WorldWideScience

Sample records for strong economic growth

  1. 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%

  2. 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

  3. A moderate growth of the French energy consumption despite a strong economic growth

    International Nuclear Information System (INIS)

    Anon.

    1999-01-01

    The annual statement of the French energy consumption was performed in the beginning of April. It shows a moderate growth of the consumption except in the transportation sector. This short paper analyzes the results published by the observatory of energy from the general direction of energy and raw materials (DGEMP): growth of the energy consumption, decay of the national production, improvement of the energy efficiency, decay of the energy bill, and the contrasted sectoral results. (J.S.)

  4. Brazil, Russia, India, China and South Africa: Strong Economic Growth - Major Challenges

    OpenAIRE

    Mechthild Schrooten

    2011-01-01

    Brazil, Russia, India, China and South Africa - the so-called BRICS countries - all show high economic growth rates. They suffered only shortly under the turbulences of the international financial crisis in 2008/2009 and were able to recover quickly - in contrast to most industrialized nations. In recent times of economic fragility in industrialized countries, the BRICS are playing a decisive role for global economic stabilization. The BRICS countries opt for different catching-up strategies....

  5. Intellectual Properties Rights-A strong determinant of economic growth in agriculture

    Directory of Open Access Journals (Sweden)

    Manju Chaudhary

    2010-03-01

    Full Text Available

    In the past few decades the subject of intellectual property rights (IPRs has occupied center stage in debates about globalization, economic development and poverty elimination. This study concerns the strengthening of IPRs in the plant breeding industry and its effect on agriculture in India. In India, most of the population relies on agriculture for its livelihood. India is self-sufficient in wheat and paddy, but deficient in other agricultural products. Patents are good indicators of research and development output. Patent analysis makes it possible to map out the trend of technological change and life cycle of a technology – growth, development, maturity and decline. Patent information and patent statistical analysis have been used for examining present, technological status and to forecast future trends. One can determine the directions of corporate R&D and market interests by analyzing patent data. The present study is an attempt to analyze patents granted in India in the field of agriculture and importance of biotechnology-based innovations in agriculture

  6. 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.

  7. <strong>Neuroeconomics and Health Economics/>

    DEFF Research Database (Denmark)

    Larsen, Torben

    2009-01-01

      Objective: Neuroeconomics integrates economics, psychology and neuroscience. Recently, this line of research is summarized in a neuroeconomic model (NeM) which addresses the rehabilitation of important chronic conditions from a new angle as surveyed in this study. Data and Method: Firstly, Ne...... with de-stressing benefits as reduced anxiety, less use of stimulants and a reduction of blood pressure which in all increase life-expectancy. Conclusion: Neuroeconomics helps economists to identify dominant health economic interventions that may be overlooked by traditional discipålines   [i] This part...

  8. <strong>Neuroeconomics and Health Economics/>

    DEFF Research Database (Denmark)

    Larsen, Torben

    2009-01-01

    activation of Amygdala - a key center in our emotional arousal (limbic system) - as shaped in the elder stone-age with many acute threats. II. In general, the Hawthorne-effect of management is explained as the result of supportive job-relations reinforcing the homeostatic properties of the limbic system...... with de-stressing benefits as reduced anxiety, less use of stimulants and a reduction of blood pressure which in all increase life-expectancy. Conclusion: Neuroeconomics helps economists to identify dominant health economic interventions that may be overlooked by traditional discipålines   [i] This part...

  9. 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...

  10. 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

  11. 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.

  12. 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....

  13. 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...

  14. ECONOMIC GROWTH AND POVERTY,

    Science.gov (United States)

    The problems of poverty in the United States, and their resolution, are inextricably connected with the nature of the economic growth process and its...economic deprivation, but the adjustments required by growth have left in their wake new pockets of poverty . In the future, one of the key variables...that will determine how rapidly we can eliminate poverty in the United States will be the rate of increase in average incomes. And one of the key

  15. 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 ...

  16. Strong industrial base vital for economic revival

    CERN Multimedia

    2001-01-01

    At the inauguration of a 2-day conference on nuclear technology in Islamabad, the chairman of PAEC said that Pakistan needs to develop a strong industrial base and capability to export equipment to improve the economic condition of the country. He descibed how Pakistan has already had a breakthrough with the export of equipment to CERN, Geneva (1 page).

  17. 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...

  18. Theoretical Grounds of Economic Growth

    Directory of Open Access Journals (Sweden)

    Hasan Alp ÖZEL

    2012-06-01

    Full Text Available Economic growth bears importance for any country with different levels of development. It is seen that various theories of economic growth give a different importance to technological development and human capital. Theories of economic growth referred to as exogenous economic growth theories, which assume technological development and human capital as determinants of economic growth and propose that they are not affected by economic variables, consider them as the main determinants of economic growth in the long run While these models support technological development as the main source of economic growth in the long run, they have deficiencies in explaining the sources of technological development. These deficiencies are overcome by endogenous growth theories. Endogenous growth theories consider technological development as a variable that is affected by the decisions of economic units and internalize them. The aim of this study is to explain the thoretical grounds of exogenous and endogenous economic growth theories and stress the differences based on their nature.

  19. Economic growth, globalization and trade

    OpenAIRE

    Leitão, Nuno Carlos

    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 relevant t...

  20. Cultural Globalization and Economic Growth

    Directory of Open Access Journals (Sweden)

    Nuno Carlos Leitão

    2013-03-01

    Full Text Available This article investigates the relationship between cultural globalization and economic growth for the Portuguese experience for the period 1995-2011. In this research we apply a static and dynamic panel data. The initial GDP per capita is negatively correlated with economic growth. This result is according to theoretical and empirical studies. This paper shows that international trade and cultural globalization promote the economic growth. As we expected the inflation has a negative impact on economic growth.

  1. 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

  2. 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.

  3. Strong sustainability in Nepal: A structural economics approach

    Science.gov (United States)

    Devkota, Surendra R.

    example of a poor country moving along a path toward strong sustainability. To this end, a sincere intervention at the social and natural capital along with economic growth is necessary. Poverty alleviation efforts should target the socio-economically deprived households by enriching their human capital. Since community based social structures, such as the forest user groups, are already setting an example of strong sustainability, such community based social capital initiatives should be encouraged by granting rights and other resources to augment further economic activities like harnessing hydropower that may eventually transform the socio-ecological-economic system.

  4. 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...

  5. Openness, Capital Accumulation and Economic Growth: The ...

    African Journals Online (AJOL)

    ... was found to have a strong positive effect on the observed pattern of economic growth, the capital-labour ratio paradoxically seems to have made a significant negative contribution to the growth process of the countries studied. Eastern Africa Social Science Research Review (EASSRR) VOLUME XVI No. 2 June 2000, pp.

  6. Technical Education and Economic Growth

    Indian Academy of Sciences (India)

    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 ... Absence of International flavour. Consequences of Low Research. Some Success Stories. New Models of Institutional Structure ...

  7. 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 ...

  8. 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....

  9. Deregulation, economic growth and growth acceleration

    Czech Academy of Sciences Publication Activity Database

    Stankov, Petar

    -, č. 424 (2010), s. 1-42 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : deregulation * economic growth * origins of institutional change Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp424.pdf

  10. 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.

  11. 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)

  12. 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.

  13. Population growth and economic growth: a reconsideration.

    Science.gov (United States)

    Yip, C K; Zhang, J

    1996-01-01

    The relationship between population growth and development has long been a controversial topic in the economic development literature. Early work by Hoover and Coale and more recent work by Blanchet suggest that high fertility suppresses per capita income growth. However, recent work by Kelley and Srinivasan are ambivalent about such a neo-Malthusian relationship between population growth and economic growth. The authors examine these conflicting positions. They emphasize that the rates of both population growth and income growth are endogenous variables within a general equilibrium framework. An endogenous growth model with endogenous fertility is then developed. It is found that when all exogenous variables are controlled for, there exists an inverse relation between population growth and economic growth. However, when some exogenous factors change, such as an improvement in technological progress, the relation becomes ambiguous. This suggests that the conflicting findings in the literature may be because of the presence of substantial heterogeneity in unobserved variables across countries and over time in cross-country panel data sets.

  14. 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.

  15. 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...

  16. Governance Quality and Economic Growth

    OpenAIRE

    Tao Kong

    2011-01-01

    Among both academics and the wider development community there seems to be a general acceptance of the value of good governance and its role in promoting economic growth. However, beyond this general statement, there is a lack of deeper theoretical understanding as to why good governance is expected to foster economic growth and how such effects may take place. We de.ne governance quality as the capacity of a government to internalize externality. A theoretical model is developed to formally ...

  17. 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...

  18. 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)....

  19. 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 example, the influence of prevailing ethical norms on the aggregate elasticity of substitution and, therefore, total factor productivity and growth....

  20. The role of energy in economic growth.

    Science.gov (United States)

    Stern, David I

    2011-02-01

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

  1. 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 ...

  2. 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.)

  3. 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

  4. 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

  5. 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

  6. The impact of trade on economic growth

    OpenAIRE

    Leitão, Nuno Carlos

    2012-01-01

    The purpose of this article is to investigate the impact of marginal intra-industry trade on economic growth. The manuscript questions the economic growth exogenous models. It introduces new proxies to explain the economic growth as in marginal intra-industry trade, foreign direct investment and globalization index. The results indicate that economic growth is a dynamic process. The change of intra-industry has a positive impact on economic growth. This paper confirms relevant theoretical hyp...

  7. FDI AND ECONOMIC GROWTH IN CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Lenuta CARP (CEKA

    2015-04-01

    Full Text Available The aim of the current paper is to emphasize the correlation between FDI inflows and GDP growth rate in selected countries from Central and Eastern Europe (CEE. The dynamic of FDI inflows and GDP growth rate have been significantly affected by the current economic crisis, which has led to a decrease in foreign capital inflows and a restrained of investment projects. However, macroeconomic imbalances and increased volatilities have determined a strong contraction of GDP growth rates in these economies, except Poland which was the most resilient to worldwide shocks. The results show a unidirectional causality between FDI and GDP growth in all cases, except Hungary. Further analysis will be developed testing the impact of foreign flows volatility on GDP growth.

  8. 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.

  9. 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

  10. 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.

  11. 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

  12. Mathematical Analysis of the Historical Economic Growth

    OpenAIRE

    Ron W. Nielsen

    2015-01-01

    Data describing historical economic growth are analysed. Included in the analysis is the world and regional economic growth. The analysis demonstrates that historical economic growth had a natural tendency to follow hyperbolic distributions. Parameters describing hyperbolic distributions have been determined. A search for takeoffs from stagnation to growth produced negative results. This analysis throws a new light on the interpretation of the mechanism of the historical economic growth and s...

  13. Entrepreneurship and Economic Growth: Some Empirical Studies

    NARCIS (Netherlands)

    A.J. van Stel (André)

    2005-01-01

    textabstractThe importance of entrepreneurship for achieving economic growth in contemporary economies is widely recognized, both by policy makers and economists. However, empirical evidence linking entrepreneurship to economic growth is scarce. This book investigates the relation between

  14. Pakistan strong industrial base urged for economic progress

    CERN Multimedia

    2001-01-01

    A conference organized by Pakistan Nuclear Society urged that Pakistan should develop a strong industrial base and capability to export equipment for economic progress. The chairmen of PAEC pointed out that Pakistan is already showing remarkable progress in export of science-related equipment to CERN. He also asked scientists to wage a war against Pakistans inability to acquire indigenous technology (1 page).

  15. 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

  16. 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

  17. 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 ...

  18. 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)

  19. Growth and Economic Opportunities for Women | IDRC ...

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

    The Growth and Economic Opportunities for Women (GrOW) program aims to fill the knowledge gap by providing evidence to inform social and economic policies that improve poor women's lives while promoting economic growth. GrOW also promotes the use of research by decision-makers and seeks to enhance the ...

  20. 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.

  1. Lao PDF Economic Monitor, September 2010 Update : Managing Macroeconomic Balances to Sustain High Economic Growth

    OpenAIRE

    World Bank

    2010-01-01

    Lao PDR economic growth continues to be strong in 2010, against the backdrop of a fragile global recovery yet dynamic regional demand. Growth is projected at 8.5 percent in 2010, from 7.5 percent in 2009. The resources sector is projected to contribute about 4 percentage points of economic growth, of which electricity, water and gas about 3.2 percentage points. This update reports mainly on ...

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

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

    Does economic growth impact gender equality? And conversely, does gender equality impact economic growth? GrOW-supported projects seek to provide a deeper understanding of these relationships. The University of Göttingen leads a GrOW research consortium to understand the impact of structural change and growth ...

  3. 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.

  4. The population factor in economic growth theory

    NARCIS (Netherlands)

    Meilink, H.A.

    1974-01-01

    Reviews briefly the role of population growth in economic growth theory and makes a few critical remarks on the applied methodology and the underlying assumptions. Emphasis is laid on the possible relationships between population and economic growth in the developing countries, but also Malthus'

  5. 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

  6. Do Stock Markets Promote Economic Growth?

    OpenAIRE

    Nauro F. Campos; Jan Hanousek; Randall K. Filer

    1999-01-01

    One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however, has used a true causality framework. This paper fills this lacuna by using Granger-causality tests and finds little evidence of a causal relationship going from stock market development to economic growth. We do find evidence that stock market development can cause currency appreciation...

  7. 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...

  8. 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.

  9. 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.

  10. 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......One of the major economic reasons for the creation of the European Union (EU) and of the Euro-zone (EZ) was an expected bonus of economic growth associated to member states. While several studies exist on the growth bonus of the EU membership, there are none for the EZ, the latest and deepest step......) to estimate its coefficients. We restrict the time frame of our research on the first 14 years of the Euro - from 1999 to 2012. In line with economic intuition we find a positive and neutral impact of EU and EZ memberships on economic growth respectively. These economic results can be considered especially...

  11. Population and Economic Growth: A Review Essay

    Directory of Open Access Journals (Sweden)

    Marinko Škare

    2015-08-01

    Full Text Available For centuries, scientists from various scientific fields have been leading lively discussions on the (bidirectional relationship between population growth and economic growth. Particular attention was given to the nature of the population growth variable, i.e. whether it is an endogenous or exogenous variable. The goal of this paper is to position this discussion into a historical, empirical and institutional perspective in order to establish population as an important factor for socio-economic prosperity, mostly measured in terms of economic growth. Regardless of ambiguous empirical conclusions about the influence of population growth on economic growth, the political aspect is crucial. Population effect should not be measured only in terms of population growth, measured by the increase in the number of inhabitants. Population is an endogenous variable which is under the influence of culture, values, political processes and industrial structure.

  12. Economic Freedom and Economic Growth in South Africa

    Directory of Open Access Journals (Sweden)

    Clive E. Coetzee

    2017-06-01

    Full Text Available The economic growth and economic freedom nexus is studied in this article and applied to South Africa in an empirical study. Economic freedom is founded on the free or private market economy, based on competition, where voluntary exchange occurs and a legislative framework ensures the safety of market agents and private property. As part of the literature study, the Index of Economic Freedom, the Economic Freedom of the World Index and the Freedom in the World Index were studied and applied to South Africa. An empirical analysis was conducted, cross-correlation functions were estimated, and Granger causality functions, regression analysis and finally a vector auto-regression model (VAR were constructed and estimated. The research findings from South Africa support the literature, suggesting that there are indeed some indications that greater levels of economic freedom support higher rates of economic growth in a country.

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

    African Journals Online (AJOL)

    This study examines the long-run and causal relationship between government spending and economic growth in Lesotho using the ARDL bounds testing procedure for the period 1980 to 2012. Although several studies, have investigated causality between government expenditure and economic growth, none explored ...

  14. 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.)

  15. HABITS, SAVING PROPENSITY, AND ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Wei-Bin ZHANG

    2012-12-01

    Full Text Available The purpose of this paper is to study economic growth with preference change on the basis of the Solow one-sector growth model, Zhang’s alternative approach to household behavior, the Ramsey growth theory with time preference, and the traditional growth model with habit formation. The propensity to save is dependent on wealth and current income and the propensity to consumption is related to the habit stock. We simulate the model and demonstrate the motion of the economic dynamics with endogenous preference. We also examine effects of changes in some parameters on the motion of the economic system.

  16. 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

  17. 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.

  18. Decoupling the link between economic growth, transport growth and transport energy consumption in Europe

    Energy Technology Data Exchange (ETDEWEB)

    Stead, Dominic [Delft Univ. of Technology (Netherlands). OTB Research Inst.; Banister, David [Univ. College London (United Kingdom). Bartlett School of Planning

    2003-07-01

    In the past, it has always been assumed that there is a close relationship between the growth in freight and passenger transport, transport energy consumption and economic growth, at least as measured by Gross Domestic Product (GDP). This raises questions about the underlying rationale for this statistical relationship (if it exists) and, more importantly for sustainable development, whether the relationship will (or should) continue into the future. The strong premise in this paper is that decoupling economic growth from transport growth is a necessary condition for sustainable development - we need to encourage economic growth (in the widest sense), but with less transport (at least in terms of resource use and environmental impacts). This requirement has now been recognised in a series of policy documents. In the UK, for example, the Standing Advisory Committee on Trunk Road Assessment have examined the issue of transport intensity, the prospects for future improvements and the potential for decoupling transport volumes and economic activity. At the European level, the 2001 White Paper on Transport states that breaking the link between economic growth and transport growth is central in its proposals, and the EU's sustainable development strategy identifies decoupling transport growth from the growth in Gross Domestic Product as one of its main objectives. We begin by examining transport and economic trends in Europe and looking at EU policy statements on decoupling. We then discuss the nature of travel and how decoupling can usefully be measured through volumes, distance and efficiency. Possible approaches and strategies for decoupling are then presented, together with a discussion of how these measures might help to decouple transport growth and economic growth. We conclude that, whilst there are a number of strategies which are likely to help to decouple transport growth and economic growth, there are also a number of factors which are hindering the

  19. 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.

  20. 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?

  1. 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)

  2. 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.

  3. 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...

  4. 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

  5. Mathematical Models of Economic Growth

    NARCIS (Netherlands)

    J. Tinbergen (Jan); H.C. Bos (Henk)

    1962-01-01

    textabstractEconomics Handbook Series, edited by Seymour E. Harris. In Spanish: Modelos Matematicos del Crecimiento Económico, Series ‘Biblioteca de Ciencias Sociales’, Aguilar, Madrid, 1966, XVI + 165 p. In French: Modèles Mathématiques de Croissance Economique. Series ‘Techniques Economiques

  6. 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...

  7. 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.

  8. On Monetary Policy, Unemployment, and Economic Growth

    OpenAIRE

    Rosas-Martinez, Victor H.

    2016-01-01

    Abstract. Recognizing the possible relation between investments, economic growth and unemployment, and how there is not an established impact of an unlikely productive project failure on the secondly mentioned variables, we address such relation and asses theoretically the effect of different instruments of monetary policy on the mentioned macroeconomic indicators. To do this we build upon two models of economic growth considering the role of entrepreneurs, risk takers, and a monetary authori...

  9. Assesment of corruption impact on economic growth

    OpenAIRE

    Lydeka, Zigmas; Bradauskas, Vaidotas

    2014-01-01

    Šiame straipsnyje analizuojamas ryšys tarp korupcijos ir ekonominio augimo. Pristatomi atlikto tyrimo, kuriame nagrinėjamas korupcijos poveikis ekonominiam augimui politiškai laisvose ir nelaisvose valstybėse 1996–2013 metų laikotarpiu, rezultatai. This paper analyzes relationship between corruption and economic growth. The results of empirical research about corruption level impact on economic growth in politically free and not free countries during the period 1996–2013 are represented....

  10. 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

  11. Japanese Economic Growth during the Edo Period

    OpenAIRE

    TAMAKI, Toshiaki

    2014-01-01

    During the Edo period, Japanese production of silver declined drastically. Japan could not export silver in order to import cotton, sugar, raw silk and tea from China. Japan was forced to carry out import-substitution. Because Japan adopted seclusion policy and did not produce big ship, it used small ships for coastal trade, which contributed to the growth of national economy. Japanese economic growth during the Edo period was indeed Smithian, but it formed the base of economic development in...

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

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

    ... joint investment of CA$16.4 million over five years to address knowledge gaps on women's economic empowerment and connections with economic growth, and to stimulate innovative research partnerships and engagement with policymakers. This project will provide support to develop and manage the GrOW program.

  13. Food security, agricultural policies and economic growth

    NARCIS (Netherlands)

    Koning, Niek

    2017-01-01

    Using a political-economic approach supplemented with insights from human ecology, this volume analyzes the long-term dynamics of food security and economic growth. The book begins by discussing the nature of preindustrial food crises and the changes that have occurred since the 19th century with

  14. On climate change and economic growth

    NARCIS (Netherlands)

    Frankhauser, S.; Tol, R.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

  15. Concentration of Resources and Economic Growth

    Directory of Open Access Journals (Sweden)

    David Castells-Quintana

    2015-05-01

    Full Text Available In this letter I summarise the main results and contributions from my Ph.D. thesis on concentration of resources and economic development. The empirical analysis performed in the thesis, and summarised here, focuses on two mayor world trends in modern economic development, namely increasing agglomeration and rising inequalities within countries. In particular, the impact of both trends on long-run economic growth is studied, and results are discussed in light of relevant policy debate.

  16. 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....

  17. 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...

  18. 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.

  19. Service export sophistication and economic growth

    OpenAIRE

    Mishra, Saurabh; Lundstrom, Susanna; Anand, Rahul

    2011-01-01

    Can increasing sophistication in service exports lead to economic growth? Although services were historically produced primarily for domestic consumption, they are gradually becoming more productive, tradable and unbundled. The authors construct an index of "service exports sophistication" to document this phenomenon. Panel data estimations indicate a positive association between growth in...

  20. 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

  1. 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

  2. Energy Distribution and Economic Growth

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2011-01-01

    /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...... from the Solow growth model. Using data for the 50 US states 1960–2000, we examine the determination of growth in electricity consumption per capita and test the model structurally. The model fits the data well. The exponent in the power law connecting capital and electricity is 2/3....

  3. 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...

  4. ROMANIAN FINANCIAL SYSTEM AND ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Bogdan FÎRŢESCU

    2008-06-01

    Full Text Available This paper wants to emphasize t he relation between financial system and economic growth, as part ofsustainable development. Recent papers stress the correlation between the financia l system as a promoting factor toeconomic growth. Economic literature also discusses the issue related to some types of financial system (such as bank– based or market - based and economic expansion. The article intends to summarize the debate on financ ial systemdevelopment, financial system types and financing manners in promoting economic growth. The actual stage ofRomanian financial system, related to banking system, financial institutions and financial market, is taken intodiscussion. The latest structural transformation of Romanian financial system since EU Accession is presented.

  5. 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.

  6. 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.

  7. How does political instability affect economic growth?

    OpenAIRE

    Aisen, Ari; Veiga, Francisco José

    2011-01-01

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

  8. Population aging and endogenous economic growth

    OpenAIRE

    Prettner, Klaus

    2010-01-01

    This article investigates the consequences of population aging for long-run economic growth perspectives. We introduce age specific heterogeneity of households into a model of research and development (R&D) based technological change. We show that the framework incorporates two standard specifications as special cases: endogenous growth models with scale e ects and semi-endogenous growth models without scale effects. The introduction of an age structured population implies that aggregate laws...

  9. Education, innovation and economic growth in Cameroon

    OpenAIRE

    Ngwa Edielle, T. H. Jackson

    2005-01-01

    The main objective of this paper is to evaluate technologically (innovation or imitation) the role of human capital in Cameroon as far as economic growth is concerned. Higher education is designed to be the main technological aspect of human capital. Theoretically, the stock of knowledge available in a country determines through innovation productivity growth. In that way, we use a Vector Error Correction model (VECM) to evaluate the impact of human capital on productivity growth....

  10. The Importance of Education in Economic Growth

    Directory of Open Access Journals (Sweden)

    Selami Ahmet Salgür

    2013-12-01

    Full Text Available The main purpose of this paper is to examine the relationship between education and the economic growth of a country. Education is one of the most important factors for the economic and social developments of a society; and it is also the main component of the construction of human capital. It is very difficult for a country to accomplish a successful economic progress if it does not invest sufficiently and judiciously in education. Therefore, investment in education is seen as the vital part of a country’s economic development. It is clear that educational investments are expensive and long-term projects and must be more important than other possible development projects in order to ensure the welfare and prosperity of societies. Unfortunately, this idea falls especially focusing on most under-developed countries. For this reason, the importance of education in a country’s economic development and growth must be stated and asserted overtly and unambiguously.

  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. 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.

  13. 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.

  14. 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]. (author)

  15. 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

  16. Impact of Institutional Quality on Economic Growth

    OpenAIRE

    Khokhar, Sara Hussain

    2016-01-01

    Many researchers believe that a country will undergo economic development when there is progress observed in the Worldwide Governance Indicators (WGI) e.g. there exists mechanisms for the voice and accountability, political stability is high, rule of law prevails and the nation is able to control corruption. The objective of this study is to explore the link between the quality of governance (WGI indicators) and economic growth (GDP). The study attempts to identify the effect of the good gove...

  17. 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.

  18. Monetary Policies and the Economic Growth

    OpenAIRE

    Scarlat, Valentin

    2009-01-01

    Talking about the economic growth, is to be stressed the essential contribution of the investment to a country economic development, role which is unanimously recognized and accepted. It is well-known that even the most developed market economies were built up with notable investment efforts, in order to enable a high efficiency of the fixed assets and to ensure a rational use of the natural resources and of the labour force. The investment process is mainly conditioned by the imprevisible ac...

  19. 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...

  20. 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.

  1. Economic Growth, Climate Change, and Obesity.

    Science.gov (United States)

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

    2016-12-01

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

  2. Growth Effects of International Economic Integration

    OpenAIRE

    Hino, Tomoko

    2011-01-01

    This paper quantitatively evaluates the influence of international risk sharing on econom-ic growth by extending the analysis in Obstfeld (1994). However, whereas Obstfeld employs only data on the growth rate of consumption to calculate the returns on risky and risk-free assets, we include additional data on the total rates of return for risky assets and the deposit rates for risk-free assets. We also assume more realistic values for the degree of relative risk aversion and the elasticity of...

  3. 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.

  4. Social and economic growth of developing nations

    International Nuclear Information System (INIS)

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

    1989-01-01

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

  5. 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.

  6. External Debt and Economic Growth in Tunisia

    OpenAIRE

    Nasfi Fkili Wahiba

    2014-01-01

    The objective of this study is to identify the effect of external debt on economic growth; we used the debt service as percentage of exports and debt indicators in the first and second degree. The econometric estimation showed that the sign of the coefficient of debt is positive and the debt squared is negative, and beyond a certain stock, the impact of debt on growth becomes negative and Tunisia must control its debts as additional increases will have adverse impac...

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

    Directory of Open Access Journals (Sweden)

    Khalid ZAMAN

    2011-07-01

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

  8. The impact of women's political representation on economic growth ...

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

    This research project will generate evidence on how women's political participation influences the connection between economic growth and women's economic empowerment. Women, politics, growth Economic growth can have positive effects on women's economic empowerment, but the growth depends on supportive ...

  9. 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

  10. INNOVATION: A STRATEGIC OPTION FOR FUTURE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Popa Ion

    2014-07-01

    Full Text Available The purpose of the current article is that of highlighting the importance and actuality of innovation in spurring economic growth. This empirical study analyses the concept of innovation and suggests it as a viable strategic option for increasing productivity and performance and for fostering a sustainable economic growth, especially in the current context, in which even the more developed countries took a big hit from the global economic crisis (manifested through an array of negative effects, the most noticeable one being the contraction of the gross domestic product through negative growth rates of the GDP. The results show that any worldwide economy could strongly benefit from boosting economic growth through innovation, and that this subject needs to be treated, not only as a solid solution for overcoming the effects of the economic crisis, but also as a prevention instrument, to make sure that the recession never reaches the degree it has in the past. The global economic crisis, which officially started in 2008, according to many specialists, was mainly caused by the crisis which started in the United States of America, which created a domino effect worldwide. The effects of this crisis created the greatest recession since the Second World War, causing: credit freezes, job loss, bankruptcy, low liquidities, increased unemployment, political and social strains and many other issues in the society. In this situation, in order to “re-launch” the national economies of the affected countries, the best solution is to foster economic growth through innovation, regardless of the type of innovation (managerial/technological/radical/incremental. The central point is to use innovation as a tool/instrument that will hopefully prevent another global economic crisis. That being said, companies, economies and societies need to transform into more knowledge-based ones, thus fostering innovation and providing new ways/methods of acting in a

  11. 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.

  12. 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.

  13. Social Capital and Regional Economic Growth

    NARCIS (Netherlands)

    Beugelsdijk, S.; van Schaik, A.B.T.M.

    2001-01-01

    We study a cross-section of 54 European regions in the period 1950-1998.The central question is whether social capital, in the form of generalized trust and associational activity, is related to regional differences in economic growth. Based on extensive robustness tests, we present evidence that

  14. Economic development and growth in transition countries

    NARCIS (Netherlands)

    Rusinova, D.T.

    2010-01-01

    The countries of Central and Eastern Europe and the former Soviet Union, commonly referred to as "transition countries", have undergone transformations unparalleled in recent economic history. This book concentrates on three aspects of the transition process: the factors driving growth, the effect

  15. Foreign direct investment, economic growth and environmental ...

    African Journals Online (AJOL)

    It seeks to examine the environmental implications of the inflow of foreign direct investment and economic growth of the countries in the sub-region. The dynamic interaction was examined through Panel Vector Autoregressive (PVAR) and Panel Vector Error Correction (PVEC) methodologies on a sample of thirty-three SSA ...

  16. Entrepreneurship, export orientation, and economic growth

    NARCIS (Netherlands)

    S.J.A. Hessels (Jolanda); A.J. van Stel (André)

    2011-01-01

    textabstractIn this paper the relationship between a country’s prevalence of new ventures and its rate of economic growth is investigated, while taking into account new ventures’ export orientation. It is generally acknowledged that new venture creation as well as export activity may both be

  17. Social Capital, Economic Growth and Transition Economies

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard

    1998-01-01

    -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....

  18. 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…

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

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

    The Growth and Economic Opportunities for Women (GrOW) research program is a collaborative initiative involving IDRC, the United Kingdom's Department for International Development, and The William and Flora Hewlett Foundation. It represents a joint investment of CA$16.4 million over five years to address knowledge ...

  20. 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

  1. Entrepreneurship, structural change, and economic growth

    NARCIS (Netherlands)

    Noseleit, Florian

    The ability to adjust to structural change is vital to economic development, and entries can be active participants in this process. While the importance of factor reallocations for growth is widely discussed, the role of entrepreneurs in managing these reallocations is currently not well

  2. 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.

  3. Economic growth and energy consumption in Algeria: a causality analysis

    International Nuclear Information System (INIS)

    Cherfi, S.

    2011-01-01

    The purpose of this study is to review the causal link in the Granger sense, between energy consumption and economic growth in Algeria, to determine its implications for economic policy. The analysis was done based on Granger static and causality tests using statistical data on per capita primary energy consumption and gross domestic product per inhabitant in Algeria, over the 1965-2008 period. The results of the survey show that there is, in Algeria, a strong link between energy consumption per inhabitant and GDP per inhabitant. The results also suggest the lack of a long term impetus (no co-integration) between energy consumption and economic growth. In addition, there is a one-way causal link between GDP and energy consumption, i.e. the prior GDP data provides a better forecast of energy consumption level, but not the contrary. In other words, GDP explains consumption, not the contrary. (author)

  4. 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...

  5. 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...

  6. Electricity Consumption and Economic Growth: The Case of Mexico

    OpenAIRE

    Mario Gómez; José Carlos Rodríguez

    2015-01-01

    The causality between energy consumption and economic growth has been an important issue in the economic literature. This paper studies the causal relationship between electricity consumption and economic growth in Mexico for the period of 1971-2011. In so doing, unit root and causality tests are applied. The results show that energy consumption and economic growth series are stationary and there is also a causality relationship running from economic growth to electricity...

  7. 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 ...

  8. 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.

  9. Population, Pensions, and Endogenous Economic Growth

    OpenAIRE

    Heer, Burkhard; Irmen, Andreas

    2008-01-01

    We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channel in a new dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the mod...

  10. 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 ...

  11. Relationship of Economic Growth with Tourism Sector

    OpenAIRE

    Abdul Holik

    2016-01-01

    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 ...

  12. Relationship of Economic Growth with Tourism Sector

    OpenAIRE

    Abdul Holik

    2016-01-01

    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 t...

  13. Geoinformation perspectives on innovation and economic growth

    CSIR Research Space (South Africa)

    Cooper, Antony K

    2009-03-01

    Full Text Available opportunities. Schwabe [2007] reports from a survey that the future growth of the geoinformation industry in Africa is seen to “be in the telecommunication, disaster management, governance and policy development, location- based services, marketing and sales... March 2009 at: http://www.library.up.ac.za/digi/docs/schmitz_paper.pdf Schwabe CA, 2007. The geoinformation industry in Africa: Prospects and potentials, in Opoku-Mensah A & Salih MAM (eds), African e-markets: Information and economic development...

  14. Energy consumption and economic growth: Evidence from Cameroon

    International Nuclear Information System (INIS)

    Fondja Wandji, Yris D.

    2013-01-01

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

  15. 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.

  16. 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.

  17. 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.

  18. 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

  19. COAL CONSUMPTION AND ECONOMIC GROWTH IN TURKEY

    Directory of Open Access Journals (Sweden)

    Alper Aslan

    2013-01-01

    Full Text Available This aim of this paper is to use asymmetric causality tests to examine the coal consumption and Gross Domestic Product (GDP relationship in Turkey based on data from 1980 to 2006. To investigate this relationship, a multivariate system is employed by including fixed capital formation and labor force variables into the model. The empirical results obtained from asymmetric causality tests show no causality for coal consumption and GDP relationship in Turkey. The results indicate that coal consumption does not affect growth; hence, energy conservation policies may be pursued without adversely affecting growth in Turkey. Thus, neutrality hypothesis is confirmed for Turkey. This means that a decrease in coal consumption does not affect economic growth and vice versa. In this case, policymakers should explore the feasibility of either decreasing the coal consumption or increasing the efficiency of coal consumption.

  20. The role of human capital formation in the transition to modern economic growth, 1300-1900

    NARCIS (Netherlands)

    de Pleijt, A.M.

    2016-01-01

    Economic models of the Industrial Revolution increasingly emphasize the key role of human capital in promoting economic growth, and empirical studies have shown that education is a strong predictor of per capita GDP. Contrary to the theory, however, economic historians have described the role of

  1. 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.

  2. 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

  3. 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)...

  4. 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

  5. The Relationship Between Financial Development and Economic Growth)

    OpenAIRE

    Afşar, Aslı

    2007-01-01

    The relation between the development of financial system and economic growth has been discussed for a long time. Financial system has been accepted as the most important of the economic system. The reason is that it is the center of transferring-process of funds which is needed most for economic growth. Mostly general economic success depends on the efficiency of the financial system. On the other hand, economic growth brings about increasing national income and causes a development in the in...

  6. THE INFLUENCE OF GLOBALIZATION ON ECONOMIC GROWTH IN ROMANIA

    Directory of Open Access Journals (Sweden)

    PAUL BOGDAN ZAMFIR

    2015-12-01

    Full Text Available In this paper we propose to emphasize the structural changes involved by globalization process who generate a semnificative influence on the economic growth in Romania. Thus, on this background it is important to point out that even though the phenomenon of globalization represents manny opportunities for Romanian economic growth, nevertheles, our country must regard at the same time all the systemic risks that are involved in this process. From this perspective, an important role has the activity of romanian small and medium sized enterprises that through its specific creates jobs and contributes substantially to growth in Romania. In terms of risks, for our country is necessary to develop effective mechanisms of self-defense against involved economic dangers. Also, should not be ignored that the quality of European Union member offers for Romania a strong base and in the same time the chance to benefit from the positive effects of the single market and the opportunities offered by the global market. In this framework, Romanian economy is not exempted from stiff competition in the field of trade in goods and services from countries like China or India who succeed through competition, to "break down trade barriers" of economic blocs. More than that, Romanian high tech industry can take advantage for themselves from the positive effects of globalization process by penetrating on third country markets.

  7. 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,...

  8. 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

  9. Financial Sector Structure and Economic Growth

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen

    that over time equity financing (bank credit) becomes more (less) important for the corporate sector in developed economies. Third, it reports novel country-level evidence on the link between financial sector structure and economic growth in developed economies. The results suggest that the capital market......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...

  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. Agricultural Trade and Economic Growth in East African Community ...

    African Journals Online (AJOL)

    The role of trade in economic growth and vice versa cannot be over emphasized. However, whether there is any link between EAC's regional trade and the region's economic growth remain unknown. This study therefore investigated the relationship of the agricultural trade with economic growth in East African Community.

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

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    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....... 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...

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

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    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....... 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...

  15. 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....

  16. 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.

  17. 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.

  18. Empirical analysis on the effect of economic opening on China's economic growth

    OpenAIRE

    ZHANG Weifu; ZHU Zhigang

    2007-01-01

    Based on an adjusted Solow economic growth model, using econometric tools such as cointegration test and Granger causality test, taking the economic factors such as foreign trade and foreign investment into account, this paper makes regression analysis on the effect of economic opening on China's economic growth by using the data from 1985 to 2004. The analysis indicates that the domestic capital input is still the primary element that promotes China's economic growth, by contrast, the effect...

  19. CAPITAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: THE CASE OF ROMANIA

    Directory of Open Access Journals (Sweden)

    FLAVIA BARNA

    2010-01-01

    Full Text Available Capital markets play an important role in the economic development of emerging capital markets. Well functioning markets insure that both corporations and investors get or receive fair prices for their securities. In the literature on endogenous growth, the link between capital markets development and economic growth has received much attention. Thispaper examines the correlation between capital market development and economic growth in Romania using a regression function. The results show that the capital market development is positively correlated with economic growth, with feed-back effect, but the strongest link is from economic growth to capital market, suggesting that financial development follows economic growth, economic growth determining financial institutions to change and develop.

  20. Financial sector and economic growth in the Republic of Croatia 1995-2005

    Directory of Open Access Journals (Sweden)

    Novotny Damir

    2006-01-01

    Full Text Available Financial sector in the Republic of Croatia had a strong growth between 1995 2005.g. Liberalization of financial sector in 1999 led to an increase in bank foreign debt, which resulted in a strong increase in foreign currency reserves and appreciation of the national currency. The growth of the financial sector and credit expansion have been allocated in favour of private and public consumption, but not in industry investments. GDP growth didn't have the same momentum as financial aggregates. Economic growth, after a contraction in 1999 was within the average of global economic growth. Relying on neoclassical growth model, government and central bank didn't put in place the needed set of pro-active policies. Factor allocation was solely through private bank channels financing private consumption. If the sustainable economic growth and new employment are to be major macroeconomic goals, a new macroeconomic paradigm as combination of neclassical and neokeynesians approach will be needed.

  1. 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.

  2. 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...

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. health needs sustainable development, not more economic growth

    Indian Academy of Sciences (India)

    First page Back Continue Last page Overview Graphics. HEALTH NEEDS SUSTAINABLE DEVELOPMENT, NOT MORE ECONOMIC GROWTH. The pursuit of carbon-emitting economic growth has not provided economic and social stability – key determinants of health - for much of the world's population. Better health for all ...

  10. 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…

  11. 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

  12. 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...

  13. SPORTS INDUSTRY – A POTENTIAL NEW SOURCE OF ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Marian STAN, PhD Student, Free International University of Moldova

    2016-08-01

    Full Text Available The aim of the paper is to study the impact of sports industry on the economic growth of a country, with a further perspective for the Republic of Moldova. The novelty consists in the necessity of a wider research of the activities of sports organizations and their impact on the economic activities within a country, as there are existing worldwide examples that could serve as a strong argument in this case. The results were achieved using the following methods: statistical, analytical, comparison, etc. Understanding that modernization of the sport industry is necessary for any country, including the Republic of Moldova could result in the determination of the linkage between sports and further development of the country.

  14. Fertilizing growth: Agricultural inputs and their effects in economic development.

    Science.gov (United States)

    McArthur, John W; McCord, Gordon C

    2017-07-01

    This paper estimates the role of agronomic inputs in cereal yield improvements and the consequences for countries' processes of structural change. The results suggest a clear role for fertilizer, modern seeds and water in boosting yields. We then test for respective empirical links between agricultural yields and economic growth, labor share in agriculture and non-agricultural value added per worker. The identification strategy includes a novel instrumental variable that exploits the unique economic geography of fertilizer production and transport costs to countries' agricultural heartlands. We estimate that a half ton increase in staple yields generates a 14 to 19 percent higher GDP per capita and a 4.6 to 5.6 percentage point lower labor share in agriculture five years later. The results suggest a strong role for agricultural productivity as a driver of structural change.

  15. 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

  16. The Insecure Future of the World Economic Growth

    OpenAIRE

    NIELSEN, Ron W.

    2015-01-01

    Abstract. Growth rate of the world Growth Domestic Product (GDP) is analysed to determine possible pathways of the future economic growth. The analysis is based on using the latest data of the World Bank and it reveals that the growth rate between 1960 and 2014 was following a trajectory approaching asymptotically a constant value. The most likely prediction is that the world economic growth will continue to increase exponentially and that it will become unsustainable possibly even during the...

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

    African Journals Online (AJOL)

    Public procurement, governance and economic growth: some policy recommendations for Africa's growth and development. ... International Journal of Development and Management Review ... The paper presents an analytical insight into the link between public procurement, governance and economic growth. It shows that ...

  18. 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.

  19. foreign direct investment and economic growth in developing ...

    African Journals Online (AJOL)

    Prof

    matters for its effect on economic growth. Few sectors reflected a positive impact of. FDI and one sector even showed a robust negative impact of FDI on economic growth. Vijayakumar and Sridharan, (2010) study the causal relationship between. Foreign Direct Investment and Growth in the BRICS countries (Brazil, Russia, ...

  20. Models of Economic Growth and Development in the Context of ...

    African Journals Online (AJOL)

    The Way Forward for Africa. Lansana Keita* ... to such progress. Key Words: economic growth, economic development, human capital, growth models. Résumé. La littérature économique depuis l'avènement de l'économie moderne a été ..... between the economy's growth rate according to investment and the propensity to ...

  1. 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 ... 3 In the study, economic growth is defined as the average growth in the per capita ..... endogenous. LNPCGDP. 9.811680. 0.2785. Weakly exogenous. Discussion of Econometric results. Based on weak Exogeneity test and significance of.

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

    African Journals Online (AJOL)

    PROF. O. E. OSUAGWU

    2013-12-01

    Dec 1, 2013 ... This study examines the impact of government investments in education on economic growth in. Nigeria ... what is spent on education. .... economic growth. In a recent development,. Gupta and Chakraborty [20] developed an endogenous growth model of a dual economy where human capital accumulation.

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

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    economic growth. There are a number of channels through which openness is thought to influence economic growth. In the first place, a liberal trade regime enhances efficiency .... Helpman (1991) and Srinivasan (2001), the endogenous growth model suggested that trade may ..... Note all the variables defined previously.

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

    African Journals Online (AJOL)

    The results support the notion that the role of exports lies in their ability to encourage investment and capital formation. While export growth directly supports higher economic growth in the short-run, the long-term effect was found to lie in supporting faster capital formation, and in turn, significantly increasing economic growth ...

  5. Does uncertainty affect economic growth? An empirical analysis

    NARCIS (Netherlands)

    Lensink, B.W.; Bo, H.; Sterken, E.

    1999-01-01

    Does Uncertainty Affect Economic Growth? An Empirical Analysis. This paper investigates the effect of uncertainty on economic growth, We construct measures of export uncertainty, government policy uncertainty and price uncertainty to augment a growth model, and using econometric techniques we test

  6. Climate indices strongly influence old-growth forest carbon exchange

    Science.gov (United States)

    Sonia Wharton; Matthias Falk

    2016-01-01

    We present a decade and a half (1998–2013) of carbon dioxide fluxes from an old-growth stand in the American Pacific Northwest to identify ecosystem-level responses to Pacific teleconnection patterns, including the El Niño/Southern Oscillation (ENSO). This study provides the longest, continuous record of old-growth eddy flux data to date from one of the longest running...

  7. IMPACT OF EXPORTS AND IMPORTS ON ECONOMIC GROWTH: NEW EVIDENCE FROM PANAMA

    Directory of Open Access Journals (Sweden)

    Sayef Bakari

    2017-03-01

    Full Text Available This paper investigates the relationship between exports, imports, and economic growth in Panama. In order to achieve this purpose, annual data for the periods between 1980 and 2015 was tested by using Johansen co-integration analysis of Vector Auto Regression Model and the Granger-Causality tests. According to the result of the analysis, it was determined that there is no relationship between exports, imports and economic growth in Panama. On the other hand, we found that there is a strong evidence of bidirectional causality from imports to economic growth and from exports to economic growth. These results provide evidence that exports and imports, thus, are seen as the source of economic growth in Panama.

  8. Market-oriented institutions and policies and economic growth : A critical survey

    NARCIS (Netherlands)

    De Haan, J; Lundstrom, S; Sturm, JE

    This paper surveys recent evidence suggesting that market-oriented institutions and policies are strongly related to economic growth, focusing on studies using the economic freedom (EF) indicator of the Fraser Institute. This index is critically discussed. Also various serious shortcomings of

  9. From Tradition to Modernity: Economic Growth in a Small World

    NARCIS (Netherlands)

    Lindner, I.D.; Strulik, H.

    2014-01-01

    This paper introduces the Small World model into the theory of economic growth and investigates how increasing economic integration affects firm size and efficiency, norm enforcement, and aggregate economic performance. When economic integration is low and local connectivity is high, informal norms

  10. 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.

  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. Financial development and economic growth. An empirical analysis for Ireland

    Directory of Open Access Journals (Sweden)

    Antonios Adamopoulos

    2010-07-01

    Full Text Available This study investigated the relationship between financial development and economicgrowth for Ireland for the period 1965-2007 using a vector error correction model (VECM.Questions were raised whether financial development causes economic growth or reverselytaking into account the positive effect of industrial production index. Financial marketdevelopment is estimated by the effect of credit market development and stock marketdevelopment on economic growth. The objective of this study was to examine the long-runrelationship between these variables applying the Johansen cointegration analysis takinginto account the maximum eigenvalues and trace statistics tests. Granger causality testsindicated that economic growth causes credit market development, while there is a bilateralcausal relationship between stock market development and economic growth. Therefore, itcan be inferred that economic growth has a positive effect on stock market development andcredit market development taking into account the positive effect of industrial productiongrowth on economic growth for Ireland.

  13. 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.

  14. Modelling of strongly coupled particle growth and aggregation

    International Nuclear Information System (INIS)

    Gruy, F; Touboul, E

    2013-01-01

    The mathematical modelling of the dynamics of particle suspension is based on the population balance equation (PBE). PBE is an integro-differential equation for the population density that is a function of time t, space coordinates and internal parameters. Usually, the particle is characterized by a unique parameter, e.g. the matter volume v. PBE consists of several terms: for instance, the growth rate and the aggregation rate. So, the growth rate is a function of v and t. In classical modelling, the growth and the aggregation are independently considered, i.e. they are not coupled. However, current applications occur where the growth and the aggregation are coupled, i.e. the change of the particle volume with time is depending on its initial value v 0 , that in turn is related to an aggregation event. As a consequence, the dynamics of the suspension does not obey the classical Von Smoluchowski equation. This paper revisits this problem by proposing a new modelling by using a bivariate PBE (with two internal variables: v and v 0 ) and by solving the PBE by means of a numerical method and Monte Carlo simulations. This is applied to a physicochemical system with a simple growth law and a constant aggregation kernel.

  15. Urban population and economic growth: South Asia perspective

    OpenAIRE

    Sandip Sarker; Arifuzzaman Khan; Mehdad Mamur Mannan

    2016-01-01

    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 aff...

  16. Why Hasn’t Economic Growth Killed Religion?

    OpenAIRE

    Michael McBride

    2005-01-01

    Economic growth has not led to a decline in religion despite past predictions that it would. I use a formal model of religious competition to show how economic growth produces counteracting effects on religious participation in an open religious market, while economic growth will have little effect in a religious market that is already secularized due to religious regulations. Theories predicting the decline of religion due to rising opportunity costs of religious demand and supply ignore cou...

  17. Human Capital and Economic Growth in Tunisia: Macroeconomic Findings

    OpenAIRE

    Dhaoui, Elwardi

    2013-01-01

    Since the seminal work of Solow (1956), along with the accumulation of factors related to physical capital, human capital has become one of the main determinants of economic growth. In this perspective, education is on growth through several channels to know, for example, life expectancy, birth rates and enrollment highlighted in most econometric regressions. The debate on the contribution of education to economic growth, especially in developing countries, is permanent in the economic litera...

  18. Foreign trade-economic growth nexus: Evidence from Nigeria

    OpenAIRE

    Arodoye, Nosakhare L.; Iyoha, Milton A.

    2014-01-01

    This study examines the nexus between foreign trade and economic growth in Nigeria using quarterly time-series data for 1981Q1 through 2010Q4. In order to fully account for feedbacks, a vector autoregressive model is utilized. The results show that there is a stable, long- run relationship between foreign trade and economic growth. The variance decomposition results show that the predominant sources of Nigeria economic growth variation are due largely to "own shocks" and foreign trade innovat...

  19. CO2 emissions, energy consumption and economic growth in Tunisia

    OpenAIRE

    Chebbi, Houssem Eddine; Boujelbene, Y.

    2008-01-01

    The aim of this country specific study is to understand long and short-run linkages between economic growth, energy consumption and CO2 emission using Tunisian data over the period 1971-2004. Statistical findings indicate that economic growth, energy consumption and CO2 emission are related in the long-run and provide some evidence of inefficient use of energy in Tunisia, since environmental pressure tends to rise faster than economic growth. In the short run, results support the argument tha...

  20. ENTREPRENEURSHIP SUPPORT OF ECONOMIC GROWTH IN CHINA (I

    Directory of Open Access Journals (Sweden)

    Severian Vladut IACOB

    2015-02-01

    Full Text Available Economic growth over the past three decades in China has captured the interest of the whole world. Many nations, governments, business and science look admiringly to "Chinese miracle". The performance of this country is the more remarkable as it includes, besides the effort to go beyond a developing country and the transition from a communist economy to the market economy. "Chinese development model", whereof spoken more and  more in this period is unclear due to some nuances not really classical approach to development paradigm, which focuses on promoting democracy, human rights privatization, liberalization and the fight against corruption. Through the new model, some authors, starting from high authority of the state over property and finances, assigns to it a key role in economic growth. From their point of view, the strong boom of the private sector in China is the result of the opening provided by the state and not as a prerequisite for development. This perception is unpopular but other authors who argue that "the Chinese success had as basic ingredients exactly private entrepreneurship, private property, financial and even political reforms, though not always apparent at first glance." This study made ​​a brief foray into Chinese entrepreneurship development, opening new possibilities of deepening towards understanding how it managed to contribute to the development and growth of the country.

  1. 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

  2. NAACP Policy Recommendations for Economic Growth and Combating Inflation.

    Science.gov (United States)

    Crisis, 1981

    1981-01-01

    Reacts to the Reagan Administration's economic plans. Presents NAACP policy positions on combating inflation, tax relief, unemployment, and stimulating growth in inner cities to offset urban blight. (MK)

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

    Science.gov (United States)

    Guo, Wei-wei

    2018-02-01

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

  4. 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.

  5. 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.

  6. 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,...

  7. The dynamic relationship between money supply and economic growth

    Directory of Open Access Journals (Sweden)

    Antoni Antoni

    2015-10-01

    Full Text Available This study analyzes the influence of the financial sector to economic growth in Indonesia. The variables used are the country's financial sectors which are narrow money (M1, broad money (M2 and money the broadest money (M3, with an interest rate as a control variable. Economic growth is represented by Gross Domestic Product and producer price index. The analysis is performed using an Autoregressive Distributed Lag model (ARDL. The stability test is conducted using CUSUM test to see the changes in the structure and the effect of disruption to financial sector development relationship of economic growth. ARDL analysis results indicate that the development of the financial sector has a significant relationship with the country's economic growth. CUSUM analysis results suggest that the relationship of financial sector development-economic growth is stable against changes in economic structure.

  8. Strong sales growth in 2006: + 21 per cent

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    Paris, February 14, 2007 - The Gaz de France group today reported record consolidated sales of euro 27,642 million in 2006, up 21 per cent compared with 2005. Under average weather conditions and comparable accounting methods, sales increased by 24 per cent versus 2005. This growth results primarily from an overall increase in European energy prices notwithstanding the slight decrease in prices towards the end of the year. The group also benefited from an increase in volumes and from the integration of new operations. After a colder first half of the year compared to that of the previous year, the autumn of 2006 was particularly warm. This had a negative impact on sales growth (there was a 12 billion kWh decrease between 2005 and 2006). The sales generated by the group's international activities increased by 33 per cent to a total of euro 10,839 m in 2006 and now account for almost 40 per cent of the group's overall sales. In this context, the group confirmed at the board meeting held on January 23, 2007 that it would reach the targets set for 2006, namely: - Growth in EBITDA above 20 per cent, e.g. in excess of euro 5 billion, - Net income of more than euro 2.2 billion.

  9. Strong sales growth in 2006: + 21 per cent

    International Nuclear Information System (INIS)

    2007-01-01

    Paris, February 14, 2007 - The Gaz de France group today reported record consolidated sales of euro 27,642 million in 2006, up 21 per cent compared with 2005. Under average weather conditions and comparable accounting methods, sales increased by 24 per cent versus 2005. This growth results primarily from an overall increase in European energy prices notwithstanding the slight decrease in prices towards the end of the year. The group also benefited from an increase in volumes and from the integration of new operations. After a colder first half of the year compared to that of the previous year, the autumn of 2006 was particularly warm. This had a negative impact on sales growth (there was a 12 billion kWh decrease between 2005 and 2006). The sales generated by the group's international activities increased by 33 per cent to a total of euro 10,839 m in 2006 and now account for almost 40 per cent of the group's overall sales. In this context, the group confirmed at the board meeting held on January 23, 2007 that it would reach the targets set for 2006, namely: - Growth in EBITDA above 20 per cent, e.g. in excess of euro 5 billion, - Net income of more than euro 2.2 billion

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

    African Journals Online (AJOL)

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

  11. 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...

  12. 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 ...

  13. 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...... of parameter combinations than in standard growth models. And it avoids the usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model......) serve as illustrations that a continuum of "regular" growth processes fill the whole range between exponential growth and complete stagnation....

  14. 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...... of parameter combinations than in standard growth models. And it avoids the usual oversimplistic dichotomy of either exponential growth or stagnation. Allowing zero population growth in three different growth models (the Jones R&D-based model, a learning-by-doing model, and an embodied technical change model......) serves as illustration that a continuum of "regular" growth processes fill the whole range between exponential growth and complete stagnation....

  15. Energy consumption, carbon emissions and economic growth nexus in Bangladesh: Cointegration and dynamic causality analysis

    International Nuclear Information System (INIS)

    Jahangir Alam, Mohammad; Ara Begum, Ismat; Buysse, Jeroen; Van Huylenbroeck, Guido

    2012-01-01

    The paper investigates the possible existence of dynamic causality between energy consumption, electricity consumption, carbon emissions and economic growth in Bangladesh. First, we have tested cointegration relationships using the Johansen bi-variate cointegration model. This is complemented with an analysis of an auto-regressive distributed lag model to examine the results' robustness. Then, the Granger short-run, the long-run and strong causality are tested with a vector error correction modelling framework. The results indicate that uni-directional causality exists from energy consumption to economic growth both in the short and the long-run while a bi-directional long-run causality exists between electricity consumption and economic growth but no causal relationship exists in short-run. The strong causality results indicate bi-directional causality for both the cases. A uni-directional causality runs from energy consumption to CO 2 emission for the short-run but feedback causality exists in the long-run. CO 2 Granger causes economic growth both in the short and in the long-run. An important policy implication is that energy (electricity as well) can be considered as an important factor for the economic growth in Bangladesh. Moreover, as higher energy consumption also means higher pollution in the long-run, policy makers should stimulate alternative energy sources for meeting up the increasing energy demand. - Highlights: ► Dynamic causality among energy and electricity consumption, CO 2 and economic growth. ► Uni-directional causality exists from energy consumption to economic growth. ► Bi-directional causality exists between electricity consumption and economic growth. ► Feedback causality exists between CO 2 emission to energy consumption. ► CO 2 Granger causes economic growth both in the short and in the long-run.

  16. Keynes on population and economic growth.

    Science.gov (United States)

    Toye, J

    1997-01-01

    This article discusses the evolution of Keynes's thinking on population based on an unpublished paper from 1914, "Is the Problem of Population a Pressing and Important One Now?" The paper is reported to have 39 pages, but in fact there are many missing page numbers. Keynes's "Essays in Biography" (1933) follows the basic structure and much of the verbal detail of the first 16 pages of "Population." Chapter 2 of the "Economic Consequences of the Peace" discusses the key ideas of "Population." The passages in "Population" and Chapter 2 were probably the sources of a fierce controversy in 1923-24 between Keynes and W.H. Beveridge over Keynes' neo-Malthusianism. "Population" was the basis for the three themes that were central to Keynes's writing on population. Keynes's framework shifted from a global perspective in "Population" to a progressively narrower focus in the 1930s on England and Wales. Keynes was stronger in his advocacy of birth control in "Population" compared to later writings. Keynes was concerned about the quality of population but disagreed on the methods of achieving this. Keynes argued that 75% of the world was not subject to Malthusian dynamics, and the other 25% had developed technology to relieve population pressure. "Population" sketches out the rudiments of the welfare implications of the great divide between North and South population growth rates. Keynes assumes that overpopulation in the South will be compensated for by the international market without consideration of income deficits. Keynes argues against pronatalism. The 1933 essay shows Keynes shift away from Malthus as population expert to Malthus as political economist. By 1937, Keynes had recanted and was very aware of the uncertainty of the economy. The author believes that it is unfortunate that this 1913-14 manuscript remains unknown and, if known, misunderstood.

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

    African Journals Online (AJOL)

    Dynamic analysis of savings and economic growth in Nigeria. ... Journal of Agriculture and Social Research (JASR) ... Relevant literature having been reviewed, a trivariate dynamic Granger causality model with savings, economic growth and foreign capital inflows was adopted as against the weak bivariate Granger ...

  18. Consequences of unbridled poverty on economic growth in Nigeria ...

    African Journals Online (AJOL)

    It explains some of the factors that would reduce poverty to the bearest minimum in order to enhance sustainable economic growth. The paper also examine causes of poverty and identifying the effect of poverty on economic growth. African Journal of Cross-Cultural Psychology and Sport Facilitation Vol. 6 2004: 57-62 ...

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

    African Journals Online (AJOL)

    African Research Review ... aim of this paper is to carry out an empirical investigation on the relationship between investment in education, health and economic growth in Nigeria, using time series data from 1982 to 2011. ... Key words: Economic growth, Human Capital, Education, Health and Gross fixed capital formation.

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

    African Journals Online (AJOL)

    African Research Review ... Abstract. This study investigated the role of stock market development on economic growth of Nigeria using a 15-year time series data from 1994 - 2008. ... This result implies that liquidity has propensity to spur economic growth in Nigeria and that market capitalization influences market liquidity.

  1. 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 ...

  2. 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…

  3. 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.

  4. 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…

  5. Information and Communication Technology and Economic Growth in India

    NARCIS (Netherlands)

    Erumban, Abdul; Das, Deb Kusum

    2016-01-01

    This paper examines the sources of economic growth in Indian economy since the 1980s, with particular focus on the role of information and communication technology (ICT). The impact of ICT on economic growth is analyzed via two main channels. The direct contribution of ICT investment to aggregate

  6. Economic Growth Assumptions in Climate and Energy Policy

    Directory of Open Access Journals (Sweden)

    Nir Y. Krakauer

    2014-03-01

    Full Text Available The assumption that the economic growth seen in recent decades will continue has dominated the discussion of future greenhouse gas emissions and the mitigation of and adaptation to climate change. Given that long-term economic growth is uncertain, the impacts of a wide range of growth trajectories should be considered. In particular, slower economic growth would imply that future generations will be relatively less able to invest in emissions controls or adapt to the detrimental impacts of climate change. Taking into consideration the possibility of economic slowdown therefore heightens the urgency of reducing greenhouse gas emissions now by moving to renewable energy sources, even if this incurs short-term economic cost. I quantify this counterintuitive impact of economic growth assumptions on present-day policy decisions in a simple global economy-climate model (Dynamic Integrated model of Climate and the Economy (DICE. In DICE, slow future growth increases the economically optimal present-day carbon tax rate and the utility of taxing carbon emissions, although the magnitude of the increase is sensitive to model parameters, including the rate of social time preference and the elasticity of the marginal utility of consumption. Future scenario development should specifically include low-growth scenarios, and the possibility of low-growth economic trajectories should be taken into account in climate policy analyses.

  7. 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 ...

  8. Investment, Control of Corruption and Economic Growth in MENA region

    OpenAIRE

    Mtiraoui, Abderraouf

    2015-01-01

    This paper aims to study the interaction between the control of corruption, investment and economic growth in the MENA region. Our empirical essay attempts to clarify the direct and indirect control of corruption on economic growth through investment in the period 1984-2012 in the MENA region while using the model of simultaneous equations.

  9. 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 ...

  10. 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

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

    NARCIS (Netherlands)

    van Hemert, P.P.

    2008-01-01

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

  12. 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. 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...

  15. 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.

  16. 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.

  17. 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...... of two competing second-generation endogenous growth models to account for the British growth experience. The results suggest that innovative activity was an important force in shaping the Industrial Revolution and that the British growth experience is consistent with Schumpeterian growth theory....

  18. 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…

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

    International Nuclear Information System (INIS)

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

    2016-01-01

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

  20. 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...

  1. 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...

  2. 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...

  3. Tumor-penetrating nanosystem strongly suppresses breast tumor growth

    Science.gov (United States)

    Sharma, Shweta; Kotamraju, Venkata Ramana; Mölder, Tarmo; Tobi, Allan; Teesalu, Tambet; Ruoslahti, Erkki

    2018-01-01

    Antiangiogenic and vascular disrupting compounds have shown promise in cancer therapy, but tend to be only partially effective. We previously reported a potent theranostic nanosystem that was highly effective in glioblastoma and breast cancer mouse models, retarding tumor growth and producing some cures [Agemy et al. 2011,2013]. The nanosystem consists of iron oxide NPs (“nanoworms”) coated with a composite peptide with tumor-homing and pro-apoptotic domains. The homing component targets tumor vessels by binding to p32/gC1qR at the surface or tumor endothelial cells. We sought to further improve the efficacy nanosystem by searching for an optimally effective homing peptide that would also incorporate a tumor-penetrating function. To this effect, we tested a panel of candidate p32 binding peptides with a sequence motif that conveys tumor-penetrating activity (CendR motif). We identified a peptide designated as Linear TT1 (Lin TT1) (sequence: AKRGARSTA) as most effective in causing tumor homing and penetration of the nanosystem. This peptide had the lowest affinity for p32 among the peptides tested. The low affinity may have moderated the avidity effect from the multivalent presentation on nanoparticles (NPs), such that the NPs avoid getting trapped by the so called “binding-site barrier”, which can hinder tissue penetration of compounds with a high affinity for their receptors. Treatment of breast cancer mice with the LinTT1 nanosystem showed greatly improved efficacy compared to the original system. These results identify a promising treatment modality and underscore the value of tumor penetration effect in improving the efficacy tumor treatment. PMID:28178415

  4. 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.

  5. On Economic Growth and Domestic Saving in India

    OpenAIRE

    Tarlok Singh

    2011-01-01

    This study examines the economic growth and domestic saving in India. The onset of gradual economic reforms since the 1980s provided some fillip to growth, and the momentum was carried forward through the adoption of a wide-ranging structural adjustment program since the beginning 1990s. The sustainability of an accelerated growth trajectory hinges heavily on the acceleration of saving and investment and the improvements in productivity. While foreign direct investment, liberalization of trad...

  6. 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...

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

    OpenAIRE

    Meijers, H.H.M.

    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...

  8. Economic Analysis of Endogenous Growth Model with ICT Capital

    OpenAIRE

    Shoji Katagiri; Hugang Han

    2014-01-01

    This paper clarifies the role of ICT capital in economic growth. Albeit ICT remarkably contributes to economic growth, there are few studies on ICT capital in ICT sector from theoretical point of view. In this paper, production function of ICT which is used as input of intermediate good in final good and ICT sectors is incorporated into our model. In this setting, we analyze the role of ICT on balance growth path and show the possibility of general equilibrium solutions f...

  9. Foreign trade, environmental protection and sustainable economic growth in China

    OpenAIRE

    CHEN Jiyong; LIU Wei; HU Yi

    2006-01-01

    Since the 1990s, China has exhibited growth in both foreign trade and the economy. Promoting environmental protection and sustainable economic growth are main concerns in the academic profession in the country. This paper makes an empirical analysis of trade and environmental pollution, and discusses the inherent relationship between foreign trade, environmental protection and sustainable economic growth. In addition, this paper makes several policy suggestions with a view to adjusting trade ...

  10. 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...

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

    OpenAIRE

    Bosanac, Siniša; Požega, Željko

    2016-01-01

    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 indicator...

  12. Economic growth and intangible capitals: Europe versus Asia

    Directory of Open Access Journals (Sweden)

    Navarro José-Luis Alfaro

    2014-01-01

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

  13. 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…

  14. Botswana: An Example of Prudent Economic Policy and Growth

    OpenAIRE

    World Bank

    2000-01-01

    Botswana is one of a small group of countries in the contemporary era, virtually the only African country that has sustained rapid economic growth over an extended period. Over the past three decades, Botswana's real per capita income grew by more than 7 percent per annum, which is comparable to rates of growth achieved by countries like Korea and Thailand. Remarkably, this growth, facilit...

  15. 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.

  16. 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.

  17. INSTITUTIONS, EDUCATION AND INNOVATION AND THEIR IMPACT ON ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Miroljub Shukarov

    2016-03-01

    Full Text Available The aim of this article is to provide a closer look of the institutions, their development, education and innovation and their impact on economic growth. The postulates of the neo-classical economic growth theories consider the accumulation of human capital and the technological development as factors that promote economic growth. Thus, investing in education, R&D and innovation is essential for a country’s prospects for economic growth. However, the main idea is to present this topic from institutional point of view. By using literature and statistical analysis, the article investigates whether the degree of institutional development in country’s educational system is sufficient enough to create prospects for economic growth. We compare four different countries: Macedonia and Serbia as non-EU countries and Bulgaria and Slovenia as EU member countries. We perform two analysis – the first one is comparison of selected statistical data, and the second one is comparison of the Human Development Index for the four countries of interest. The research findings indicate to the fact that institutionalized society with higher degree of institutional development in this case in the educational system is more likely to boost the economic growth. The results also indicate to the fact that societies in which the degree of institutional development is higher, as it is in our case in Slovenia and Bulgaria, are more likely to produce well qualified and skilled labour force which will further impact the economic growth.

  18. 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

  19. 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

  20. 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...

  1. The Effect of Foreign Direct Investment in Economic Growth from the Perspective of Nonlinear Dynamics

    Directory of Open Access Journals (Sweden)

    Ch. K. Volos

    2015-09-01

    Full Text Available In today’s globalized economy one of the most crucial factors for the economic growth of a country, especially of a developing country, is the foreign direct investment, not only because of the transfer of capital but also of technology. In this work, the effect of foreign direct investments in a county’s economic growth by using tools of nonlinear dynamics is studied. As a model of the economic growth of a country, a well-known nonlinear discrete-time dynamical system, the Logistic map, is used. The system under study consists of two countries with a strong economic relationship. The source country of foreign direct investments is an industrialized, economically powerful and technologically advanced country that makes significant investments in the host country, which is a developing country and strong dependent from the source country. Simulation results of system’s behavior and especially the bifurcation diagrams reveal the strong connection between the countries of the proposed system and the effect of foreign direct investments in the economic growth of the host country.

  2. Productivity Growth : Industries, Spillovers and Economic Performance

    NARCIS (Netherlands)

    Ten Raa, T.; Wolff, E.N.

    2012-01-01

    Productivity growth is the main vehicle to increase the standard of living. This book explains the relationships between technological change, efficiency, productivity growth and performance. The emphasis is on the interplay between industries in modern economies. The book provides a broad yet

  3. 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

  4. AN ANALYSIS OF THE COMPANIE'S ECONOMIC GROWTH CAPACITY

    Directory of Open Access Journals (Sweden)

    Camelia BURJA

    2009-06-01

    Full Text Available The sustainable economic growth of companies constitutes a strategic management objective as it is ofgeneral interest. The companies’ accrued net worth and their capacity to generate profit result in increasedcompetitiveness. This paper presents a general model to analyze the companies’ economic growth grounded on theinvested capital profitability that is illustrated in an adequate case study. The described model highlights the majorfactors influencing economic growth at a microeconomic level as well as the direction they act, providing thepossibility to better substantiate decisions that serve this purpose.

  5. 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.

  6. 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.

  7. Electricity Consumption and Economic Growth: Evidence from 17 Taiwanese Industries

    Directory of Open Access Journals (Sweden)

    Wen-Cheng Lu

    2016-12-01

    Full Text Available The current paper investigates the existence and nature of the Granger causality between electricity consumption and economic growth for 17 industries in Taiwan. Empirical results over the period 1998–2014 suggest that a panel cointegration test shows a long-run equilibrium relationship and a bi-directional Granger causality between electricity and economic growth has been found. The result indicates that a 1% increase in electricity consumption boosts the real GDP by 1.72%. The government can pursue energy conservation and carbon reduction policy in some industries without impeding the economic growth for adjusting the industrial structure.

  8. THE EMPIRICAL ANALYSIS OF THE RELATION BETWEEN FDI, EXPORTS AND ECONOMIC GROWTH FOR ROMANIA

    Directory of Open Access Journals (Sweden)

    Lenuţa Carp (Ceka

    2014-04-01

    Full Text Available FDIs are considered a key engine to enhance economic growth both in developed and emerging economies, through various channels such as technology transfer, human and physical capital accumulation, commercial channel. The present paper aims at emphasizing the strong, long – term impact of FDI inflows on economic growth through the volume of exports. Using data over the period 1990 – 2012, the article has proved the existence of an important influence exerted by foreign inflows on the GDP growth rates based on a Johansen Co-integration and VECM analysis. Further research will be developed through a panel study on developed and developing economies.

  9. Natural gas facing the new energy disorders: opportunities and constraints of a waited economic growth

    International Nuclear Information System (INIS)

    Valais, M.

    1991-01-01

    This paper studies natural gas industry facing the new disorders on energy markets. Energy world-wide demand growth is the strong point of natural gas development. Natural gas supply is based on abundant resources, well geographically distributed, but more expensive. This paper describes international trade growth and economic constraints, the impact of economic growth reduction, Gulf crisis and USSR or East Europe disorders on natural gas market. In the last part, the influence of environmental policy, regulations and ecological anxiety are briefly approached. 1 fig., 3 tabs

  10. 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.

  11. 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.

  12. 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...

  13. 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.

  14. 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.

  15. Electricity Consumption-Economic Growth Nexus: The Ghanaian Case

    Directory of Open Access Journals (Sweden)

    Philip Kofi Adom

    2011-01-01

    Full Text Available Research into the electricity-economic growth nexus has important implications for energy conservation measures and environmental policy. However, results from the energy-economic growth nexus have been mixed in the literature on Ghana. This posses serious problems for the country’s energy policy. Much research is thus, required to establish the direction of causality between energy and economic growth. Nonetheless, less evidence is available for Ghana. It is against this background that this study seeks to investigate the direction of causality between a type of energy, electricity, and economic growth to add to the existing argument in the literature. The Toda and Yomamoto Granger Causality Test was used to carry out the test of causality between electricity consumption and economic growth from 1971 to 2008. The results obtained herein revealed that there exists a unidirectional causality running from economic growth to electricity consumption. Thus, data on Ghana supports the Growth-led-Energy Hypothesis. The results imply that electricity conservation measures are a viable option for Ghana.

  16. BSC-1 growth inhibitor/type beta transforming growth factor is a strong inhibitor of thymocyte proliferation.

    OpenAIRE

    Ristow, H J

    1986-01-01

    Growth inhibitor/type beta transforming growth factor purified from BSC-1 cells and human platelets is shown to strongly inhibit the proliferation of Con A-stimulated mouse thymocytes. The inhibition can be achieved with growth inhibitor/type beta transforming growth factor concentrations approximately equal to 1/10th those necessary to inhibit keratinocyte cultures. The inhibitory effect in thymocyte cultures can be reversed by the addition of interleukin 2. These findings suggest that growt...

  17. Population Growth and Economic and Social Development.

    Science.gov (United States)

    Clausen, A. W.

    1985-01-01

    All evidence shows that fast population growth slows development in the developing countries. It is the combination of social development and family planning that is so powerful in reducing fertility. Governments must act now. (RM)

  18. Achieving Economic Growth in the EU Through Lobbyism

    Directory of Open Access Journals (Sweden)

    Gert Tinggaard Svendsen

    2009-11-01

    Full Text Available At Lisbon in 2000, the European Union (EU set itself a new strategic goal, namely to become the world’s leading economy and to enhance social cohesion across the union, all within a decade. It is argued in this article that one fundamental barrier to the fulfilment of this dream is the fact that power is centralised in the Commission rather than the Parliament. The basic idea upon which our theoretical model is predicated is that a political system that centralises power lowers the cost of rent-seeking and therefore leads to a more economically harmful redistribution, as reflected in the annual EU budget. Here, the two main redistribution policies, (1 Common Agricultural Policy (CAP and (2 the Structural Funds, consume more than four fifths of the total annual EU budget. Thus, if the EU is to achieve its strategic goal, a strong cure is needed to reduce redistribution and encourage more free trade. The simple cure for this ‘EU disease’ would be to strengthen the decision-making power of the Parliament at the expense of the Commission. In this way, power would be spread out between the democratically elected members of the Parliament rather than being concentrated with a few bureaucrats. Such constitutional change and decentralisation of power would increase the costs of lobbyism in particular and thereby reduce distortions of policy outcomes, clearing the road for free-trade policies and economic growth in the new millennium.

  19. Economic Growth, Income Distribution, and Climate Change

    OpenAIRE

    Rezai, Armon; Taylor, Lance; Foley, Duncan K.

    2017-01-01

    We present a model based on Keynesian aggregate demand and labor productivity growth to study how climate damage affects the long-run evolution of the economy. Climate change induced by greenhouse gas lowers profitability, reducing investment and cutting output in the short and long runs. Short-run employment falls due to deficient demand. In the long run productivity growth is slower, lowering potential income levels. Climate policy can increase incomes and employment in the short and long r...

  20. Innovation, Market Structure and Economic Growth

    OpenAIRE

    Nuno Pedro Gonçalves Palma

    2004-01-01

    This paper presents a dynamic partial equilibrium model that endogenizes firms' investment decision on innovation: product innovation causes horizontal expansion growth, and process innovation causes vertical expansion growth. Market structure in different markets emerges as a consequence of different investment on innovation opportunities. Main variables that constrain this structure in a given market are the rate of scientific (basic) discoveries that permit innovation productivity, and the...

  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. Does government spending boost economic growth in Europe?

    Directory of Open Access Journals (Sweden)

    Florin Teodor BOLDEANU

    2016-07-01

    Full Text Available The article aims to analyse the evolution of budgetary expenditures and their relationship with economic growth, especially in the EU countries and three non-EU countries - Switzerland, Norway and Iceland during 1991 - 2012. To test the link between government spending and economic growth the research used the United Nation Classification of the Functions of Government and three econometrical regression methods – ordinary least square, least squares dummy variable and the generalized method of moments. Statistical results for the 10 categories of expenditure have shown that economic affairs, environmental protection, recreation, culture and religion and social protection have a significant impact on economic growth. Also the recent economic crisis and the EU accession influenced the variation of GDP/capita.

  3. 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.

  4. Public and Private Investment and Economic Growth in Namibia ...

    African Journals Online (AJOL)

    standing issue in macroeconomics .... strands of research on the role of public capital spending in capital accumulation and economic growth. The first ... education, and infrastructure including roads and electricity, had positive impacts on agricultural.

  5. 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.

  6. Dynamics of Governance, Investment and economic Growth in Nigeria

    African Journals Online (AJOL)

    , governance and investment/capital formation is closely intertwined. The importance of the soundness and effectiveness of governance in attaining increased investment and sustained economic growth cannot be overemphasized.

  7. 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.

  8. 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

  9. 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…

  10. 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,…

  11. Growth, Inclusiveness, and Women's Economic Empowerment in ...

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

    Brazil has witnessed an unprecedented rise of women to economic and political power. Latin America's most populous country has a female president, Dilma Rousseff, and women hold 26% of her cabinet seats. The CEO of Petrobras is the only female head of a big oil company worldwide. In a world where only 21% of the ...

  12. 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…

  13. Economic development, growth, institutions and geography

    NARCIS (Netherlands)

    Bhupatiraju, S.; Verspagen, B.

    2013-01-01

    In this paper, we test the Rodrik et al (2004) framework to explain differences in development levels across countries by using a broader set of definitions for institutions, geography and economic variables. We use a multi-faceted database to measure institutions in an attempt to go beyond the

  14. MONETARY REFORMS AND ECONOMIC GROWTH IN CEMAC ZONE

    OpenAIRE

    Mallaye, Douzounet

    2009-01-01

    The aim of this study is to analyse the effects of monetary reform on economic growth in the CEMAC zone. Indeed, in 16th October 1990, the governments concerned liberalised the financial sector, softened their monetary policies, restructured the banks and adopted new prudential regulation within the context of structural adjustment plans recommended by the Bretton Wood institutions. In this way, we assess the impact of monetary liberalization policy on economic growth during the period 1990-2...

  15. The Persistence of Corruption and Slow Economic Growth

    OpenAIRE

    Paolo Mauro

    2004-01-01

    There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don't countries strive to improve their institutions and root out corruption? Why do many countries appear to be stuck in vicious circles of widespread corruption and low economic growth, often accompanied by ever-changing governments through revolutions and coups? A possible explanation is that when corruption is widespread, individuals do not h...

  16. Growth, economic development and structural transition in small vulnerable states

    OpenAIRE

    Read, Robert

    2001-01-01

    This paper reviews the critical theoretical and policy issues relating to growth, economic development and structural transition in small states. The paper discusses alternative perspectives on small size and highlights the salient characteristics which give rise to their economic sub-optimality. The theoretical and empirical relationship between size and growth is reviewed, including recent inferences relating to structural transition and comparative advantage in small states. This discussio...

  17. Foreign capital inflow and economic growth in Cameroon

    OpenAIRE

    Fambon, Samuel

    2013-01-01

    The purpose of this paper is to capture the impact of foreign capital inflows (which include foreign aid and foreign direct investment) on economic growth in Cameroon. Using the autoregressive distributive lag approach to cointegration and time-series data for the period 1980 - 2008, the results of the study indicate that the domestic capital stock and foreign direct investment have positive and significant impacts on economic growth in the short and long terms, while the impact of the labour...

  18. ISLAMIC FINANCE DEVELOPMENT AND ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM TURKEY

    Directory of Open Access Journals (Sweden)

    Mustapha JOBARTEH

    2017-02-01

    Full Text Available This work is a study on Islamic finance development and economic growth nexus for Turkey. It employs the econometric methods of unit root, co-integration, and Granger causality in a VECM framework; and the results, which are robust to all measures of Islamic finance development, show a unidirectional short and long run causality from Islamic finance development to economic growth. Hence, it is recommended that policy makers increase their efforts in promoting Islamic finance in Turkey.

  19. 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...

  20. 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 ...

  1. 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.

  2. Dynamic inter-relationship between trade, economic growth and tourism in Malaysia

    OpenAIRE

    Sarmidi, Tamat; Salleh, Norlida H

    2010-01-01

    This study aims to test a hypothesis that postulate a positive inter-relationship between international flows of tourist, trade and economic growth. Although tourism is one of the major components in the trade of services, and it has been certified by large number of literatures on the strong correlation between tourism industry and economic development, yet not much is known on the dynamic inter-relationship between these three variables. Closing-up this gaping hole, this study employs the c...

  3. Human capital and economic growth: a review essay

    Directory of Open Access Journals (Sweden)

    Marinko Škare

    2015-05-01

    Full Text Available Human capital as a critical engine of economic growth is present in many empirical and theoretical body of knowledge on growth models and theory. However, the conclusion on its importance as a driver of economic growth remains inconclusive. The aim of this study is to provide and detailed overview on theoretical and empirical research investigating the role of human capital in the economic growth phenomena. Measuring human capital remains the main obstacle to assessing the importance of human capital and education in economic growth. The time lag present causes additional restrictions in the schooling process itself which in the today dynamic and globalized world present a real obstacle to measuring human capital role in growth models. Costs principle in measuring human capital proxy may not be a best approach to use in growth accounting models. Other not quantitative (subjective factors affect human capital to a degree not less than quantitative are like motivation, commitment, vision. These factors have to be accounted for if an adequate fit for proxy of human capital in growth models in future prospective research on endogenous growth models and theories.

  4. 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.

  5. When growth is empty: towards an inclusive economics

    NARCIS (Netherlands)

    Pouw, N.R.M.

    2011-01-01

    The pursuit of endless growth and the ensuing global financial crisis have eroded public trust in economic policy. As a result, an increasing number of economists are advocating a more inclusive global economy. The global financial crisis has exposed the weaknesses of the liberalized economic system

  6. 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.

  7. Identifying Post-War Growth and Economic Opportunities for Women ...

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

    ... implementation of economic programs for women This research is supported under the Growth and Economic Opportunities for Women (GrOW) program. GrOW is a five-year, multi-funder partnership of the United Kingdom's Department for International Development, The William and Flora Hewlett Foundation, and IDRC.

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

    African Journals Online (AJOL)

    2008-12-11

    Dec 11, 2008 ... ABSTRACT. The shortfalls of trade by barter have projected beyond imagination the role of money in any modern economic system. However, different predictions of monetary theories have assigned different degrees of the impacts of money and interest rate on economic growth and development. Thus ...

  9. 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…

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

    African Journals Online (AJOL)

    International Journal of Development and Management Review ... The study seeks to examine the impact of microfinance institution on economic growth of a country, thus using Nigeria as a case study. ... Microfinance investment however, has a significant impact on economic performance in Nigeria in the long run.

  11. Growth and Economic Opportunities for Women | Page 4 | IDRC ...

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

    IDRC's Growth and Economic Opportunities for Women (GrOW) program is playing a key role in the United Nations' first ever high-level panel for women's economic empowerment ... Financial inclusion — improving access and availability of financial services for the poor — can reduce inequality and promote social mobility.

  12. Public and Private Investment and Economic Growth in Namibia ...

    African Journals Online (AJOL)

    ... this study analyzes the impact of public and private investment on economic growth in Namibia over the 1970–2005 periods. Cointegration and error correction modeling approaches were adopted. The results suggest that in addition to public and private investment,-exports, imports, economic freedom, labour and human ...

  13. Energy Consuption and Economic Growth in Nigeria | Orhewere ...

    African Journals Online (AJOL)

    The relationship between energy consumption and economic growth has attracted much interest in economic literature. The views on the direction of this relationship are divergent. Empirical evidence varies, depending on the sources and pattern of energy consumption of the economy examined. This paper investigated the ...

  14. 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 ...

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

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

    Informal sector, business environment and economic growth: A comparative analysis of West and Central Africa. This project aims to improve the knowledge of informal entrepreneurship in Africa in order to offer public policy-makers options for building upon the economic and employment potential of informal enterprises.

  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. 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.

  18. 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

  19. 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.

  20. 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...

  1. 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.

  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...

  3. Funded pensions can strengthen European economic growth

    NARCIS (Netherlands)

    van Ewijk, C.

    2014-01-01

    Now that the debt crisis seems more or less under control, Europe’s next challenge is to put the economy back on track of robust, structural growth. Important to this task is to reconsider the European financial landscape, and to see how it can be better geared to supporting the long-term investment

  4. 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.

  5. 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

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

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

    However, most of the efforts touting the role of ICTs in poverty reduction emphasize their macroeconomic impact rather than their microeconomic and micro-social consequences. This raises the question of whether ICT-induced growth is pro-poor. This project will evaluate the specific contribution of ICTs to sustainable ...

  7. Supporting sustainable economic growth in ASEAN | IDRC ...

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

    2016-09-02

    Sep 2, 2016 ... As cities expand, climate change compounds the stress on poor communities already struggling with unplanned growth. Building on IDRC's long history of research into environmental factors that intensify urban poverty, researchers are working with urban communities to increase their adaptability to ...

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

    Directory of Open Access Journals (Sweden)

    Huňady Ján

    2015-03-01

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

  9. 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

  10. Strain selection, biomass to biofuel conversion, and resource colocation have strong impacts on the economic performance of algae cultivation sites

    Directory of Open Access Journals (Sweden)

    Erik R. Venteris

    2014-09-01

    Full Text Available Decisions involving strain selection, biomass to biofuel technology, and the location of cultivation facilities can strongly influence the economic viability of an algae-based biofuel enterprise. We summarize our past results in a new analysis to explore the relative economic impact of these design choices. Our growth model is used to predict average biomass production for two saline strains (Nannocloropsis salina, Arthrospira sp., one fresh to brackish strain (Chlorella sp., DOE strain 1412, and one freshwater strain (order Sphaeropleales. Biomass to biofuel conversion is compared between lipid extraction (LE and hydrothermal liquefaction (HTL technologies. National-scale models of water, CO2 (as flue gas, land acquisition, site leveling, construction of connecting roads, and transport of HTL oil to existing refineries are used in conjunction with estimates of fuel value (from HTL to prioritize and select from 88,692 unit farms (UF, 405 ha in pond area, a number sufficient to produce 136E+9 L yr-1 of renewable diesel (36 billion gallons yr-1. Strain selection and choice of conversion technology have large economic impacts, with differences between combinations of strains and biomass to biofuel technologies being up to $10 million dollars yr-1 UF-1. Results based on the most productive strain, HTL-based fuel conversion, and resource costs show that the economic potential between geographic locations within the selection can differ by up to $4 million yr-1 UF-1, with 1.8 BGY of production possible from the most cost-effective sites. The local spatial variability in site rank is extreme, with very high and low sites within 10s of km of each other. Colocation with flue gas sources has a strong influence on rank, but the most costly resource component varies from site to site. The highest rank UFs are located predominantly in Florida and Texas, but most states south of 37°N latitude contain promising locations.

  11. 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.

  12. Fractionalization, Polarization and Economic Growth: Identifying the Transmission Channels

    NARCIS (Netherlands)

    Papyrakis, E.; Mo, P.K.

    2014-01-01

    In this article, we examine empirically both the direct and indirect links between ethnic fragmentation and economic growth. We find that both ethnic fractionalization and polarization are negatively associated with growth if considered in isolation; an effect that is though primarily attributed to

  13. The Role of Stock Market Development on Economic Growth in ...

    African Journals Online (AJOL)

    growth of Nigeria using a 15-year time series data from 1994-2008. The method of analysis used is Ordinary Least Square (OLS) techniques. The study measures the relationship between stock market development indices and economic growth. The stock market capitalization ratio was used as a proxy for market size while ...

  14. THE IMPACT OF TECHNOLOGICAL GROWTH ON ECONOMIC PERFORMANCE IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Hery Ferdinan

    2013-04-01

    Full Text Available AbstractTechnology in the globalization era is difficult to be avoided in daily life. This study aims to estimate the impact of technological growth on economic performance in Indonesia using a Total Factor Productivity (TFP method. The results indicate that technological growth in Indonesia during 1981-2012 is 0.87 percent, contributes up to 30.48 percent to economic growth. The results of econometric analysis suggest that technological growth will increase not only economic growth but also the unemployment rate, implying that technological growth in Indonesia creates jobs destruction than jobs creation.Keywords: Technological growth, TFP, economic growth, unemployment rateJEL classification number: O11, O47AbstrakTeknologi di era globalisasi sulit untuk dihindarkan dalam kehidupan sehari-hari. Penelitian ini bertujuan untuk mengestimasi dampak dari perkembangan teknologi pada kinerja ekonomi di Indonesia menggunakan metode Total Factor Productivity (TFP. Hasil penelitian menunjukkan bahwa perkembangan teknologi di Indonesia selama 1981-2012 adalah 0,87 persen, memberikan kontribusi hingga 30.48 persen terhadap pertumbuhan ekonomi. Hasil analisis ekonometrik menunjukkan bahwa perkembangan teknologi akan meningkatkan tidak hanya pertumbuhan ekonomi tetapi juga tingkat pengangguran, yang menyiratkan bahwa perkembangan teknologi di Indonesia menciptakan turunnya jumlah pekerjaan, bukannya menciptakan lapangan kerja.Keywords: Pertumbuhan teknologi, TFP, pertumbuhan ekonomi, tingkat pengangguranJEL classification number: O11, O47

  15. Double digit economic growth vs. social wellbeing in Ethiopia: a ...

    African Journals Online (AJOL)

    Ethiopia has been reporting double digit economic growth rates over the last decade, while at the same time being ranked as one of the impoverished nations in the world. Despite the 11.0 percent average annual real GDP growth rate since 2004, the Oxford Poverty and Human Development Initiative consistently ranks ...

  16. analysis of domestic debt: implication for economic growth in nigeria

    African Journals Online (AJOL)

    PROF EKWUEME

    This paper principally analysed the importance of domestic debt on economic growth of Nigeria. The objective of the study is to investigate the ... defined in terms of price fluctuation and single- commodity economy as a result of non- ... and endogenous growth models {Smith, et al. (2003) and Turnovsky, (2000)}. Therefore ...

  17. Public and Private Investment and Economic Growth in Namibia ...

    African Journals Online (AJOL)

    Abstract. Using the framework of an endogenous growth model, this study analyzes the impact of public and private investment on economic growth in Namibia over the 1970–2005 periods. Cointegration and error correction ..... instrument in this process. As defined by Engle and Granger (1987), the stationarity of a variable.

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

    African Journals Online (AJOL)

    ... expansionary monetary policy in Cameroon. This work therefore recommends guided expansionary monetary policy as an instrument for growth and development in Cameroon in particular and the CEMAC zone in general. Key words: Dynamic, Money Supply, Interest Rates, Economic growth, Co-integration and Inflation.

  19. 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...

  20. Strong regional links between socio-economic background factors and disability and mortality in Oslo, Norway

    International Nuclear Information System (INIS)

    Rognerud, Marit Aase; Krueger, Oystein; Gjertsen, Finn; Thelle, Dag Steinar

    1998-01-01

    Study objective: To study geographical differences in mortality and disability and sosio-economic status in Oslo, Norway. Setting: A total of 25 local authority districts within the city of Oslo. Design: Analysis of age adjusted mortality rates aged 0-74 in the period 1991-1994, and cross sectional data on disability pensioners aged 50-66 and socio-economic indicators (low education, single parenthood, unemployment, high income) in 1994. Main outcome measures: The levels of correlation between the health outcomes (mortality and disability) and sosio-economic exposure variables. Main results: The geographical patterns of mortality and disability display substantial similarities and show strong linear correlation with area measures of socio-economic deprivation. The ratios between the highest and lowest area mortality rates were 3.3 for men and 2.1 for women, while the high-low ratios of disability were 7.0 for men and 3.8 for women. For women deprivation measures are better correlated with disability than mortality. While disability and mortality display similar correlations with deprivation measures for men. Conclusions: The social gradients in health are substantial in Oslo. Further ecological analysis of cause specific morbidity and mortality and the distribution of risk factors ought to be done to identify problem areas suitable for interventions. However, to understand the mechanisms and the relative importance of each etiological factor, studies based on individual data have to be performed

  1. Poverty and Economic Inequalities in Peru during the Boom in Growth: 2004-14

    OpenAIRE

    Herrera, Javier

    2018-01-01

    In the first decade of the twenty-first century, Latin America experienced strong growth that was primarily attributable to high export prices and growing demand from China. Moreover, democratic transitions in the region brought to power governments with highly contrasting economic policies and different visions of the sectors that were driving growth. These governments also differed in terms of the social policies they implemented to combat poverty and inequality. Countries with ‘heterodox’ ...

  2. Population Ageing, Retirement Age Extension and Economic Growth in China A Dynamic General Equilibrium Analysis

    OpenAIRE

    Xiujian Peng; Yinhua Mai

    2013-01-01

    China is experiencing rapid population ageing with the proportion of the population aged 65 and above projected to increase almost threefold between 2010 and 2050. The growth of the working age population is expected to stop approximately in 2015 and to turn strongly negative. China's low retirement age compounds the ageing problem. One means to mitigate the negative effects of shrinking labour force on economic growth is to stimulate labour force participation among the current working age p...

  3. 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.

  4. 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.

  5. Population Aging and Economic Growth in Asia

    OpenAIRE

    David E. Bloom; David Canning; Jocelyn Finlay

    2008-01-01

    The decline in the total fertility rate between 1960 and 2005, coupled with an increase in life expectancy and the dynamic evolution of past variation in birth and death rates, is producing a significant shift in age structure in Asia. The age distribution has shifted from one with a high youth-age population share to one with a high old-age population share. We illustrate the role of these separate forces in shaping the age distribution. We also argue that the economic consequences of popula...

  6. Specialization in Higher Education and Economic Growth

    OpenAIRE

    von Greiff, Camilo

    2007-01-01

    This paper presents a new market failure in the decision on educational type in higher education. Individuals choose types of education with different degrees of specialization. Labor market transformation makes some individuals opt for a non-specialized education type that broadens the future career possibilities in an uncertain labor market. However, the growth rate in the economy is assumed to positively depend on the amount of specialized workers that get a job within their specialized fi...

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  11. Population, Productivity and Economic Growth Relations: the Case of Bulgaria

    Directory of Open Access Journals (Sweden)

    Venelin Terziev

    2017-12-01

    Full Text Available In this study the relationship between population, elderly population and economic growth is analyzed theoretically, taking into account the demographic change of the Bulgarian population and the more aging phenomenon. Thus, the change in the age structure of the Bulgarian population was investigated and the factors affecting the growth of the relationship between economic growth were investigated. In this study, attempts were made to determine the size of the changes taking place in the country's economy, depending on the livelihoods in Bulgaria.

  12. 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.

  13. 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.

  14. 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.

  15. CURRENT ACCOUNT DEFICIT AND ECONOMIC GROWTH IN ARMENIA

    Directory of Open Access Journals (Sweden)

    Arus Tunian

    2015-07-01

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

  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. 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.

  18. 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.

  19. 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....

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

    Directory of Open Access Journals (Sweden)

    Godwin Effiong Akpan

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2014-11-01

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

  2. 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.

  3. 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.

  4. 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)

  5. 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

  6. 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.

  7. Market resiliency conundrum: is it a predicator of economic growth?

    Directory of Open Access Journals (Sweden)

    Richard Wamalwa Wanzala

    2018-03-01

    Full Text Available Resiliency provides fundamental insights on the speed at which the marginal price impact increases as transaction volume increases in the stock market yet very few empirical research has been dedicated to its study. Consequently, this study was directed towards determining whether market resiliency is a predicator of economic growth. Secondly, the study also sought to examine whether real interest rate and risk premium moderate the relationship between stock market resiliency and the economic growth in Kenya. To solve the conundrum on the relationship between market resiliency and economic resiliency growth, a sagacious moderating regression analysis (MRA was used. The liquidity and variance ratios were used as measures of resiliency while real interest rate and risk premium were taken as moderating variables. The CUSUM plots were used to determine the stability of the model. The results of this study shows that market resiliency is a predicator of economic growth and both real interest rates and risk premium moderates the relationship between stock market resilience and the economic growth in Kenya.

  8. 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.

  9. Competition Policy as a Driver of Economic Growth

    Directory of Open Access Journals (Sweden)

    Rozanova Nadezhda, M.

    2016-03-01

    Full Text Available The paper suggests a concept that in a contemporary economy competition policy becomes a key determinant of economic growth. Different approaches to the study of economic grow are analyzed. A profound and complete review of the relevant literature is made concerning the key problems analysed, including previously elaborated theories and empirical works. This review is done in the context of both academic subjects and various research schools. There made the conclusion that traditional factors of growth in a complex and turbulent post-industrial economy cannot explain many modern phenomena. The typical assumption of free and perfect competition does not work anymore. It is competition policy that could have significant impact on the growth nowadays. The paper contains the results of the original econometric studies aimed at showing the influence of competition and competition policy indicators on GDP growth rate. The results demonstrate statistically significant effects: more competition due to effective competition policy leads to higher growth rates. The recommendations with regard to the Russian competition policy authorities are provided. Actual and urgent problem of economic research based on the investigation of new drivers of economic growth for the Russian economy, usage of contemporary analytical and econometric methods and practical recommendations, these are the main strengths of this paper.

  10. 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...

  11. 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.

  12. Intelligent robotics can boost America's economic growth

    Science.gov (United States)

    Erickson, Jon D.

    1994-01-01

    A case is made for strategic investment in intelligent robotics as a part of the solution to the problem of improved global competitiveness for U.S. manufacturing, a critical industrial sector. Similar cases are made for strategic investments in intelligent robotics for field applications, construction, and service industries such as health care. The scope of the country's problems and needs is beyond the capability of the private sector alone, government alone, or academia alone to solve independently of the others. National cooperative programs in intelligent robotics are needed with the private sector supplying leadership direction and aerospace and non-aerospace industries conducting the development. Some necessary elements of such programs are outlined. The National Aeronautics and Space Administration (NASA) and the Lyndon B. Johnson Space Center (JSC) can be key players in such national cooperative programs in intelligent robotics for several reasons: (1) human space exploration missions require supervised intelligent robotics as enabling tools and, hence must develop supervised intelligent robotic systems; (2) intelligent robotic technology is being developed for space applications at JSC (but has a strong crosscutting or generic flavor) that is advancing the state of the art and is producing both skilled personnel and adaptable developmental infrastructure such as integrated testbeds; and (3) a NASA JSC Technology Investment Program in Robotics has been proposed based on commercial partnerships and collaborations for precompetitive, dual-use developments.

  13. TYPOLOGY AND STRUCTURE OF ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Gheorghe ZAMAN,

    2005-06-01

    Full Text Available The paper proposes and applies a region classification method, within Romania’s economiccomplex, depending on the level and dynamics of regional output indicators (for instance, GDP –industrial production, labour productivity, etc. per capita as compared to the average size onnational economy for a given period of time. There are four types of regions, that is: developedregions in progress; developed regions in decline; underdeveloped regions in progress;underdeveloped regions.The typological categories of development regions in Romania are determined for the period1994–2001 by making use of the GDP per capita level and dynamics at the regions’ level against theaverage on national economy.Based on the indices method we computed the contribution of qualitative factors (labourproductivity and quantitative ones (employed population to the regional per capita GDP and theregional labour productivity, determining the annual average growth required by a underdevelopedregion for leap-frogging in a given time-horizon, the gap separating it from the average level of theanalysed indicator at national level.

  14. Decomposing the decoupling of Danish road freight traffic growth and economic growth

    DEFF Research Database (Denmark)

    Kveiborg, Ole; Fosgerau, Mogens

    2007-01-01

    In recent years many European countries have seen a decoupling of the growth in road freight traffic (vehicle kilometres) from economic growth. A similar decoupling has not been observed in road freight transport (tonne kilometres). In this paper the historical growth in national Danish road...... freight traffic and transport is attributed to causes using a Divisia, index decomposition method. It is demonstrated that overall road freight traffic growth is a consequence of often opposite pointing growth effects in the underlying factors. The observed decoupling of road freight traffic growth from...... economic growth is mainly the result of use of larger vehicles, increasing average loads, and less empty running. Growth in road freight transport is primarily caused by growth in production. A decrease in the number of tons lifted per tonne produced (the handling factor) is offset by an increase...

  15. 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.

  16. Tackling the dual challenge of sustainable consumption and economic growth

    DEFF Research Database (Denmark)

    Sedlacko, Michal; Antunes, Paula; Asara, Viviana

    to ecosystem services have spurred parts of the academic and policy communities into identification of problems and solutions. Some of the most fundamental debates, led by researchers from various disciplines, centre around economic growth and sustainable consumption. However, there is often a lack...... research questions that link the challenges of sustainable consumption with economic growth debates and critiques. The research questions have been identified through an extensive participatory process involving leading researchers and policy makers responsible for sustainability policies throughout....... This paper presents some results of the RESPONDER project, Linking Research and Policy Making for Managing the Contradictions of Sustainable Consumption and Economic Growth, funded by the European Commission’s 7th Framework Programme, 2011–2014....

  17. 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

  18. Energy consumption and economic growth in China: A reconciliation

    International Nuclear Information System (INIS)

    Talha Yalta, A.; Cakar, Hatice

    2012-01-01

    In conventional causality testing based on asymptotic distribution theory, there is a high risk of wrongly rejecting the true null of no causality especially when the sample size is as small as typically seen in the literature. In this study, we offer a formal diagnosis of the existing contradictory results on the causal relationship between energy consumption and real GDP. We also employ a time series oriented advanced data generation process to perform simulation based inference for the People's Republic of China. Our study covers the 1971–2007 period and considers five different aggregated and disaggregated energy consumption measures as well as three different lag orders in both a bivariate as well as a multivariate frameworks. Our maximum entropy bootstrap based analysis, which avoids pretest biases and is also robust to Type I errors, supports the neutrality hypothesis in 53 out of the total of 60 model estimations. The strong results show that coarse aggregate data has a limited potential to observe the complex causal linkages between energy consumption and economic growth. Future policy oriented research on this nexus requires more focused analyses based on sectoral and provincial data. - Highlights: ► Some of the contradictory findings on the energy–growth nexus are due to asymptotic testing under small samples. ► The bootstrap method can provide huge improvements upon the approximations of asymptotic theory. ► 53 out of a total of 60 models that we consider consistently support the neutrality hypothesis for China. ► Future policy oriented research on this nexus should aim toward detailed analyses using sectoral and provincial data.

  19. The Democracy and Economic Growth Nexus: Empirical Evidence from Côte d’Ivoire

    Directory of Open Access Journals (Sweden)

    Wadjamsse B. Djezou

    2014-12-01

    Full Text Available This paper investigates the relation between economic growth and democracy for Côte d’Ivoire for the period 1960 to 2012. It analyzes both the long-run relation and the direction of causality. To this end, an autoregressive distributed lag (ARDL model of cointegration and a Granger causality test have been implemented within a vector error correction model (VECM framework. The results show cointegration in the long run when regime durability is taken into account. Indeed, for economic growth and democracy to move together in the long run, they need to be associated with regime durability. The tests for causality show long run causality running from GDP per capita and regime durability to democracy. In the short run, only the regime durability granger causes democracy. These results suggest that economic growth through strong institutions is a precondition for democratization.

  20. Population Dynamics in India and Implications for Economic Growth

    OpenAIRE

    David E. Bloom

    2011-01-01

    Demographic change in India is opening up new economic opportunities. As in many countries, declining infant and child mortality helped to spark lower fertility, effectively resulting in a temporary baby boom. As this cohort moves into working ages, India finds itself with a potentially higher share of workers as compared with dependents. If working-age people can be productively employed, India's economic growth stands to accelerate. Theoretical and empirical literature on the effect of demo...

  1. Paths of economic development: modelling factors of endogenous growth

    OpenAIRE

    Fusari, Angelo

    1994-01-01

    This article sets out a model giving an interpretation of the engine of economic development and growth, and business cycle. Based on a peculiar concept of dynamic competition, the model explains innovation and uncertainty and describes the way equilibrating and disequilibrating processes are intertwined and operate. It also carries out concise application to successive stages of economic development, along with some econometric application, that demonstrates the degree of gene...

  2. ECONOMIC GROWTH AND TAXATION IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Cristina BOROVINA (COJOCARU

    2016-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Oleg Sergeyevich Sukharev

    2016-06-01

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

  4. The Inflation and Economic Growth: Evidence from Romania

    Directory of Open Access Journals (Sweden)

    Mircea Asandului

    2015-06-01

    Full Text Available The main purpose of this study is to establish the existence (or not of a relationship between inflation and economic growth in Romania, the study lasting from 1970 to 2013. The methodology used in this study is the one specific to time series: structural break test using Zivot- Andrews test, the stationarity test using Augmented Dickey-Fuller (ADF, and then Granger causality testing. Test results showed that for the analyzed period, there was a cointegrating relationship between inflation and economic growth for Romania. Finally, to establish the econometric model of the two variables, it has been developed an ARDL model with two different periods of lag.

  5. 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

  6. Strain selection, biomass to biofuel conversion, and resource colocation have strong impacts on the economic performance of algae cultivation sites

    Energy Technology Data Exchange (ETDEWEB)

    Venteris, Erik R.; Wigmosta, Mark S.; Coleman, Andre M.; Skaggs, Richard

    2014-09-16

    Decisions involving strain selection, biomass to biofuel technology, and the location of cultivation facilities can strongly influence the economic viability of an algae-based biofuel enterprise. In this contribution we summarize our past results in a new analysis to explore the relative economic impact of these design choices. We present strain-specific growth model results from two saline strains (Nannocloropsis salina, Arthrospira sp.), a fresh to brackish strain (Chlorella sp., DOE strain 1412), and a freshwater strain of the order Sphaeropleales. Biomass to biofuel conversion is compared between lipid extraction (LE) and hydrothermal liquefaction (HTL) technologies. National-scale models of water, CO2 (as flue gas), land acquisition, site leveling, construction of connecting roads, and transport of HTL oil to existing refineries are used in conjunction with estimates of fuel value (from HTL) to prioritize and select from 88,692 unit farms (UF, 405 ha in pond area), a number sufficient to produce 136E+9 L yr-1 of renewable diesel (36 billion gallons yr-1, BGY). Strain selection and choice of conversion technology have large economic impacts, with differences between combinations of strains and biomass to biofuel technologies being up to $10 million dollars yr-1 UF-1. Results based on the most productive species, HTL-based fuel conversion, and resource costs show that the economic potential between geographic locations within the selection can differ by up to $4 million yr-1 UF-1, with 2.0 BGY of production possible from the most cost-effective sites. The local spatial variability in site rank is extreme, with very high and low rank sites within 10s of km of each other. Colocation with flue gas sources has a strong influence on site rank, but the most costly resource component varies from site to site. The highest rank sites are located predominantly in Florida and Texas, but most states south of 37°N latitude contain promising locations. Keywords: algae

  7. Decoupling economic growth from CO2 emissions: A decomposition analysis of China's household energy consumption

    Directory of Open Access Journals (Sweden)

    Xiao-Wei Ma

    2016-09-01

    Full Text Available This paper analyzes Chinese household CO2 emissions in 1994–2012 based on the Logarithmic Mean Divisia Index (LMDI structure decomposition model, and discusses the relationship between household CO2 emissions and economic growth based on a decoupling indicator. The results show that in 1994–2012, household CO2 emissions grew in general and displayed an accelerated growth trend during the early 21st century. Economic growth leading to an increase in energy consumption is the main driving factor of CO2 emission growth (an increase of 1.078 Gt CO2 with cumulative contribution rate of 55.92%, while the decline in energy intensity is the main cause of CO2 emission growth inhibition (0.723 Gt CO2 emission reduction with cumulative contribution rate of 38.27%. Meanwhile, household CO2 emissions are in a weak state of decoupling in general. The change in CO2 emissions caused by population and economic growth shows a weak decoupling and expansive decoupling state, respectively. The CO2 emission change caused by energy intensity is in a state of strong decoupling, and the change caused by energy consumption structure fluctuates between a weak and a strong decoupling state.

  8. 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)

  9. Regressional modeling and forecasting of economic growth for arkhangelsk region

    Directory of Open Access Journals (Sweden)

    Robert Mikhailovich Nizhegorodtsev

    2012-12-01

    Full Text Available The regression models of GRP, considering the impact of three main factors: investment in fixed assets, wages amount, and, importantly, the innovation factor –the expenditures for research and development, are constructed in this paper on the empirical data for Arkhangelsk region. That approach permits to evaluate explicitly the contribution of innovation to economic growth. Regression analysis is the main research instrument, all calculations areperformedin the Microsoft Excel. There were made meaningful conclusions regarding the potential of the region's GRP growth by various factors, including impacts of positive and negative time lags. Adequate and relevant models are the base for estimation and forecasting values of the dependent variable (GRP and evaluating their confidence intervals. The invented method of research can be used in factor assessment and prediction of regional economic growth, including growth by expectations.

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

    Directory of Open Access Journals (Sweden)

    HALİL İBRAHİM AYDIN

    2017-06-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2009-09-15

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

  12. Does corruption influence the sustainability of economic growth?

    Directory of Open Access Journals (Sweden)

    Polajeva Tanya

    2011-12-01

    Full Text Available Sustainable development is a term that is widely used by politicians nowadays. The definition of the concept of sustainable development is constantly revised. Sustainable development is about promoting an integrated approach. It includes economic, social and environmental objectives. Economic objectives include growth, efficiency and stability. The main purpose of the article is to analyze the influences of corruption on sustainable economic growth. The impact is decreasing continuously and the main reason behind this is the change in peoples’ attitude and saturation to ethically questionable actions. Individuals and organizations can join in sharing resources for creating a sustainable future. There are several factors that influence sustainable development. Among them are: government policies; management and organization; financial and economic factors. The main question for institutional sustainability may be formulated as the following: can the strengthened institutional structure continue to deliver the results of technical cooperation to the ultimate end-users? Individuals and organizations can join in sharing resources for creating a sustainable future. Anticorruption strategies are related to the reform of state institutions. One advantage of the fundamental economic reform approach is that by linking anticorruption strategies to the reform of economic policies and institutions, the struggle against corruption can be seen as one of the issues in economic policy. Finally, all development assistance should be implemented with the aim of achieving sustainable benefits.

  13. Reconciling rapid economic growth with environmental sustainability in Ireland

    OpenAIRE

    Clinch, J. Peter

    2001-01-01

    Read before the Society, 10 May 2001. '... delivered under the auspices of the Barrington Trust (founded by the bequest of John Barrington, Esq.) with the collaboration of the Journal of the Statistical and Social Inquiry Society of Ireland.' - p.1 The extraordinarily rapid rate of growth of the Irish economy in the past decade has provided many benefits in terms of increased living standards and higher employment levels. However, economic growth has also resulted in increased pressures...

  14. Population Dynamics and Long-Run Economic Growth

    OpenAIRE

    Casey, Gregory; Galor, Oded

    2014-01-01

    This paper applies insights from theoretical and empirical research in economic growth to analyze the impacts of policies affecting fertility, migration and human capital accumulation on growth and poverty alleviation. It underlines the tradeoff between having more children and investing more resources in the human capital of each child as a critical force in devising policies that will alleviate hardship and generate long-term prosperity. In developing countries, policies increasing the retu...

  15. Endogenous economic growth, EROI, and transition towards renewable energy

    OpenAIRE

    Victor Court; Pierre-André Jouvet; Frédéric Lantz

    2015-01-01

    Due to their initial lack of emphasis on energy and natural resources, exogenous and endogenous growth models have suffered the same critic regarding the limits to economic growth imposed by finite Earth resources. Thus, various optimal control models that incorporate energy or natural resources have been developed during the last decades. However, in all these models the importance of the Energy Return On Energy Investment (EROI) has never been raised. The EROI is the ratio of the quantity o...

  16. The Interaction Between Democracy And Economic Growth In Efta Countries

    OpenAIRE

    Usta, Cihan

    2017-01-01

    The relationship between democracy and economic growth has been a subject that has been studied byboth social and political scientists since the 19th century. In the early days of this relationship, politicalscientists believed in the future of democracy as a consequence of capitalist development. Over time, this beliefhas left its place in doubt. Economists have tried to determine the direction of causality between democracy andeconomic growth through empirical studies. This study also analy...

  17. Role of Strong versus Weak Networks in Small Business Growth in an Emerging Economy

    Directory of Open Access Journals (Sweden)

    M. Kamil Kozan

    2014-02-01

    Full Text Available The study tests whether strong rather than weak ties account for small business growth in Turkey. Data were collected by means of a questionnaire filled out by the owners of small firms operating in four cities. Growth is comprised of two main areas, production expansion and knowledge acquisition. Results show that strong ties are positively related to both types of growth. In contrast, loose ties have no effect on small business growth in either area. This finding is attributed to the influence of the collectivistic nature of the mainstream Turkish culture, where owners of small businesses are likely to rely on in-groups rather than out-groups for advice and for financial support. Implications of relative absence of weak ties for small business growth and innovation in emerging economies are discussed. The findings suggest that culture should be included as a contingency variable in future studies of network strength and growth relationship. The paper also discusses the possible moderating role of affective and cognition-based trust in the relation of strong and weak ties to small business growth.

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

    DEFF Research Database (Denmark)

    Møller, Stig V.; Rangvid, Jesper

    2015-01-01

    We show that macroeconomic growth at the end of the year (fourth quarter or December) strongly influences expected returns on risky financial assets, whereas economic growth during the rest of the year does not. We find this pattern for many different asset classes, across different time periods...... quarters of the year. Our findings suggest that expected returns, risk aversion, and economic growth are particularly related at the end of the year, when we also expect consumers׳ portfolio adjustments to be concentrated......., and for US and international data. We also show that movements in the surplus consumption ratio of Campbell and Cochrane (1999) , a theoretically well-founded measure of time-varying risk aversion linked to macroeconomic growth, influence expected returns stronger during the fourth quarter than the other...

  19. 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

  20. Economic growth and welfare of the population in Russia: historical overview and management solutions

    OpenAIRE

    DANILOV K.D.

    2016-01-01

    The article deals with the issues of economic growth in Russia and other countries, the relationship between economic growth and welfare of the population, a mismatch of high results of economic development and the rate of growth of national income. Historical overview of the theories of economic growth and appropriate management decisions is given.

  1. 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

    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....... 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...

  2. Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries

    International Nuclear Information System (INIS)

    Ozturk, Ilhan; Aslan, Alper; Kalyoncu, Huseyin

    2010-01-01

    This paper uses the panel data of energy consumption (EC) and economic growth (GDP) for 51 countries from 1971 to 2005. These countries are divided into three groups: low income group, lower middle income group and upper middle income group countries. Firstly, a relationship between energy consumption and economic growth is investigated by employing panel cointegration method. Secondly, panel causality test is applied to investigate the way of causality between the energy consumption and economic growth. Finally, we test whether there is a strong or weak relationship between these variables by using method. The empirical results of this study are as follows: i) Energy consumption and GDP are cointegrated for all three income group countries. ii) The panel causality test results reveal that there is long-run Granger causality running from GDP to EC for low income countries and there is bidirectional causality between EC and GDP for middle income countries. iii) The estimated cointegration factor, β, is not close to 1. In other words, no strong relation is found between energy consumption and economic growth for all income groups considered in this study. The findings of this study have important policy implications and it shows that this issue still deserves further attention in future research.

  3. World Economic Growth and Oil: a Producers' Perspective

    Science.gov (United States)

    Shihab-Eldin, Adnan

    2014-07-01

    This paper examines the following assertions: * A high share of oil price in GDP limits economic growth, * Oil Price shocks trigger recession, * These effects will be escalated by peaked oil supply and rising developing world demand and together with increasing contributions to climate change will result in a global emergency. The role of energy in societal development and economic growth, from primitive man through the industrial revolution and the oil age to the present and the evolution of energy intensity are described. The principle role of oil as a transport fuel and the possibilities of alternatives are examined. It is concluded that oil dependence will continue for the foreseeable future. The history of the industry, market behavior and its economic effects are presented to establish precedent and the assertions are then examined. It is shown that rising oil prices are an unavoidable consequence of economic growth, that they have stimulated efficient minimum functional use and made more difficult conventional and unconventional sources economic. It is then argued that potentially these additional resources eliminate the possibility of supply shortage and that diversification of supply lessens the possibility of shock, together rendering a global emergency less likely than could have been previously envisaged.

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

    Directory of Open Access Journals (Sweden)

    Ion Gh. Rosca

    2007-05-01

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

  5. To what extent does banks' credit stimulate economic growth ...

    African Journals Online (AJOL)

    This study examines the extent to which banks' credit affects economic growth in Nigeria. The data used was collected from the Central Bank of Nigeria statistical bulletin for a period of 24 years from 1990 to 2013. We used credit to the private sector, credit to the public sector and inflation to proxy commercial bank credit ...

  6. Performance, organ growth and economics of finisher broiler fed ...

    African Journals Online (AJOL)

    A 28-day feeding trial was conducted to evaluate the effects of dietary inclusion of neem (Azadirachta indica) leaf meal on the performance, organ growth and economics of finishing broilers. The harvested neem leaves were chopped and air dried under room temperature for ten days until they became crispy while retaining ...

  7. 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 ...

  8. Government expenditure, efficiency and economic growth: a panel ...

    African Journals Online (AJOL)

    Finally Generalized Methods of Moments (GMM) is applied to answer the two research questions. The results demonstrate that increasing government expenditure accelerates economic growth of low income countries in Sub Saharan Africa. However, when government expenditure is interacted with government efficiency ...

  9. Barriers to economic growth in Malawi: reflections on smallholders

    NARCIS (Netherlands)

    Kambewa, E.; Nagoli, J.

    2010-01-01

    The contribution of smallholders to the economic growth in developing countries and Malawi in particular may be a well know fact. Malawi's economy is agro-based where the agriculture sector contributes 42% of national GDP. Despite the smallholder agriculture's contribution to the economy (30% of

  10. Natural disasters and economic growth: A meta-analysis

    NARCIS (Netherlands)

    Klomp, J.G.; Valckx, K.

    2014-01-01

    Using more than 750 estimates, we perform a meta-regression analysis of studies examining the relationship between economic growth per capita and natural disasters. The studies considered are very different with respect to the type of disasters considered, the sample of countries and time periods

  11. Transport infrastructure and economic growth in Nigeria | Ighodaro ...

    African Journals Online (AJOL)

    The paper considered transport infrastructure and economic growth in Nigeria. Findings from the study show that in the three national development plans in Nigeria, road transportation system has been given more priority followed by water and air. It was found that the local government authority controls about 67% of the ...

  12. Transportation and economic growth in Nigeria | Nwakeze | Journal ...

    African Journals Online (AJOL)

    This paper attempts to provide empirical evidence on the contribution of transport investment, congestion and traffic related accidents to economic growth in Nigeria. In this paper, transport investment is proxied by physical stock of road infrastructure while congestion is proxied by automobile density. Using the extended ...

  13. A Note on Entrepreneurship, Small Business and Economic Growth

    NARCIS (Netherlands)

    A.R. Thurik (Roy); A.R.M. Wennekers (Sander)

    2001-01-01

    textabstractThe aim of the present short paper is to show that since the 1970s the world has changed considerably, and that this change has had consequences for the current policy debate on the determinants of economic growth. Our paper deals with some aspects of the recent scientific literature on

  14. Debt servicing and economic growth in Nigeria: an empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors, ...

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

    African Journals Online (AJOL)

    IFEOMA PIUS

    2013-07-03

    Jul 3, 2013 ... Key words: Culture system, growth performance, economic performance, Oreochromic niloticus. INTRODUCTION. Food is a basic necessity of life, second only to air and water. The global food equation recognizes two major components namely; food crop component and animal protein component ...

  16. Regional technical innovation suitability and economic growth in China

    NARCIS (Netherlands)

    Zhou, Qing; Zhu, Dan; Brouwers-Ren, Liqin

    2012-01-01

    This paper aims to use quantitative method to analyse the suitability of regional technical innovation and further compare its influence to regional economic growth in China. Based on literature review, the authors develop an evaluation index system containing four aspects (namely, innovators,

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

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

    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 do so first by providing evidenced-based policy proposals reflecting a range of views, and second, by promoting such proposals, enriched through ...

  18. Bonding and Bridging Social Capital and Economic Growth

    NARCIS (Netherlands)

    Beugelsdijk, S.; Smulders, J.A.

    2009-01-01

    In this paper we develop a formal model of economic growth and two types of social capital. Following extant literature, we model social capital as participation in two types of social networks: first, closed networks of family and friends, and, second, open networks that bridge different

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

    International Nuclear Information System (INIS)

    Erdal, Guelistan; Erdal, Hilmi; Esenguen, Kemal

    2008-01-01

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

  20. 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…

  1. Education in Thailand: When Economic Growth Is No Longer Enough

    Science.gov (United States)

    Michel, Sandrine

    2015-01-01

    After fifty years of almost continuous economic growth in Thailand, it is now possible to reevaluate the developmental process of the education system. Until now, the structural indicators of education development that have been mainly used are the level and pace of the increases in public expenditure on education, the effect of increasing…

  2. Do 'green' taxes work? Decoupling environmental pressures and economic growth

    DEFF Research Database (Denmark)

    Andersen, Mikael Skou

    2005-01-01

    This essay intends to shed light on whether environmental taxation can help to decouple environmental pressures from economic growth, a policy outcome widely desired and particularly pressing in the context of climate change where radical measures are needed to curb CO2 build up....

  3. Global Economic Growth and Expected Returns around the World

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    2018-01-01

    in the global economy at the end of the year predicts higher returns over the following year. It also predicts the global business cycle. When global economic growth at the end of the year is low, investors expect a worsening of the global business cycle and increase their required returns....

  4. Foreign direct investment and economic growth in developing ...

    African Journals Online (AJOL)

    It has been widely claimed that foreign direct investment (FDI) stimulates economic growth. In this study, an attempt is made to verify this for ten selected Sub-Saharan African (SSA) countries using data spanning from 2008 to 2013 obtained from world development indicators. Preliminary analysis conducted indicates that ...

  5. Decentralization and Economic Growth per capita in Europe

    NARCIS (Netherlands)

    Crucq, Pieter; Hemminga, Hendrik-Jan

    2007-01-01

    In this paper the relationship between decentralization and economic growth is investigated. The focus is on decentralization from the national government to the highest substate level in a country, which we define as regional decentralization. Section 2 discusses the different dimensions of

  6. Inflation and Economic Growth: An Estimate of the Threshold Level ...

    African Journals Online (AJOL)

    This study investigated the relationship between inflation and economic growth in Nigeria, from 1970 to 2009. It adapted the Khan and Sendhadji's (2001) threshold regression technique to examine the existence of optimal inflation. The Granger causality test was utilised to test the causal relationship between inflation and ...

  7. 1 University - SMEs Collaboration to Support the Economic Growth ...

    African Journals Online (AJOL)

    2015-03-05

    Mar 5, 2015 ... Small and medium sized enterprises (SMEs) make a substantial contribution to economic growth and employment in most countries around the world including the Small Island Developing States (SIDS). Most countries have set up schemes to encourage creation of new SMEs as well as expansion of ...

  8. Growth and Economic Opportunities for Women | Page 3 | IDRC ...

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

    Growth and Economic Opportunities for Women. Language English. a woman in her shop, Ghana. Photo credit: World Bank. Read more about Building the evidence to grow female entrepreneurship. Language English. Read more about Together We Can: Assessing the Impact of Women's Action Groups on Social Change ...

  9. The Effect of Inflation on Economic Growth in Tanzania | Shitundu ...

    African Journals Online (AJOL)

    In this study, use is made of the Least Trimmed Squares (LTS) method, as introduced by Rousseeuw and Leroy (1987), which detects regression outliers and produces robust regression, to examine the impact of inflation on economic growth in Tanzania. The empirical results obtained suggest that inflation has been harmful ...

  10. Debt servicing and economic growth in Nigeria: An empirical ...

    African Journals Online (AJOL)

    In this study we reviewed and analyse the effect of external debt service payment practices on sustainable economic growth and development with particular emphasis on Nigeria. To achieve the objective of this research, we use debt payment to Multilateral Financial creditors, Paris club creditors, London club creditors ...

  11. 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 combin...

  12. Testing for Long-Run Relation between Economic Growth and ...

    African Journals Online (AJOL)

    In the short run, the results revealed that the previous GDP has positive effect on current GDP; and higher export earnings of cocoa have positive effect on GDP. Feedback causality is observed between economic growth (GDP) and export earnings of cocoa. This suggests a bi-directional causality from export earnings to ...

  13. Foreign direct investment, financial development and economic growth

    NARCIS (Netherlands)

    Hermes, C.L.M.; Lensink, B.W.

    2003-01-01

    This article argues that the development of the financial system of the recipient country is an important precondition for FDI to have a positive impact on economic growth. A more developed financial system positively contributes to the process of technological diffusion associated with FDI. The

  14. Foreign direct investment and economic growth in Nigeria: a ...

    African Journals Online (AJOL)

    The paper examines the causal relationship between foreign direct investment ( FDI) and economic growth, measured by the gross domestic product (GDP). Augumented Dickey-Fuller (ADF) test was used for the unit root test, Johansen Cointegration test was conducted to establish short and long run relationship between ...

  15. Double Digit Economic Growth vs. Social Wellbeing in Ethiopia: A ...

    African Journals Online (AJOL)

    Poverty Index (MPI). In this paper, we investigate whether the reported economic growth has enhanced the wellbeing of the ordinary people. To address this ... Multidimensional Poverty Index (MPI) (Alkire and Santos 2010). ..... extreme poverty level, as measured by $1.90 a day (2011 PPP), Ethiopia portrays a different.

  16. Financial Openness and Economic Growth in Nigeria: A Vector Error ...

    African Journals Online (AJOL)

    This paper tests the hypothesis that financial openness promotes economic growth. Theoretically and empirically, the results are mixed. The study used vector error correction modelling and to capture impact of financial openness, financial depth measured as ratio of broad money supply to gross domestic product was used ...

  17. The electricity consumption and economic growth nexus: Evidence from Greece

    International Nuclear Information System (INIS)

    Polemis, Michael L.; Dagoumas, Athanasios S.

    2013-01-01

    This paper attempts to cast light into the relationship between electricity consumption and economic growth in Greece in a multivariate framework. For this purpose we used cointegration techniques and the vector error correction model in order to capture short-run and long-run dynamics over the sample period 1970–2011. The empirical results reveal that in the long-run electricity demand appears to be price inelastic and income elastic, while in the short-run the relevant elasticities are below unity. We also argue that the causal relationship between electricity consumption and economic growth in Greece is bi-directional. Our results strengthen the notion that Greece is an energy dependent country and well directed energy conservation policies could even boost economic growth. Furthermore, the implementation of renewable energy sources should provide significant benefits ensuring sufficient security of supply in the Greek energy system. This evidence can provide a new basis for discussion on the appropriate design and implementation of environmental and energy policies for Greece and other medium sized economies with similar characteristics. -- Highlights: •We examine the causality between electricity consumption and economic growth. •We used cointegration techniques to capture short-run and long-run dynamics. •The relationship between electricity consumption and GDP is bi-directional. •Residential energy switching in Greece is still limited. •The implementation of renewable energy sources should ensure security of supply

  18. The Easterlin Illusion: Economic growth does go with greater happiness

    NARCIS (Netherlands)

    R. Veenhoven (Ruut); F. Vergunst (Floris)

    2014-01-01

    markdownabstract__Abstract__ The 'Easterlin Paradox' holds that economic growth in nations does not buy greater happiness for the average citizen. This thesis was advanced in the 1970s on the basis of the then available data on happiness in nations. Later data have disproved most of the empirical

  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 that .... Financial inadequacies among other factors were responsible. The central Bank of. Nigeria in year 2000 reported that inadequate funding has been the bane of ..... Defining a vector Xi of potentially endogenous variables ...

  20. Testing for Long-Run Relation between Economic Growth and ...

    African Journals Online (AJOL)

    Michael O. Mensah

    2016-06-01

    Jun 1, 2016 ... Abstract. In this study, we explore the causal influence of export earnings of cocoa towards economic growth (i.e., gross domestic product (GDP)). .... β β. = + such that t. Z is I(0). If we define the vectors. ( ). 1,. 1. 2,. 2 .... first column (GDP as the endogenous variable). The coefficients of the cointegrating ...

  1. road sector development and economic growth in ethiopia1

    African Journals Online (AJOL)

    Eyerusalem

    Ibrahim Worku: Road sector development and economic growth in Ethiopia. 134 identified, i.e., the excluded instruments are "relevant", meaning correlated with the endogenous regressors. Under the null that the equation is underidentified, the statistic is distributed as chi-squared with degrees of freedom (L1-K1+1).

  2. Government Expenditure, Efficiency and Economic Growth: A Panel ...

    African Journals Online (AJOL)

    fiscal situation i.e., government expenditure to surpass government revenue. The reduction in private investment has a pessimistic multiplier effect; hence may slow down economic growth. Premised on the nature of the country's taxation hypothesis, governments of the developing countries should consider the efficiency of ...

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

    African Journals Online (AJOL)

    externalengagement component widely accepted as a key determinant of its economic growth and development. Until the advent of petroleum in the late 1950's, the government implemented investment ventures with the assistance of overseas aid, local savings and revenue from agricultural export. Nonetheless, the extent ...

  4. Contribution of timber exports to economic growth in Nigeria: an ...

    African Journals Online (AJOL)

    The paper examined the contribution of timber exports to the economic growth in Nigeria, using an econometric approach. Augmented Dickey-Fuller (ADF) and Johansen Co-integration techniques were respectively used to test for unit root and examine the relationship between the variables used. In addition, Granger ...

  5. Growth and Economic Opportunities for Women (GrOW) Frequently ...

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

    Alejandra

    To structure the analysis, researchers should develop a theoretical framework that looks at different elements of the links between women's economic empowerment and growth. Some of the proposed evidence review questions can be broken down into smaller questions. GrOW recommends you propose appropriately ...

  6. Government expenditure and economic growth nexus: Wagner's law ...

    African Journals Online (AJOL)

    This study investigates the validity of Wagner's law and Keynesian hypothesis of the long-run relationship between government expenditure and economic growth in Tanzania using annual time series data from 1978 to 2014. The data series were tested for stationarity using Phillips-Perron unit root test and the results ...

  7. 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 ...

  8. Growth Performance, Yields and Economic Benefits of Nile Tilapia ...

    African Journals Online (AJOL)

    fish culture integration in the growth, yields and economic benefits of fish and vegetables. Two 200 m2 earthen fishponds were stocked with Nile tilapia Oreochromis niloticus at 20,000 fish fingerlings per hectare. Pond A was fertilized with ...

  9. Road Sector Development and Economic Growth in Ethiopia ...

    African Journals Online (AJOL)

    The study attempts to see the trends, stock of achievements, and impact of road network on economic growth in Ethiopia. To do so, descriptive and econometric analyses are utilized. From the descriptive analysis, the findings indicate that the stock of road network is by now growing at an encouraging pace.

  10. The balance of payment-constrained economic growth in Ethiopia ...

    African Journals Online (AJOL)

    The objective of this paper is to empirically test the validity of the simplified version of the balance of payment-constrained economic growth model for Ethiopia during the period 1971-20082. According to the model, economies only grow at a pace allowed by the constraints imposed by the requirement of balance of payment ...

  11. An analysis of tourism contribution to economic growth in SADC ...

    African Journals Online (AJOL)

    The study how the tourism sector can be an engine of economic growth in SADC member countries. The paper found the contribution of tourism to GDP, employment, export receipts and investment is significant. Although this sector's contribution to the economy varies among SADC countries, the the study found that ...

  12. Domestic resource mobilization and long term economic growth in ...

    African Journals Online (AJOL)

    The objective of this paper is to examine the long term effects of domestic resource mobilization (DRM) on economic growth. This study used macroeconomic data for a period of 20 years spanning 1996 to 2015. By estimating the Autoregressive distributed lag (ARDL) model, Error Correction Model (ECM) and Impulse ...

  13. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

    2015-11-01

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

  15. STIMULATION OF ECONOMIC GROWTH IN ROMANIA BETWEEN REALITY AND DESIDERATE

    Directory of Open Access Journals (Sweden)

    DOBROTĂ GABRIELA

    2013-12-01

    Full Text Available Fragility of economical environment subject to a dynamic process of globalization in recent decades has been demonstrated abundantly, year 2007 representing an important point in terms of triggering the accentuated macroeconomic imbalances. The propagation of the financial crisis in the economic environment is clearly reflected by the contraction of the global economy after a long period of growth, the emphasizing of budget deficits, reducing wages, increase of unemployment. Romania was significantly affected by the global economic crisis, amid a long line of inadequate policies. The orientation excessive economic development through consumption and the unfavorable ratio between income and productivity are issues that have contributed significantly to the decline of the Romanian economy. Inadequate measures taken have worsened the effects of crisis: reducing foreign investment, increasing of trade deficit, reduction of living standards, decreasing the number of SMEs, worsening the institutional weaknesses etc. In this paper, are addressed aspects which highlights the effects of economic policy measures promoted in Romania after the transition to market economy, on stages, specifying measures necessary to ensure the functionality of coordination mechanisms, in order to register determinant impulses of economic growth.

  16. Natural resources endowment and economic growth: The West African Experience

    Directory of Open Access Journals (Sweden)

    Mohamed Jalloh

    2013-06-01

    Full Text Available This study aims at investigating the nexus between natural resource endowment and economic growth using a sample of West African countries. The study adopted a Barrow-type growth model to analyse the impact of natural resource wealth on economic growth. A dynamic panel estimation technique was employed using relevant data from West African Countries. The results from the panel regressions indicate that natural resource endowments have very minimal impact in terms of promoting economic growth in West Africa, more so in resource rich countries. In terms of relative effects, the results indicate that a 10% increase in natural resource export reduces growth in income per capita by approximately 0.4%. Part of the factors explaining this finding amongst others; include high corruption in the public sector as well as the frequency of civil conflicts in resource rich economies of West Africa. For the natural resources of the region to fully benefit its citizens, these countries require , urgently, to improve management of natural resource export revenues and to apply effective policy measures to eradicate/ mitigate incidences of rampant corruption in the public sector.

  17. The role of intangible assets in the regional economic growth

    Directory of Open Access Journals (Sweden)

    Jordi Suriñach

    2011-01-01

    Full Text Available This paper is the summary of the IAREG (Intangible Assets and RegionalEconomic Growth European project, which analyzed the role of intangibleassets (IA on regional economic growth. We focused on some of the most relevantintangible assets, for which statistical information is available and where the consortiumhad more expertise. Consequently, in this paper we put special attentionin four big factors: knowledge capital, human capital, social capital and entrepreneurshipcapital. Additional to the main characteristics of each of these IA (relatedwith their measurement and their effects on regional economic growth, we alsoanalyzed the ensemble effects of these IA over the location of firms. For each asset,we describe its main characteristics, the indicators for its measuring and its limitations,as well as the main results associated to its impact on regional growth. Wemust outline that in order to improve the analysis of the effects of the IA in regionaleconomic growth it is necessary to develop more and better databases. We presentsome thoughts in this respect, based on our research experience. Finally, we givesome policy implications and recommendations.

  18. A reconsideration of effect of energy scarcity on economic growth

    International Nuclear Information System (INIS)

    Uri, N.D.

    1995-01-01

    This analysis is concerned with the effect of energy scarcity on economic growth in the U.S. After defining the notion of scarcity and introducing measures of scarcity (unit costs and relative energy price), changes in the trend in resource scarcity for NG, bituminous coal, anthracite coal, and crude oil over the most recent three decades are investigated. Each of the energy resources became a significantly scarcer resource during the decade of the 1970s in the Malthusian Stock Scarcity and Malthusian Flow Scarcity sense. Unit costs exhibit a similar change for NG and crude oil but not for bituminous and anthracite coals. The situation reversed itself during the 1980s. NG, bituminous and anthracite coals, and crude oil all became significantly less scarce resources during the decade of the 1980s than they had been during the 1970s, i.e. the increase in scarcity as measured by relative energy prices observed during the decade of the 1970s was not reversed completely during the 1980s for NG and crude oil demonstrate similar patterns. Given that change has taken place, it has implications for future economic growth to the extent resource scarcity and economic growth are interrelated. To see whether this is a relevant concern, subsequent to the examination of changing resource scarcity trends, an objective effort is made to identify a long run equilibrium relationship between energy scarcity and economic growth. Relying on cointegration techniques, only for crude oil is there a suggestion that resource scarcity has affected economic growth in the U.S. over the period 1889-1992. (author)

  19. Economic analysis of the future growth of cosmetic surgery procedures.

    Science.gov (United States)

    Liu, Tom S; Miller, Timothy A

    2008-06-01

    The economic growth of cosmetic surgical and nonsurgical procedures has been tremendous. Between 1992 and 2005, annual U.S. cosmetic surgery volume increased by 725 percent, with over $10 billion spent in 2005. It is unknown whether this growth will continue for the next decade and, if so, what impact it will it have on the plastic surgeon workforce. The authors analyzed annual U.S. cosmetic surgery procedure volume reported by the American Society of Plastic Surgeons (ASPS) National Clearinghouse of Plastic Surgery Statistics between 1992 and 2005. Reconstructive plastic surgery volume was not included in the analysis. The authors analyzed the ability of economic and noneconomic variables to predict annual cosmetic surgery volume. The authors also used growth rate analyses to construct models with which to predict the future growth of cosmetic surgery. None of the economic and noneconomic variables were a significant predictor of annual cosmetic surgery volume. Instead, based on current compound annual growth rates, the authors predict that total cosmetic surgery volume (surgical and nonsurgical) will exceed 55 million annual procedures by 2015. ASPS members are projected to perform 299 surgical and 2165 nonsurgical annual procedures. Non-ASPS members are projected to perform 39 surgical and 1448 nonsurgical annual procedures. If current growth rates continue into the next decade, the future demand in cosmetic surgery will be driven largely by nonsurgical procedures. The growth of surgical procedures will be met by ASPS members. However, meeting the projected growth in nonsurgical procedures could be a potential challenge and a potential area for increased competition.

  20. Carbon nanotube growth on nanozirconia under strong cathodic polarization in steam and carbon dioxide

    DEFF Research Database (Denmark)

    Tao, Youkun; Ebbesen, Sune Dalgaard; Zhang, Wei

    2014-01-01

    Growth of carbon nanotubes (CNTs) catalyzed by zirconia nanoparticles was observed in the Ni-yttria doped zirconia (YSZ) composite cathode of a solid oxide electrolysis cell (SOEC) at approximately 875 °C during co-electrolysis of CO2 and H2O to produce CO and H 2. CNT was observed to grow under...... nanozirconia acting as a catalyst for the growth of carbon nanotubes (CNTs) during electrochemical conversion of carbon dioxide and water in a nickel-yttria- stabilized zirconia cermet under strong cathodic polarization. An electrocatalytic mechanism is proposed for the growth of the CNTs. ${{{\\rm {\\rm V...

  1. Economic Growth and Budget Constraints: EU Countries Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Zimčík Petr

    2016-06-01

    Full Text Available The aim of this paper is to identify the impacts of different taxes and expenditures on economic growth. The research is focused on 20 selected European Union Member States. These countries are equally divided into four groups based on their average tax burden as presented in the World Tax Index. A comparison of fiscal attributes among these groups is important for the analysis. Annual government finance data from the years 1995 to 2012 are used for an empirical study. The indicators observed are real GDP change, the composition and volume of total government expenditures, tax quotas of individual taxes and total budget balance. These indicators are used within an endogenous growth model together with capital stock and an approximation of human capital. A panel regression with fixed effects is used as an analytic tool. The main results are that an increase in social contributions, property, production and personal income tax quotas has an adverse effect on economic growth.

  2. THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Ion POHOAŢĂ

    2014-06-01

    Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

  3. The Causal Relationship between Urbanization, Economic Growth and Water Use Change in Provincial China

    Directory of Open Access Journals (Sweden)

    Chao Bao

    2015-12-01

    Full Text Available The relationship between urbanization, economic growth, and water use change is one of the key issues for China’s sustainable development, as rapid urbanization and continuous economic growth are accompanied by a steady water stress. Thus, we applied a cointegration test and a VECM (vector error correction model Granger causality test to investigate the causal relationship between the urbanization level, the economic development level, and the total water use in China and its 31 provincial administrative regions during 1997–2013. Results show that the three indicators have a long-run equilibrium relationship in most provincial administrative regions in China. However, the short-run effects and Granger causal relationship are insignificant for China and most provincial administrative regions. Therefore, that an idea such as urbanization as the engine or major driving force of economic growth, and that China’s urbanization and economic growth will bring a water crisis and will be strongly constrained by water resources, might be properly weakened. Targeted and relatively separate policies should be emphasized more for the coordinated development of China’s urbanization, economy, and water resources.

  4. Oil Price Volatility and Economic Growth in Nigeria: a Vector Auto-Regression (VAR Approach

    Directory of Open Access Journals (Sweden)

    Edesiri Godsday Okoro

    2014-02-01

    Full Text Available The study examined oil price volatility and economic growth in Nigeria linking oil price volatility, crude oil prices, oil revenue and Gross Domestic Product. Using quarterly data sourced from the Central Bank of Nigeria (CBN Statistical Bulletin and World Bank Indicators (various issues spanning 1980-2010, a non‐linear model of oil price volatility and economic growth was estimated using the VAR technique. The study revealed that oil price volatility has significantly influenced the level of economic growth in Nigeria although; the result additionally indicated a negative relationship between the oil price volatility and the level of economic growth. Furthermore, the result also showed that the Nigerian economy survived on crude oil, to such extent that the country‘s budget is tied to particular price of crude oil. This is not a good sign for a developing economy, more so that the country relies almost entirely on revenue of the oil sector as a source of foreign exchange earnings. This therefore portends some dangers for the economic survival of Nigeria. It was recommended amongst others that there should be a strong need for policy makers to focus on policy that will strengthen/stabilize the economy with specific focus on alternative sources of government revenue. Finally, there should be reduction in monetization of crude oil receipts (fiscal discipline, aggressive saving of proceeds from oil booms in future in order to withstand vicissitudes of oil price volatility in future.

  5. Modeling economic growth fuelled by science and technology

    Directory of Open Access Journals (Sweden)

    Leonardo Costa Ribeiro

    2010-06-01

    Full Text Available This paper suggests a simulation model to investigate how science and technology fuel economic growth. This model is built upon a synthesis of technological capabilities represented by national innovation systems. This paper gathers data of papers and patents for 183 countries between 1999 and 2003, as well as GDP and population for 2003. These data show a strong correlation between science, technology and income. Three simulation exercises are performed. Feeding our algorithm with data for population, patents and scientific papers, we obtain the world income distribution. These results support our conjecture on the role of science and technology as sources of the wealth of nations.Este artigo propõe um modelo de simulação para investigar a contribuição da ciência e da tecnologia para o crescimento econômico. O ponto de partida são os sistemas nacionais de inovação, um conceito que sintetiza a capacitação tecnológica das nações. Desta forma, o modelo pode preservar simplicidade e parcimônia. Os dados coletados (patentes, artigos e PIB e população, para 183 países indicam uma forte correlação entre ciência, tecnologia e renda. Três exercícios com simulações são realizados para diversos momentos do tempo, mostrando a progressiva aderência do modelo a essas variáveis tecnológicas.

  6. Driving Economic Growth: Higher Education--A Core Strategic Asset to the UK. Higher Education in Focus: Driving Economic Growth

    Science.gov (United States)

    Universities UK, 2011

    2011-01-01

    This publication highlights the critical role UK universities will continue to play in reviving and sustaining economic growth across the country. Using a range of visual data and statistics, it highlights that the UK's future success depends on developing innovation and the knowledge economy in what is an increasingly competitive global…

  7. The impact and determinants of the energy paradigm on economic growth in European Union.

    Science.gov (United States)

    Andrei, Jean Vasile; Mieila, Mihai; Panait, Mirela

    2017-01-01

    Contemporary economies are strongly reliant on energy and analyzing the determining factors that trigger the changes in energy paradigm and their impact upon economic growth is a topical research subject. Our contention is that energy paradigm plays a major role in achieving the sustainable development of contemporary economies. In order to prove this the panel data methodology of research was employed, namely four panel unit root tests (LLC, IPS, F-ADF and F-PP) aiming to reveal the connections and relevance among 17 variables denoting energy influence on economic development. Moreover, it was introduced a specific indicator to express energy consumption per capita. Our findings extend the classical approach of the changes in energy paradigm and their impact upon economic growth and offer a comprehensive analysis which surpasses the practices and policy decisions in the field.

  8. Prosperity without growth. Economics for a Finite Planet

    International Nuclear Information System (INIS)

    Jackson, T.

    2010-01-01

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

  9. Economic growth, international trade and air pollution. A decomposition analysis

    International Nuclear Information System (INIS)

    Kukla-Gryz, Anna

    2009-01-01

    This study analyzes the impact of economic growth and international trade on the level of air pollution. This is done by the estimation of the Structural Equation Model with two factors describing the structure of economic activity and air pollution intensity. It is further assumed that there is causal link between these two factors and that they are influenced by per capita income, international trade intensity and the Freedom House Index. The estimation results suggest that in the developing countries analyzed both international trade and per capita income lead to changes in the structure of economic activity and - as a consequence - to the increase in air pollution. In addition, the estimation results suggest that the impact of economic growth on air pollution intensity varies between the developing and developed countries. In the developing countries, this impact occurs through the change of the structure of economic activity, while in the developed countries, this impact is mainly direct and occurs through the sum of the scale effect and income effect. The positive sign of this impact suggests the dominance of the scale effect over the income effect. (author)

  10. Modelling the interaction between flooding events and economic growth

    Directory of Open Access Journals (Sweden)

    J. Grames

    2015-06-01

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

  11. Economic growth and its determinants in countries in transitio

    Directory of Open Access Journals (Sweden)

    Kestrim Avdimetaj

    2015-11-01

    Full Text Available Main purpose of this scientific research is to analyze the countries in transition; in particular, through this research we will explain the economic growth and its determinants in the countries in transition. Referring to the fact that many ex-communist countries were faced with a transition from a socialist economic system into the economic system of free market, and this phase of transformation is also known as transition, we will analyze this phase in details. The materials contained in this research are based on data taken directly from Financial Institutions, European Central Bank, as well as many other relevant prestigious institutions of countries in transition. The first section of this research begins with the introduction, presenting broadly the economic growth in countries in transition and the manner of their transformation, as well as the identification of hypothesis contained in this research. The second section contains the review of the literature, where we have cited parts from many authors who conducted studies in this broadly and productive field. In the third section are explained the mathematical formulas, that specify the econometric model, as well as the method of assessment, i.e. multiple regression analysis. Then, through the calculations of STATA, we will substitute the values of variables obtained in formula and test them through the selected model. In the last section we will interpret the outcomes derived from calculations in the program, supporting or dismissing hypothesis presented in this scientific research. This scientific research is limited, because many other important variables impacting the economic growth, such as instruments of monetary and fiscal policy, economic freedom, etc., have not been incorporated.

  12. A Discrete Monetary Economic Growth Model with the MIU Approach

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2008-01-01

    Full Text Available This paper proposes an alternative approach to economic growth with money. The production side is the same as the Solow model, the Ramsey model, and the Tobin model. But we deal with behavior of consumers differently from the traditional approaches. The model is influenced by the money-in-the-utility (MIU approach in monetary economics. It provides a mechanism of endogenous saving which the Solow model lacks and avoids the assumption of adding up utility over a period of time upon which the Ramsey approach is based.

  13. Tuberculosis remains a challenge despite economic growth in Panama.

    Science.gov (United States)

    Tarajia, M; Goodridge, A

    2014-03-01

    Tuberculosis (TB) is a disease associated with inequality, and wise investment of economic resources is considered critical to its control. Panama has recently secured its status as an upper-middle-income country with robust economic growth. However, the prioritisation of resources for TB control remains a major challenge. In this article, we highlight areas that urgently require action to effectively reduce TB burden to minimal levels. Our conclusions suggest the need for fund allocation and a multidisciplinary approach to ensure prompt laboratory diagnosis, treatment assurance and workforce reinforcement, complemented by applied and operational research, development and innovation.

  14. World Mineral resources and the Limits to Economic Growth

    Directory of Open Access Journals (Sweden)

    Bardi Ugo

    2014-03-01

    Full Text Available This presentation describes how the present economic situation can be described in terms of the system dynamics models developed in the series of studies that were titled “The Limits to Growth”. The result of this examination is that mineral depletion may be a major factor in causing the slowdown in economic growth in several countries. The effect is not the result of “running out” of any resource, but of the gradual increase in extraction costs which is forcing the economy to dedicate larger and larger resources to the production of mineral commodities.

  15. Energy Consumption and Economic Growth in Algeria: Cointegration and Causality Analysis

    Directory of Open Access Journals (Sweden)

    Cherfi Souhila

    2012-01-01

    Full Text Available This study investigates the energy consumption-growth nexus in Algeria. The causal relationship between the logarithm of per capita energy consumption (LPCEC and the logarithm of per capita GDP (LPCGDP during the 1965-2008 period is examined using the threshold cointegration and Granger causality tests. The estimation results indicate that the LPCEC and LPCGDP for Algeria are non cointegrated and that there is a uni-directional causality running from LPCGDP to LPCEC, but not vice versa. The research results strongly support the neoclassical perspective that energy consumption is not a limiting factor to economic growth in Algeria. Accordingly, an important policy implication resulting from this analysis is that government can pursue the conservation energy policies that aim at curtailing energy use for environmental friendly development purposes without creating severe effects on economic growth. The energy should be efficiently allocated into more productive sectors of the economy.

  16. 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.

  17. ENVIRONMENTAL ASPECTS OF "GREEN ECONOMY" RUSSIA'S ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    R. N. Botavina

    2016-01-01

    Full Text Available The article tells the story of the emergence of "green" economy, as opposed to the traditional "brown" ekonomike, given its concept shown shortcomings of the existing definitions of "green" economy, conclusions about the real possibilities of the transition to the growth of "green" economy. The relevance of this work lies in the fact that the changing paradigm of understanding the basis and essence of sustainable development of the national socio-economic systems necessitates the integration of economic and environmental solutions, this integration is seen as part of the concept of "green economy".The approach of this article is based on an interdisciplinary concept of quality management in relation to the specifics of functioning and development of the domestic socio-economic systems.The purpose / goal. The purpose of this article, and its main task is to systematize the areas of environmentally oriented development of economic entities, as well as the determination of the list of key provisions of environmental policy, which will provide further socio-economic development of Russia in line with the green economy. As a result, Russia as one of the great powers of the world will find a stable geopolitical situation.Methodology. The methodological basis of this article are comparative, economic and statistical analysis methods.Results. This article suggests some solutions to be included in the national environmental policy as a major incentive for the further transition to a green economy.Conclusions: The material contained in this article show the special role of the concept of "green economy" in the social and economic processes in the development of Russia's geo-economic stability. The above article aspects of the further development of the green economy in Russia can complement scientific and practical base solutions that provide active creation, implementation and use of green technologies to provide environmentally responsible sustainable

  18. 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

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

    Directory of Open Access Journals (Sweden)

    Anthony Igwe

    2014-12-01

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

  20. Pressurized Martian-Like Pure CO2 Atmosphere Supports Strong Growth of Cyanobacteria, and Causes Significant Changes in their Metabolism

    Science.gov (United States)

    Murukesan, Gayathri; Leino, Hannu; Mäenpää, Pirkko; Ståhle, Kurt; Raksajit, Wuttinun; Lehto, Harry J.; Allahverdiyeva-Rinne, Yagut; Lehto, Kirsi

    2016-03-01

    Surviving of crews during future missions to Mars will depend on reliable and adequate supplies of essential life support materials, i.e. oxygen, food, clean water, and fuel. The most economical and sustainable (and in long term, the only viable) way to provide these supplies on Martian bases is via bio-regenerative systems, by using local resources to drive oxygenic photosynthesis. Selected cyanobacteria, grown in adequately protective containment could serve as pioneer species to produce life sustaining substrates for higher organisms. The very high (95.3 %) CO2 content in Martian atmosphere would provide an abundant carbon source for photo-assimilation, but nitrogen would be a strongly limiting substrate for bio-assimilation in this environment, and would need to be supplemented by nitrogen fertilizing. The very high supply of carbon, with rate-limiting supply of nitrogen strongly affects the growth and the metabolic pathways of the photosynthetic organisms. Here we show that modified, Martian-like atmospheric composition (nearly 100 % CO2) under various low pressure conditions (starting from 50 mbar to maintain liquid water, up to 200 mbars) supports strong cellular growth. Under high CO2 / low N2 ratio the filamentous cyanobacteria produce significant amount of H2 during light due to differentiation of high amount of heterocysts.