemployment rate in the frame of high growth rate and high...

  18. The State Financial Policy as Instrument of Economic Growth

    Directory of Open Access Journals (Sweden)

    Mostitskaya Natalya А.

    2017-12-01

    Full Text Available The article is aimed at disclosing the essence and defining the role of the State financial policy as instrument of economic growth in the conditions of economic transformation. The main functions of the country’s financial policy were analyzed. The necessity of formation of institutional and methodological bases of the State financial mechanism with the purpose of strengthening of efficiency of structural changes of economy and social sphere has been substantiated. Directions of formation and implementation of the State financial policy on maintenance of socio-economic development of the country have been proposed.

  19. THE EMPLOYMENT – PRODUCTIVITY – SALARY RELATION, A CONDITION FOR ACHIEVING LONG - TERM ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Mihai CHIRILA

    2005-01-01

    Full Text Available The employment-productivity-salary correlation is essential towards setting up conditions for economic growth andlasting social stability. An influence exists from technological changes, current stage of economic development,peculiarities of labour offer, employers – trade-unions interaction, etc. The analysis covers long-term and short-termcycles. In keeping with specificity of development stages, national economy witnesses an interval of productivitygrowth facilitating maximized employment and a rise in salary too. A lower growth rate indicates difficulties inassimilating new technologies; a higher growth rate generates instability in employing labour. Thus, the exercise ofstrong pressure is shown to exist on economic and technological structures. Likewise, this is what happens whenproductivity goes ahead of the separate analyses of the correlations between employment and productivity, on theone hand, and productivity and salary, on the other.

  20. Economic Factors for Televison Programme Rating in Slovenia

    OpenAIRE

    Matjaz Dodic; Bojan Nastav

    2011-01-01

    Factors that influence televison programme rating can be divided into environment, outer factors and internal factors of televison programmes. In this paper we apply the regression analysis to study the influence of the number of unemployed, inflation rate, average salary, consumers’ trust, households’ financial status in the past 12 months and the economic state in Slovenia on rating of national, commercial and other televison programmes in Slovenia in the 2000–2009 period. The results show ...