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. Intellectual property: A strong determinant of economic growth

    Directory of Open Access Journals (Sweden)

    Munmun Rai

    2009-01-01

    Full Text Available The returns from almost all human endeavors can ultimately be translated into monetary gains. The past few years have seen increased attention paid to the strengthening of intellectual property rights due to globalization. The development of Intellectual property rights (IPR over the years has invariably brought an upsurge in the outlook of nations toward the aspect of societal and cultural growth, this being said with the preliminary assumption that economic growth has been the most affected realm and that it requires a separate spectrum of analysis. The artifacts between the IP regime and the national economy can be easily interpreted by the fact that India′s independence had itself brought an era where the enactment of the national IP laws were considered to stand on the touchstone of the market economy. The aim of the present article is to investigate the impact of a strong IP regime on the economic development of a nation and also a light is raised into Indian economy, and the creation of an efficient innovative system is discussed. A strong relation of the IPR with the pharma and biotech sectors has been discussed. Undoubtedly, the Intellectual property (IP systems must be developed so as to bring in socioeconomic well-being. The fact that a strong IPR actually provokes IPR infringements in many developing nations also seems to be an issue that needs to be analyzed while understanding the need of the former. The trade-off between unfair competition laws and IP also assumes importance of high magnitude and hence needs to be particularly emphasized. With the growing recognition of IPR, the importance of worldwide forums on IPR has been realized. Companies, universities, and industries want to protect their IPR internationally. In order to reach this goal, countries have signed numerous agreements and treaties.

  3. Intellectual property-A strong determinant of Economic Growth

    Directory of Open Access Journals (Sweden)

    Love k Singh

    2009-12-01

    Full Text Available

    The returns from almost all human endeavors can ultimately be translated into monetary gains. The past few years
    have seen increased attention to the strengthening of intellectual property rights due to globalization. The development
    of Intellectual property rights (IPR over the years has invariably brought an upsurge in the outlook of
    nations towards the aspect of societal and cultural growth, this being said with the preliminary assumption that
    economic growth has been the most affected realm and that it requires a separate spectrum of analysis. The artifacts
    between the IP regime and the national economy can be easily interpreted by the fact that India’s independence
    had itself brought an era where the enactment of the national IP laws were considered to stand on the touchstone
    of the market economy. The aim of the present paper is to investigate the impact of strong IP regime in the
    economic development of a nation and also a light is raised into Indian economy and creation for an efficient
    innovating system is discussed. A strong relation of IPR wity pharma sector and biotech sector has been discussed.
    Undoubtedly, IP systems must be developed so as to bring in socio-economic well-being. The fact that
    strong IPR actually provoke IPR infringements in many developing nations also seems to be an issue which needs
    to be analyzed while understanding the need of the former. The trade-off between unfair competition laws and IP
    also assumes importance of high magnitude and hence needs to be particularly emphasized. With the growing
    recognition of IPR, the importance of world wide forums on IPR is realized. Companies, universities, and industries
    want to protect their IPR internationally. In order to reach this goal, countries have signed numerous agreements
    and treaties.

  4. 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

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

    Directory of Open Access Journals (Sweden)

    Love Kumar Singh

    2010-01-01

    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 agricul-ture for its livelihood. India is self-sufficient in wheat and paddy, but deficient in other agricultural products. Pat-ents 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 infor-mation 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. 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

  7. 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.

  8. <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......://www.integratedhomecare.eu/ . III. In-depth-relaxation is evidenced as the result of regular practice of medical meditation comprising various practical meditation settings by NGOs whereof some are rooted in the religious tradition while other aim to be post-religious. Medical meditation combines savings on health care costs...... 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. Earthquakes and economic growth

    OpenAIRE

    Fisker, Peter Simonsen

    2012-01-01

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

  10. Quality, Export and Economic Growth

    DEFF Research Database (Denmark)

    Madsen, Erik Strøjer; Pedersen, Kurt

    1998-01-01

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

  11. 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

  12. Strong growth for Queensland mining

    Energy Technology Data Exchange (ETDEWEB)

    1990-10-01

    The Queensland mining industry experienced strong growth during 1989-90 as shown in the latest statistics released by the Department of Resource Industries. The total value of Queensland mineral and energy production rose to a new record of $5.1 billion, an increase of 16.5% on 1988-89 production. A major contributing factor was a 20.9 percent increase in the value of coal production. While the quantity of coal produced rose only 1.1 percent, the substantial increase in the value of coal production is attributable to higher coal prices negotiated for export contracts. In Australian dollar terms coal, gold, lead, zinc and crude oil on average experienced higher international prices than in the previous year. Only copper and silver prices declined. 3 tabs.

  13. 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.

  14. 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....

  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. 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...

  17. 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).

  18. 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...

  19. Economic Growth, Economic Freedom, and Governance

    OpenAIRE

    Cebula, Richard; Ekstrom, Marcus

    2008-01-01

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

  20. Entrepreneurial Diversity and Economic Growth

    NARCIS (Netherlands)

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

    2007-01-01

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

  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. Economic Growth Models Transition

    Directory of Open Access Journals (Sweden)

    Coralia Angelescu

    2006-03-01

    Full Text Available The transitional recession in countries of Eastern Europe has been much longer than expected. The legacy and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the post-socialist economics have started to recover, with some leading countries building momentum toward faster growth. There is a possibility that in wider context of globalization several of these emerging market economies will be able to catch up with the more advanced industrial economies in a matter of one or two generations. Over the past few years, most candidate countries have made progress in the transition to a competitive market economy, macroeconomic stabilization and structural reform. However their income levels have remained far below those in the Member States. Measured by per capita income in purchasing power standards, there has been a very limited amount of catching up over the past fourteen years. Prior, the distinctions between Solow-Swan model and endogenous growth model. The interdependence between transition and integration are stated in this study. Finally, some measures of macroeconomic policy for sustainable growth are proposed in correlation with real macroeconomic situation of the Romanian economy. Our study would be considered the real convergence for the Romanian economy and the recommendations for the adequate policies to achieve a fast real convergence and sustainable growth.

  3. Economic Growth Models Transition

    Directory of Open Access Journals (Sweden)

    Coralia Angelescu

    2006-01-01

    Full Text Available The transitional recession in countries of Eastern Europe has been much longer than expected. The legacy and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the post-socialist economics have started to recover, with some leading countries building momentum toward faster growth. There is a possibility that in wider context of globalization several of these emerging market economies will be able to catch up with the more advanced industrial economies in a matter of one or two generations. Over the past few years, most candidate countries have made progress in the transition to a competitive market economy, macroeconomic stabilization and structural reform. However their income levels have remained far below those in the Member States. Measured by per capita income in purchasing power standards, there has been a very limited amount of catching up over the past fourteen years. Prior, the distinctions between Solow-Swan model and endogenous growth model. The interdependence between transition and integration are stated in this study. Finally, some measures of macroeconomic policy for sustainable growth are proposed in correlation with real macroeconomic situation of the Romanian economy. Our study would be considered the real convergence for the Romanian economy and the recommendations for the adequate policies to achieve a fast real convergence and sustainable growth.

  4. 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.

  5. 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.

  6. Electricity regulation and economic growth

    OpenAIRE

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

    2018-01-01

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

  7. Corporate Stability and Economic Growth

    OpenAIRE

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

    2003-01-01

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

  8. 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 ...

  9. Human Development and Economic Growth

    OpenAIRE

    Ranis, Gustav

    2004-01-01

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

  10. 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....

  11. Sociological explanations of economic growth.

    Science.gov (United States)

    Marsh, R M

    1988-01-01

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

  12. 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. Innovation, resources and economic growth

    International Nuclear Information System (INIS)

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

    1994-01-01

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

  14. 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. Retail payments and economic growth

    OpenAIRE

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

    2012-01-01

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

  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. ECONOMIC GROWTH – COSTS AND DEVELOPMENT DISCREPANCES

    OpenAIRE

    Ion Bucur

    2007-01-01

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

  20. Linking Ethics and Economic Growth

    DEFF Research Database (Denmark)

    Foss, Nicolai Juul

    2012-01-01

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

  1. Political Instability and Economic Growth

    OpenAIRE

    Alberto Alesina; Sule Ozler; Nouriel Roubini; Phillip Swagel

    1992-01-01

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

  2. 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.

  3. 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 ...

  4. 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.)

  5. Exhaustible resources and economic growth

    International Nuclear Information System (INIS)

    Campbell, H.F.

    1984-09-01

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

  6. 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

  7. Financial Liberalization and Economic Growth

    NARCIS (Netherlands)

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

    2013-01-01

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

  8. 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

  9. ECONOMIC gROWTH, GLOBALIZATION AND TRADE

    OpenAIRE

    Nuno Carlos LEITÃO

    2012-01-01

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

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

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

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

  11. 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.

  12. 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

  13. 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.

  14. 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

  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: PRVOUK-P23 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: RVO:67985998 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. 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).

  20. Is Urban Economic Growth Inclusive in India?

    OpenAIRE

    Tripathi, Sabyasachi

    2013-01-01

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

  1. ECONOMIC GROWTH AND EQUALITY IN REDUCING POVERTY

    Directory of Open Access Journals (Sweden)

    Zaenal Muttaqin

    2016-02-01

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

  2. 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.

  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. Economics of Sustainable Development. Competitiveness and Economic Growth

    Directory of Open Access Journals (Sweden)

    Dorel AILENEI

    2011-02-01

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

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

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

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

  6. REMITTANCES AND ECONOMIC GROWTH IN TURKEY

    Directory of Open Access Journals (Sweden)

    Huseyin KARAMELIKLI

    2015-07-01

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

  7. 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

  8. 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...

  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. Why higher economic growth cannot always enhance human development

    OpenAIRE

    Ahmed, Md Montasir

    2017-01-01

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

  11. 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.

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

    Science.gov (United States)

    Kurz, R

    1982-05-01

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

  13. Determinants of economic growth in BRIC countries

    OpenAIRE

    Rajjev K. Goel

    2011-01-01

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

  14. ECONOMIC GROWTH THEORIES, CONCEPTUAL ELEMENTS, CHARACTERISTICS

    Directory of Open Access Journals (Sweden)

    Florina, POPA

    2014-11-01

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

  15. 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.)

  16. CORRELATION BETWEEN ECONOMIC GROWTH AND UNEMPLOYMENT

    Directory of Open Access Journals (Sweden)

    Savu Mihaela

    2013-06-01

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

  17. TOURIST ARRIVALS AND ECONOMIC GROWTH IN SARAWAK

    OpenAIRE

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

    2008-01-01

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

  18. Energy and economic growth in industrializing countries

    Energy Technology Data Exchange (ETDEWEB)

    Samouilidis, J E; Mitropoulos, C S

    1984-07-01

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

  19. 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

  20. Bioenergy, Pollution, and Economic Growth

    Energy Technology Data Exchange (ETDEWEB)

    Ankarhem, Mattias

    2005-04-15

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

  1. Coal consumption and economic growth in Taiwan

    International Nuclear Information System (INIS)

    Yang, H.Y.

    2000-01-01

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

  2. Export and Economic Growth in the West Balkan Countries

    Directory of Open Access Journals (Sweden)

    Florentina Xhelili Krasniqi

    2017-09-01

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

  3. 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.

  4. Entrepreneurship Education and Economic Growth

    DEFF Research Database (Denmark)

    Pedersen, Jonna; Lindquist, Carl Rickard

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

  5. An Accounting Method for Economic Growth

    OpenAIRE

    Hongchun Zhao

    2012-01-01

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

  6. 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.

  7. Investor Protections and Economic Growth

    OpenAIRE

    Haidar, Jamal Ibrahim

    2009-01-01

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

  8. 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?

  9. The economic growth of oil countries

    International Nuclear Information System (INIS)

    Arbod, G.

    2007-02-01

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

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

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

    GrOW works with research teams around the world to generate evidence on ... Growth and Economic Opportunities for Women ... IDRC “unpacks women's empowerment” at McGill University Conference ... Careers · Contact Us · Site map.

  11. 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.

  12. 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...

  13. 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

  14. Public Debt and Economic Growth in Malaysia

    OpenAIRE

    Siew-Peng Lee; Yan-Ling Ng

    2015-01-01

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

  15. 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

  16. FINANCIAL INTERMEDIATION, ENTREPRENEURSHIP AND ECONOMIC GROWTH

    OpenAIRE

    Wenli Cheng

    2007-01-01

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

  17. HEALTH, EDUCATION AND ECONOMIC GROWTH IN MALAYSIA

    OpenAIRE

    Rahmah Ismaila and Doris Padmini Selvaratnamb

    1999-01-01

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

  18. 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.

  19. Energy consumption and economic growth

    Energy Technology Data Exchange (ETDEWEB)

    Brookes, L G

    1972-10-01

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

  20. Institutions and economic growth : summary and synthesis

    NARCIS (Netherlands)

    Szirmai, A.

    2013-01-01

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

  1. Global warming and economic growth

    International Nuclear Information System (INIS)

    Gonand, Frederic

    2015-01-01

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

  2. 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....

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

    African Journals Online (AJOL)

    The Granger causality test was performed within vector error correction model and the results revealed strong support for both Wagner's law and Keynesian hypothesis when ... Wagner's law was only supported in one instance where causality runs from economic growth to development expenditure from domestic sources.

  4. Foreign direct investment, financial development and economic growth

    NARCIS (Netherlands)

    Hermes, Niels; Lensink, Robert

    2000-01-01

    FDI may help to raise economic growth in recipient countries. Yet, the contribution FDI can make may strongly depend on the circumstances in the recipient countries. This paper argues that the development of the financial system of the recipient country is an important precondition for FDI to have a

  5. 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...

  6. 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

  7. 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

  8. 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.

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

    African Journals Online (AJOL)

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

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

    African Journals Online (AJOL)

    FIRST LADY

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

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

    African Journals Online (AJOL)

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

  12. 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...

  13. Green attitude and economic growth

    OpenAIRE

    Ott, Ingrid; Soretz, Susanne

    2015-01-01

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

  14. 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.

  15. 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.

  16. Determinants of economic growth: will data tell?

    OpenAIRE

    Ciccone, Antonio; Jarociński, Marek

    2008-01-01

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

  17. 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...

  18. Renewable Resources, Capital Accumulation, and Economic Growth

    OpenAIRE

    Wei-Bin Zhang

    2011-01-01

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

  19. Value function in economic growth model

    Science.gov (United States)

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

    2017-11-01

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

  20. 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.

  1. The Key to Promoting Economic Growth

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

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

  2. Oil prices and economic growth

    International Nuclear Information System (INIS)

    Babusiaux, D.; Lescaroux, F.

    2006-01-01

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

  3. Energy Distribution and Economic Growth

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Strulik, Holger

    2011-01-01

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

  4. 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.

  5. 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

  6. 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.

  7. 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

  8. Global economic growth and expected returns around the world: The end-of-the-year effect

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

    2017-01-01

    Global economic growth at the end of the year strongly predicts returns from a wide spectrum of international assets, such as global, regional, and individual-country stocks, FX, and commodities. Global economic growth at other times of the year does not predict international returns. Low growth...

  9. Budget Deficits Effects on Economic Growth

    Directory of Open Access Journals (Sweden)

    L.C.Risti

    2013-06-01

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

  10. INNOVATIVE ASPECTS OF ECONOMIC GROWTH (THE REGION

    Directory of Open Access Journals (Sweden)

    Sergei A. Orekhov

    2014-01-01

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

  11. 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...

  12. 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.

  13. Employment, energy, and economic growth in Australia

    Energy Technology Data Exchange (ETDEWEB)

    Andrews, J

    1979-09-01

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

  14. RELATIONSHIP BETWEEN ECONOMIC GROWTH AND HUMAN CAPITAL

    Directory of Open Access Journals (Sweden)

    Mihaela Tania SANDU

    2010-02-01

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

  15. 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.

  16. Does inequality in health impede economic growth?

    Science.gov (United States)

    Grimm, Michael

    2011-01-01

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

  17. 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.

  18. 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.

  19. Does the Euro enhance Economic Growth?

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; A. Schmid, Peter

    2016-01-01

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

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

    OpenAIRE

    Fullerton, Thomas; Molina, Angel; Ibarreche, Santiago

    2007-01-01

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

  1. Industrial Employment, Investment Equipment and Economic Growth

    OpenAIRE

    Dellas, Harris

    2000-01-01

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

  2. Gender Equality and Economic Growth in Brazil

    OpenAIRE

    Pierre-Richard Agénor; Otaviano Canuto

    2013-01-01

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

  3. 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

  4. 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.

  5. Demographics, political power and economic growth.

    Science.gov (United States)

    Holtz-eakin, D

    1993-01-01

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

  6. 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.

  7. 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…

  8. Economic growth, sectoral structure and unemployment

    NARCIS (Netherlands)

    de Groot, H.L.F.

    1998-01-01

    This thesis consists of three parts that deal with the relationship between the relative wealth of nations, economic growth, and the sectoral structure of economies. In the first part, the focus is on the relative stagnancy of Europe versus the USA in terms of productivity levels and unemployment.

  9. 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

  10. Education for Economic Growth: A Critical Investment.

    Science.gov (United States)

    Hunt, James B., Jr.

    1984-01-01

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

  11. Renewable Resources, Capital Accumulation, and Economic Growth

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2011-01-01

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

  12. 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.

  13. Three essays on energy and economic growth

    Science.gov (United States)

    Peach, Nathanael David

    2011-12-01

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

  14. The Impact of FDI on the Economic Growth of Serbia

    Directory of Open Access Journals (Sweden)

    Miloš Parežanin

    2016-05-01

    Full Text Available This paper analyzes the impact of foreign direct investment on the economic growth of the Republic of Serbia. The aim is to analyze the effects of the economic crisis on foreign direct investment impact on the economic performance of the Serbian economy. This paper analyzes the period of 2000 - 2014, using the Inward FDI Performance Index and Pearson’s coefficient of simple linear correlation. The period before the economic crises (2000-2007 and the period after the beginning of the economic crisis (2008-2014 are analyzed separately, in order to observe the linear correlation between FDI and economic growth. The results of the research speak in favor of the existence of a strong and statistically significant correlation between FDI and observed macroeconomic indicators in the period of 2000-2007. The second sub-period was characterized by an absence correlation between FDI inflows and all the observed macroeconomic indicators. The results for the period of 2008-2014 can be explained by the effects of the global crisis on the Serbian economy and the deterioration of all macroeconomic indicators in the given period. Effects of the crisis on the Serbian economy were very strong.

  15. 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

  16. Electrification, economic growth and uranium power

    International Nuclear Information System (INIS)

    Starr, C.

    1983-01-01

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

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

    African Journals Online (AJOL)

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

  18. 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.

  19. 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)

  20. Export and Economic Growth in the West Balkan Countries

    OpenAIRE

    Florentina Xhelili Krasniqi; Rahmije Mustafa Topxhiu

    2017-01-01

    The aim of this paper is to explore the effects of exports and other variables (foreign direct investment, remittances, capital formation, and labour force) on economic growth in West Balkan countries (Albania, Kosovo, Macedonia, Montenegro, Bosnia and Herzegovina and Serbia). This study utilizes a strongly balanced panel data over the 2005-2015 period for Western Balkan countries using the ordinary least squares method (OLS), ie Pooled regression model to evaluate the parameters. The rela...

  1. Transport Infrastructure and Economic Growth: Spatial Effects

    Directory of Open Access Journals (Sweden)

    Artyom Gennadyevich Isaev

    2015-09-01

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

  2. 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...

  3. How Does Social Trust Affect Economic Growth?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

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

  4. Economic analyses of rapid population growth.

    Science.gov (United States)

    Birdsall, N

    1989-01-01

    "Discussion of the macroeconomic consequences of rapid population growth is organized into three schools: pessimists, optimists, and the recent revisionists. For the revisionists, differing views are presented about the pervasiveness and relevance of market failures, such as the negative externalities of childbearing, and about the ability of families and institutions to adjust rapidly to changes brought on by rapid population growth. A welfare economics approach is used to review the merits of various public policies to reduce fertility, including public financing of family planning services and taxes and incentives associated with childbearing." The focus is on developing countries. excerpt

  5. 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 ...

  6. Bank Liquidity, Market Participation, and Economic Growth

    OpenAIRE

    Mattana, Elena; Panetti, Ettore

    2012-01-01

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

  7. 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 ...

  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. 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%

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

    Institute of Scientific and Technical Information of China (English)

    吴隽; 刘洪久; 栾天行

    2003-01-01

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

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

    OpenAIRE

    Changsheng Xu; Santhirasegaram Selvarathinam; Wen X. Li

    2007-01-01

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

  12. 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.

  13. Relationship of Economic Growth with Tourism Sector

    Directory of Open Access Journals (Sweden)

    Abdul Holik

    2016-06-01

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

  14. Relationship of Economic Growth with Tourism Sector

    Directory of Open Access Journals (Sweden)

    Abdul Holik

    2016-06-01

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

  15. Energy scarcity and economic growth reconsidered

    International Nuclear Information System (INIS)

    Uri, N.D.

    1995-01-01

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

  16. 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

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

    NARCIS (Netherlands)

    de Pleijt, A.M.|info:eu-repo/dai/nl/375805621

    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

  18. 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.

  19. Global warming, energy use, and economic growth

    Science.gov (United States)

    Khanna, Neha

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

  20. 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

  1. 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)...

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

    African Journals Online (AJOL)

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

  3. 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

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

    OpenAIRE

    MIHAIU Diana Marieta; OPREANA Alin

    2012-01-01

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

  5. 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.

  6. Does Economic Growth Reduce Childhood Undernutrition in Ethiopia?

    Directory of Open Access Journals (Sweden)

    Sibhatu Biadgilign

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

  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. 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

  10. 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

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

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

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

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

    DEFF Research Database (Denmark)

    Møller, Stig Vinther; Rangvid, Jesper

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

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

    DEFF Research Database (Denmark)

    Kruse-Andersen, Peter Kjær

    2016-01-01

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

  14. 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.

  15. Economic growth and greenhouse gas emissions

    Energy Technology Data Exchange (ETDEWEB)

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

    2002-01-01

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

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

    Science.gov (United States)

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

    2016-03-01

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

  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. 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.

  19. 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.

  20. 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...

  1. 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.

  2. 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.

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

    Directory of Open Access Journals (Sweden)

    Nuno Carlos LEITÃO

    2012-12-01

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

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

    OpenAIRE

    Lonnie K. Stevans; David N. Sessions

    2008-01-01

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

  5. Social Capital, Economic Growth and Transition Economies

    DEFF Research Database (Denmark)

    Svendsen, Gert Tinggaard

    1998-01-01

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

  6. 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.

  7. SUSTAINABLE ECONOMIC GROWTH THROUGH EXTERNAL TRADE

    Directory of Open Access Journals (Sweden)

    Valentina Vasile

    2016-12-01

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

  8. 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...

  9. 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.

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

    International Nuclear Information System (INIS)

    Yoo, Seung-Hoon; Kwak, So-Yoon

    2010-01-01

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

  11. 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.

  12. 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…

  13. 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

  14. 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...

  15. 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.

  16. 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.

  17. 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

  18. 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.

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

    African Journals Online (AJOL)

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

  20. 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

  1. 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.

  2. 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.

  3. 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.

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

    African Journals Online (AJOL)

    Nafiisah

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

  5. Temperature impacts on economic growth warrant stringent mitigation policy

    Science.gov (United States)

    Moore, Frances C.; Diaz, Delavane B.

    2015-02-01

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

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

    OpenAIRE

    Alejandro Diaz-Bautista

    2005-01-01

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

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

    Science.gov (United States)

    2010-07-22

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

  8. Institutions, regulatory role and economic growth of national economies

    Directory of Open Access Journals (Sweden)

    Mladen Vedriš

    2008-12-01

    Full Text Available In the present time, characterized by the rapid disturbances in all time more connected global economy, territorially as well as structurally, the role of the state’s influence and responsibility with the adequate institutional addresses and procedures, defined in larger context, becomes the essential point not only of the further growth but also of the existing relations viability. It is simply because the encirclement does not function on the principle of status quo situation any more. Therefore, the role and significance of institutions, adequate regulatory role of these addresses, in the context of demand of permanent and stable economic growth, are of particular interest in the creation of this model. This analysis gains in importance studying the realized accelerated economic growth of states from some parts of the world, notably in the period after WW II. This question turned out to be exceptionally essential during the analysis of national strategies of accelerated economic growth (catch up strategy. On the other side of analysis are the transition period and the processes realized on the territory of the East and Central European states up to 1990 that were under the strong influence of the USSR. The attempts and mistakes in the quest for adequate balance of the market role were initially indoctrinated and led by the predominant conviction that the principles of Washington consensus will lead up to accelerated and efficient change of the entire structure of national economies and new frames for future behaviour. The problems that appeared very soon led to the establishment of significantly more balanced first the understanding and then to establishing significantly, more appropriate concept of balance and complementarity of market development with the permanently present role and responsibility of the state in this process and on this road.

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

    OpenAIRE

    Hunt, Shelby D.

    2012-01-01

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

  10. 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.

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

    OpenAIRE

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

    2009-01-01

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

  12. The South African tax mix and economic growth

    OpenAIRE

    AH de Wet; NJ Schoeman; SF Koch

    2014-01-01

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

  13. 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

  14. 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.

  15. 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

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

    African Journals Online (AJOL)

    PROF. O. E. OSUAGWU

    2013-12-01

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

  17. 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.

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

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

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

  19. 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.

  20. 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,...

  1. 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.

  2. Bubble nucleation and growth in very strong cosmological phase transitions

    Energy Technology Data Exchange (ETDEWEB)

    Mégevand, Ariel, E-mail: megevand@mdp.edu.ar; Ramírez, Santiago

    2017-06-15

    Strongly first-order phase transitions, i.e., those with a large order parameter, are characterized by a considerable supercooling and high velocities of phase transition fronts. A very strong phase transition may have important cosmological consequences due to the departures from equilibrium caused in the plasma. In general, there is a limit to the strength, since the metastability of the old phase may prevent the transition to complete. Near this limit, the bubble nucleation rate achieves a maximum and thus departs from the widely assumed behavior in which it grows exponentially with time. We study the dynamics of this kind of phase transitions. We show that in some cases a gaussian approximation for the nucleation rate is more suitable, and in such a case we solve analytically the evolution of the phase transition. We compare the gaussian and exponential approximations with realistic cases and we determine their ranges of validity. We also discuss the implications for cosmic remnants such as gravitational waves.

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

    OpenAIRE

    Ruttan, Vernon W.

    1998-01-01

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

  4. 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 ...

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

    Energy Technology Data Exchange (ETDEWEB)

    Fabricant, S

    1979-01-01

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

  6. 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...

  7. 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...

  8. 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...

  9. 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 ...

  10. Export and Economic Growth Nexus in the GCC Countries: A panel Data Approach

    Directory of Open Access Journals (Sweden)

    hatem Hatef abdulkadhim

    2017-12-01

    Full Text Available The export and economic growth nexus, which is called Balassa’s Export-Led Growth Hypothesis (ELGH  in the literature, is still an unstill issue in both the theoretical and empirical literature. In the present study, the effect of export on economic growth in  oil exporting developing countries, namely, Bahrain, Saudi Arabia, Qatar,  Kuwait, UAE, and Oman in the 1990–2014 period was tested based on three models, pooled ordinary least squares (POLS, fixed effects model (FEM, and random effects model (REM  via panel data analysis . The findings revealed strong support for the “export-led growth” hypothesis. In addition, our results show that apart from growth in the labor force, investments in capital formation are necessary for economic growth. According to the obtained results, the ability to adopt technological changes in order to increase efficiency, and sustain economic development is also important.

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

    Directory of Open Access Journals (Sweden)

    Engjell PERE

    2013-06-01

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

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

    Directory of Open Access Journals (Sweden)

    Guseva Valentina Ivanovna

    2016-04-01

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

  13. 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.

  14. 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.

  15. 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.

  16. 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…

  17. 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…

  18. 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.

  19. 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 ...

  20. 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

  1. 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

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

    NARCIS (Netherlands)

    Zandberg, Eelco; Spierdijk, Laura

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

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

    OpenAIRE

    World Bank

    2002-01-01

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

  4. 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 ...

  5. 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 ...

  6. 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...

  7. Models of the Economic Growth and their Relevance

    Directory of Open Access Journals (Sweden)

    Nicolae MOROIANU

    2012-06-01

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

  8. 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.

  9. Economic Growth as a Factor of Political Stability

    Directory of Open Access Journals (Sweden)

    Анна Олеговна Ярославцева

    2015-12-01

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

  10. Road infrastructure, spatial spillover and county economic growth

    Science.gov (United States)

    Hu, Zhenhua; Luo, Shuang

    2017-09-01

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

  11. Economic Growth and the Environment. An empirical analysis

    Energy Technology Data Exchange (ETDEWEB)

    De Bruyn, S.M.

    1999-12-21

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

  12. 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.

  13. 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.

  14. 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…

  15. Economic growth and technological change : an evolutionary interpretation

    NARCIS (Netherlands)

    Verspagen, B.

    2000-01-01

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

  16. Financial development and economic growth nexus in Russia

    Directory of Open Access Journals (Sweden)

    Shigeki Ono

    2017-09-01

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

  17. ANALYSIS OF FACTORS WHICH AFFECTING THE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Suparna Wijaya

    2017-03-01

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

  18. Nation Building as a Determinent of Economic Growth

    Science.gov (United States)

    2010-05-18

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

  19. 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...

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

    OpenAIRE

    Rosenzweig, Mark R.

    1987-01-01

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

  1. 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...

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

    OpenAIRE

    Meijers, Huub

    2012-01-01

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

  3. 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...

  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. 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...

  6. 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…

  7. 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.

  8. Strong persistent growth differences govern individual performance and population dynamics in a tropical forest understorey palm

    NARCIS (Netherlands)

    Jansen, M.; Zuidema, P.A.; Anten, N.P.R.; Martínez-Ramos, M.

    2012-01-01

    1. Persistent variation in growth rate between individual plants can have strong effects on population dynamics as fast growers reach the reproductive size at an earlier age and thus potentially contribute more to population growth than slow growers. In tropical forests, such persistent growth

  9. 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

  10. Measuring Economic Growth in New Zealand

    OpenAIRE

    Peter Mawson

    2002-01-01

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

  11. 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.

  12. 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.

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

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

    Deyanira Carvajal

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

  14. 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...

  15. 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

  16. 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.

  17. 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.

  18. 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.

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

    International Nuclear Information System (INIS)

    Hondroyiannis, George; Lolos, Sarantis; Papapetrou, Evangelia

    2002-01-01

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

  20. 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

  1. 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

  2. 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.

  3. 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...

  4. 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...

  5. 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.

  6. 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.

  7. 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.

  8. 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.

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

    African Journals Online (AJOL)

    Optiplex 7010 Pro

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

  10. 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.

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

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

    2012-12-01

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

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

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

    2009-04-26

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

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

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

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

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

    African Journals Online (AJOL)

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

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

    OpenAIRE

    Sustainable Development Commission

    2003-01-01

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

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

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Payne, James E.

    2010-01-01

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

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

    African Journals Online (AJOL)

    Nneka Umera-Okeke

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

  18. The impact of the British model on economic growth

    Directory of Open Access Journals (Sweden)

    Simon György Jr.

    2007-01-01

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

  19. Internationalisation and Economic Growth: The Portuguese Case

    Science.gov (United States)

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

    2017-01-01

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

  20. Teaching Economic Growth Theory with Data

    Science.gov (United States)

    Elmslie, Bruce T.; Tebaldi, Edinaldo

    2010-01-01

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

  1. Building Regional Economic Growth and Innovation Capacity

    Science.gov (United States)

    Rafn, H. Jeffrey

    2012-01-01

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

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

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

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

  3. 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

  4. Financial Market Liberalization and Economic Growth

    NARCIS (Netherlands)

    G.A. Garita (Gus)

    2008-01-01

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

  5. Economic growth and advertising expenditures in different media

    NARCIS (Netherlands)

    van der Wurff, R.; Bakker, P.; Picard, R.G.

    2008-01-01

    Newspaper advertising expenditures depend more strongly on economic development than advertising spent in other media. Gross domestic product (GDP), therefore, predicts ad spending better in countries where newspapers are an important advertising medium. GDP also predicts ad spending better in

  6. Determinants of Economic Growth in Malaysia 1970-2010

    OpenAIRE

    Fauzi HUSSIN; Norazrul Mat ROS; Mohd Saifoul Zamzuri NOOR

    2013-01-01

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

  7. 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...

  8. 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 ...

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

    OpenAIRE

    Leonel Muinelo-Gallo; Oriol Roca-Sagalés

    2012-01-01

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

  10. The Impact of Social Media on Economic Growth

    OpenAIRE

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

    2015-01-01

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

  11. 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...

  12. 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.

  13. 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.

  14. 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.

  15. 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

  16. 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.

  17. How Does Social Trust Affect Economic Growth?

    DEFF Research Database (Denmark)

    Bjørnskov, Christian

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

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

    Science.gov (United States)

    Schalin, Jay

    2010-01-01

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

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

    African Journals Online (AJOL)

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

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

    Directory of Open Access Journals (Sweden)

    Camelia MORARU

    2013-12-01

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

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

    African Journals Online (AJOL)

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

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

    DEFF Research Database (Denmark)

    Aggarwal, Aradhna

    2018-01-01

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

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

    African Journals Online (AJOL)

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

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

    DEFF Research Database (Denmark)

    Bjørnskov, Christian; Foss, Nicolai Juul

    2013-01-01

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

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

    African Journals Online (AJOL)

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

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

    Directory of Open Access Journals (Sweden)

    Klimis Vogiatzoglou

    2016-11-01

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

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

    OpenAIRE

    Edna Maeyen Solomon

    2011-01-01

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

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

    OpenAIRE

    Magableh, Ali H.

    1995-01-01

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

  9. Financial Sector Structure and Economic Growth

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen

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

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

    Directory of Open Access Journals (Sweden)

    Herath Shanaka

    2012-01-01

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

  11. 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.

  12. 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

  13. 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.

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

    Science.gov (United States)

    Ciesielska, Dorota; Kołtuniak, Marcin

    2017-09-01

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

  15. Subtle mechanisms of growth: technology and economic growth

    Directory of Open Access Journals (Sweden)

    Glauco Arbix

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

  16. 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...

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

    African Journals Online (AJOL)

    modified by Thirwall and Hussain (1982) on Nigeria's economic growth to ... Results signify cointegration between our variables, lending support to ... the fact that the factor inputs have inconclusive roles in the growth process in developing ... towards public sector expansion at the expense of the private sector as well as a ...

  18. 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.

  19. Economic Limits to Corporate Growth in America

    Science.gov (United States)

    2006-12-01

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

  20. PRIORITIZING ECONOMIC GROWTH: ENHANCING MACROECONOMIC POLICY CHOICE

    OpenAIRE

    Colin I. BRADFORD, Jr.

    2005-01-01

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

  1. 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.

  2. CLUSTERS- SOURCES OF ECONOMIC GROWTH IN EUROPE

    Directory of Open Access Journals (Sweden)

    Constantin BORDEI

    2016-05-01

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

  3. 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.

  4. 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.

  5. 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.

  6. Stock Market and Sustainable Economic Growth in Nigeria

    Directory of Open Access Journals (Sweden)

    Erasmus L Owusu

    2016-11-01

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

  7. 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.

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

    OpenAIRE

    Spolador, Humberto Francisco Silva; Roe, Terry L.

    2012-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Dietmar Meyer

    2017-05-01

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

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

    Directory of Open Access Journals (Sweden)

    Ismail O. Fasanya

    2013-10-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2011-10-15

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

  12. 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.

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    Próchniak Mariusz

    2014-10-01

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

  15. 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.

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Heru Iswahyudi

    2016-04-01

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

  20. Growth Versus Government Management Improvement During Economic Downturn

    Science.gov (United States)

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

    2013-04-01

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

  1. 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.

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

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  3. 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

  4. Unstable periodic orbits and chaotic economic growth

    International Nuclear Information System (INIS)

    Ishiyama, K.; Saiki, Y.

    2005-01-01

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

  5. 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.

  6. 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.

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

    DEFF Research Database (Denmark)

    Xue, Jin

    2012-01-01

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

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

    OpenAIRE

    加藤, 秀弥; KATO, Hideya

    2004-01-01

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

  9. 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.

  10. 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)

  11. 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

  12. 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.

  13. THE TERTIARY CIVILIZATION – CONCEPT OF THE ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Gabriela Liliana CIOBAN

    2014-06-01

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

  14. 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.

  15. Convergence and economic growth in Mexico

    Directory of Open Access Journals (Sweden)

    Alejandro Bautista-Díaz

    2000-01-01

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

  16. 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.

  17. The Impact of Regional Disparities on Economic Growth

    Directory of Open Access Journals (Sweden)

    Henryk Gurgul

    2011-01-01

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

  18. 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.

  19. 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...

  20. 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.

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

    International Nuclear Information System (INIS)

    Ockwell, David G.

    2008-01-01

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

  2. 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.

  3. 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

  4. 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.

  5. 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.

  6. One interpretation of the low economic growth in Mexico

    OpenAIRE

    Isaac, Sánchez Juárez

    2011-01-01

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

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

    OpenAIRE

    Rana, MP; Blackbourn, K; Neanidis, KC

    2017-01-01

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

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

    OpenAIRE

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

    2017-01-01

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

  9. 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.

  10. 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

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

    Directory of Open Access Journals (Sweden)

    Krūzmētra Maiga

    2017-12-01

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

  12. 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

  13. 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.

  14. Financial Intermediaries and Economic Growth: The Nigerian Evidence

    Directory of Open Access Journals (Sweden)

    Oba Efayena

    2014-06-01

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

  15. 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)

  16. 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......, 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...

  17. Geomagnetic and strong static magnetic field effects on growth and chlorophyll a fluorescence in Lemna minor.

    Science.gov (United States)

    Jan, Luka; Fefer, Dušan; Košmelj, Katarina; Gaberščik, Alenka; Jerman, Igor

    2015-04-01

    The geomagnetic field (GMF) varies over Earth's surface and changes over time, but it is generally not considered as a factor that could influence plant growth. The effects of reduced and enhanced GMFs and a strong static magnetic field on growth and chlorophyll a (Chl a) fluorescence of Lemna minor plants were investigated under controlled conditions. A standard 7 day test was conducted in extreme geomagnetic environments of 4 µT and 100 µT as well as in a strong static magnetic field environment of 150 mT. Specific growth rates as well as slow and fast Chl a fluorescence kinetics were measured after 7 days incubation. The results, compared to those of controls, showed that the reduced GMF significantly stimulated growth rate of the total frond area in the magnetically treated plants. However, the enhanced GMF pointed towards inhibition of growth rate in exposed plants in comparison to control, but the difference was not statistically significant. This trend was not observed in the case of treatments with strong static magnetic fields. Our measurements suggest that the efficiency of photosystem II is not affected by variations in GMF. In contrast, the strong static magnetic field seems to have the potential to increase initial Chl a fluorescence and energy dissipation in Lemna minor plants. © 2015 Wiley Periodicals, Inc.

  18. The State Financial Policy as Instrument of Economic Growth

    Directory of Open Access Journals (Sweden)

    Mostitskaya Natalya А.

    2017-12-01

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

  19. 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)

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

    OpenAIRE

    John Smithin

    2014-01-01

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

  1. 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...

  2. Thermodynamics of long-run economic innovation and growth

    OpenAIRE

    Garrett, Timothy J.

    2013-01-01

    This article derives prognostic expressions for the evolution of globally aggregated economic wealth, productivity, inflation, technological change, innovation and growth. The approach is to treat civilization as an open, non-equilibrium thermodynamic system that dissipates energy and diffuses matter in order to sustain existing circulations and to further its material growth. Appealing to a prior result that established a fixed relationship between a very general representation of global eco...

  3. THE RELATIONSHIP BETWEEN TOURIST RECEIPTS AND ECONOMIC GROWTH IN TUNISIA

    OpenAIRE

    Slim Mahfoudh*, Mohamed Ben Amar

    2016-01-01

    Considered as a global booming business, tourism contributes by 11% of the world GDP. In many developing countries, this sector has become a key source of growth and wealth that affects directly and indirectly sectors linked to it as well as others. According to the World Tourism Organization (2004) tourism doubled between 1995 and 2005 and it has become itself for some small and medium-sized countries the exporting sector by excellence! Contributing massively to the national economic growth ...

  4. R&D Expenditures and Economic Growth Relationship in Turkey

    OpenAIRE

    Cuma BOZKURT

    2015-01-01

    In today's world, globalization has reached to such an extent that, investment in information and technology is inevitable to be integrated with global system and increase competitive power. Therefore, R&D investments are of high importance and priority for growth process of economy. This paper investigates the long-run relationship between R&D expenditure and economic growth using the Johansen co-integration and the vector error correction models. The research findings indicate that there is...

  5. 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.

  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. 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

  8. 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

    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......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...

  9. 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.

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

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2014-09-01

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

  11. 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.

  12. 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 ...

  13. 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…

  14. 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

  15. 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

  16. 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, ...

  17. Financial liberalization and economic growth : A meta-analysis

    NARCIS (Netherlands)

    Bumann, Silke; Hermes, Niels; Lensink, Robert

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

  18. 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…

  19. 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

  20. 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

  1. Modeling and forecasting mortality with economic growth : a multipopulation approach

    NARCIS (Netherlands)

    Boonen, T.J.; Li, H.

    2017-01-01

    Research on mortality modeling of multiple populations focuses mainly on extrapolating past mortality trends and summarizing these trends by one or more common latent factors. This article proposes a multipopulation stochastic mortality model that uses the explanatory power of economic growth. In

  2. A mean-field game economic growth model

    KAUST Repository

    Gomes, Diogo A.; Lafleche, Laurent; Nurbekyan, Levon

    2016-01-01

    Here, we examine a mean-field game (MFG) that models the economic growth of a population of non-cooperative, rational agents. In this MFG, agents are described by two state variables - the capital and consumer goods they own. Each agent seeks

  3. 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 ...

  4. 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 ...

  5. THE CONDITIONS OF TRANSITION TO INNOVATIVE TYPE OF ECONOMIC GROWTH

    OpenAIRE

    D. E. Sorokin

    2010-01-01

    Article is devoted theoretical-methodological problems of transition of the Russian economy to innovative type of economic growth. Realization of the problems set forth above are possible only in case of a support of the Russian economy on the fifth technological way and its abilities to pass to the sixth technological way.

  6. 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 ...

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

    African Journals Online (AJOL)

    The better-known models of economic growth such as the Lewis, Rostow,. Harrod-Domar ... produce highly educated populaces usually reap the benefits of such in terms of high per capita ..... The Russian revolution of 1917 led by Lenin proposed in theory a .... This was about government intervention into the economy to ...

  8. Inequality, Credit Market Imperfection, Segmentation and Economic Growth

    NARCIS (Netherlands)

    Zhu, D.

    2001-01-01

    This paper investigates how initial inequality can causally affect economic growth when moral hazard problems exist in credit markets.Two regimes of the credit markets aiming at overcoming the moral hazard problems are analyzed.The formal one such as bank relies on intermediary between borrowers and

  9. 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....

  10. Health and Economic Growth in South East, Nigeria

    African Journals Online (AJOL)

    info

    to be making any significant impact in economic growth. ... The south eastern geographical space of Nigeria is the country home of the. Igbo. .... However, if, for example, many workers in one sector are not regular to work .... private health care providers, is not only associated with welfare .... individuals and families apart.

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

    African Journals Online (AJOL)

    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 value traded ratio and turnover ratio were used as proxy for market ...

  12. 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 ...

  13. 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,

  14. 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 ...

  15. 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 ...

  16. 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

  17. Disasters and development: natural disasters, credit constraints, and economic growth

    NARCIS (Netherlands)

    McDermott, T.K.J.; Barry, F.; Tol, R.S.J.

    2014-01-01

    Using a simple two-period model of the economy, we demonstrate the potential effects of natural disasters on economic growth over the medium to long term. In particular, we focus on the effect of such shocks on investment. We examine two polar cases: an economy in which agents have unconstrained

  18. 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

  19. 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.

  20. 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 ...

  1. 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

  2. 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

  3. 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 ...

  4. 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 ...

  5. 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 ...

  6. road sector development and economic growth in ethiopia1

    African Journals Online (AJOL)

    Eyerusalem

    Regarding community roads, both the management and accountancy .... previous years and its impact on overall and sectoral economic growth. Descriptive analysis is deployed to capture the link between the road transport sector and performance indicators, like rural accessibility, road density, road network, road financing ...

  7. 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 ...

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

    African Journals Online (AJOL)

    IFEOMA PIUS

    2013-07-03

    Jul 3, 2013 ... The effect of culture system on growth and economics performance of Orechromis niloticus ( ... from the Food and Agriculture Organization (FAO) stated ... in the reduction of the availability of natural fish food ..... lowest profit, while algae only had the lowest cost and ... Also, maximizing production in terms of.

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

    African Journals Online (AJOL)

    East African Community states, as many other states in the region, depend largely on agricultural activities to boost their economic growth and create employment. Up to 80 per cent of the populace depends on agriculture directly and indirectly for food, employment and income, while about 40 million people in EAC suffer ...

  10. 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 ...

  11. 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 ...

  12. 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.

  13. QUALITY OF NATIONAL ECONOMIC GROWTH: FACTORS AND DETERMINANTS

    Directory of Open Access Journals (Sweden)

    Nikolaj I. Komkov

    2015-01-01

    Full Text Available The subject / topic: TThe theme of this article is very relevant in the light of changes in the global geo-economic structure and changing the role and place ofRussiain world economic and geopolitical relations. The article deals with the basic aspects of national economic growth, which slowed down in the last three years. The main reason for slowing national economic growth is associated with the depletion of the reserves of the traditional export-oriented development of the Russian economy, as well as problems with sluggish innovative transformation. In this paper, based on a systematic analysis of economic processes and the interpretation of analytical data, addresses the general theoretical and methodological aspects of the quality of economic development, as well as practical guidelines and recommendations related to sustainable national socio-economic development in the context of external constraints.The purpose / objectives: The aim of the article is to analyze the theoretical and methodological aspects of the quality of economic development of the Russian economy, which happened in the face of economic sanctions. Objectives of the article: justify practical directions and recommendations related to sustainable national socio-economic development in the context of external constraints, determine the prospects for the economy of theRussian Federationin the conditions of the introduction of sectoral sanctions by Western countries. Methodology:Methodological basis of this article are the comparative and economic-statistical methods of analysis.The Results: The study revealed that the harsh environment (sanctions, depreciation of the ruble, and others. Require surgical intervention and adjustments not only the current socio-economic plans, but also to take urgent measures to ensure the development prospects. The most important decision is the degree of support advanced scientific and technical programs and the creation of new domestic

  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. A note on inflation targeting and economic growth in Brazil

    Directory of Open Access Journals (Sweden)

    Gilberto Libânio

    2010-03-01

    Full Text Available This paper analyzes the relation between monetary policy and economic performance in Brazil during the period 1999-2006. In particular, it discusses the growth effects of the inflation targeting regime through its effects on aggregate demand. It is argued that monetary policy under IT reacts in a procyclical and asymmetric way to fluctuations in economic activity (too "tight" during recessions, not so "loose" during expansions. Such pattern may generate a downward bias in aggregate demand, with negative real effects on output growth and employment. Our results suggest that monetary policy has been procyclical and asymmetrical in Brazil under inflation targeting. The main economic policy implication of this study is that central banks should consider more seriously the real effects of monetary policy on output and employment.

  16. ECONOMIC GROWTH AND ENVIRONMENTAL QUALITY INTURKEY: ARE THEY OPPOSITE CONCEPTS?

    Directory of Open Access Journals (Sweden)

    E.Yasemin Bozdağlıoğlu

    2013-01-01

    Full Text Available The growing interest in global environmental issues whose importance hasbeen steadily increasing and the demand for environmental quality and theirmutual relation with economic growthare closely related. Economic growth,while increasing the level ofnational income over time, brings with it concernsabout environmental quality.The purpose of this study is to examine therelationship between Turkey's economicgrowth (Gross Domestic Income-GDPand environmental quality. In this study,the Environmental Kuznet Hypothesis,which assumes a correlation between various indicators of environmentaldegradation and per capita income in examining the relationship, will be used.The Granger Causality Test and Cointegration Test methods will be used indetermining the relationship between thecourse of environmental degradation inthe first phase of economic growth and thedegree of environmental effect in theperiod between 1960 and 2011 (with annual data in Turkey.

  17. ECONOMIC GROWTH, TRADE AND ENVIRONMENTAL ISSUES: TESTING ENVIRONMENTAL KUZNETS CURVE

    Directory of Open Access Journals (Sweden)

    Dedi Budiman Hakim

    2013-04-01

    Full Text Available ASEAN experiences a dynamic economic growth due to its liberalised markets. However concerns arise related to environmental issues resulting from the economic activities. It reflects tradeoffs between economic growth driven by trade and foreign direct investment (FDI, and environment. To investigate such a relation the Environmental Kuznets Curve was applied by regressing amount of carbon emission with gross domestic product (GDP, quadratic GDP, trade openness and FDI. The result reveals that amount of carbon emission is linearly and positively correlated with GDP per capita. It is predicted that as ASEAN economies grow, carbon emission increases. Trade openness is also found to contribute to carbon emission. Keywords: Kuznets curve, carbon emission, gross domestic product, trade, foreign direct investment JEL classification number: F15, F18

  18. 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.

  19. Interaction between Financial Intermediation Efficiency and Economic Growth

    Directory of Open Access Journals (Sweden)

    Milka Grbic

    2016-12-01

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

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

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    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.

  1. 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.

  2. Energy consumption and economic growth revisited in African countries

    Energy Technology Data Exchange (ETDEWEB)

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

    2011-11-15

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

  3. 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)

  4. 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.

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

    International Nuclear Information System (INIS)

    Fizaine, Florian; Court, Victor

    2016-01-01

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

  6. Influence of the Budgetary Decentralization on the Economic Growth of Regions of Ukraine: Statistical Estimation

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    Voznyak Halyna V.

    2017-06-01

    Full Text Available The aim of the article is to define, determine and analyze the interrelationships between the budgetary decentralization and the economic growth of regions of Ukraine under conditions of reforming the power and financial resources. A statistical estimation of the influence of the budgetary decentralization on the economic growth of regions of Ukraine for 2015-2016 is carried out. The application of the panel data modeling allowed to build econometric models that made it possible to determine the ambiguous nature of the budgetary decentralization and identify key factors of its influence. It is shown that in terms of the income and expenditures the budgetary decentralization is positively associated with the economic growth of regions of Ukraine during the chosen time range of the study. The dynamic growth of the own revenues of local budgets is not a catalyst for the economic development of the regions. A strong negative effect of transfers on the dependent variable is confirmed. Among the variables included in the model and additionally characterizing the budgetary decentralization, the single tax and subsidies for the socio-economic development of individual territories attract attention. As a result of the study, the author justifies the need to minimize the transfer dependence of the regions at a simultaneous increasing of their own revenue base with local taxes and fees serving as a reliable basis for a long-term planning and development.

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

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    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.

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

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    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.

  9. Historic, economic and geographic approach to the relations between economic growth and oil prices

    International Nuclear Information System (INIS)

    Girard, C.

    1992-01-01

    This paper attempts to analyze the complex relations between energy prices and economic growth. In part 1, the history of the last 30 years is used to analyze the consequences of energy price variations on world economic growth. In part 2, two interpretation schemes are described successively. One has to do with the international oil market, and the other concerns the impact of oil shocks on national economies. In part 3, an approach by type of country leads to conclusions respectively for the industrialized countries, for the developing countries and for the newly industrialized countries. 1 fig

  10. 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., E-mail: erik.venteris@pnl.gov; Wigmosta, Mark S.; Coleman, Andre M.; Skaggs, Richard L. [Pacific Northwest National Laboratory, Richland, WA (United States)

    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. 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 (Nannochloropsis salina and 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 and hydrothermal liquefaction (HTL) technologies. National-scale models of water, CO{sub 2} (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 year{sup −1} of renewable diesel [36 billion gallons year{sup −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 year{sup −1} UF{sup −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 year{sup −1} UF{sup −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 10 kms 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

  11. THE INFLUENCE OF COMMUNITY FINANCIAL INSTRUMENTS ON THE ECONOMIC GROWTH

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    ANCA SIMINA POPESCU

    2015-12-01

    Full Text Available The absorption of structural and cohesion funds for the period 2007-2013 was relatively low, several reasons were identified by the European Union and the European Commission and had several gaps in legislative terms and in terms of management. Financial and economic crisis that started in 2008, dramatically altered the socio-economic context for cohesion policy programs. The economic downturn also triggered a sharp deterioration in the business climate and consumer confidence, investment (gross fixed capital formation decreased from 21% of GDP in 2008 to 18% in 2012, exports of goods and services and investment direct foreign having the same negative trend. Absorption capacity non-reimbursable financial resources is a variable with a direct and very strong link in ensuring economic and social cohesition with resources available from European funds.

  12. Modeling economic growth fuelled by science and technology

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    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.

  13. Burkina Faso - Promoting Growth, Competitiveness and Diversification : Country Economic Memorandum, Volume 3. Enhancing Growth Factors

    OpenAIRE

    World Bank

    2010-01-01

    The main conclusion of Country Economic Memorandum is that the previous model of extensive growth has now exhausted its potential and must be renewed. Given the existing population dynamics, low environmental tolerance due to its Sahelian climate and competition forces imposed due to its open economy, Burkina Faso is heavily investing in growth based on increased productivity to overcome i...

  14. Environmental Disaster and Economic Change: Do tropical cyclones have permanent effects on economic growth and structure?

    Science.gov (United States)

    Jina, A.; von der Goltz, J.; Hsiang, S. M.

    2011-12-01

    Natural disasters have important, often devastating, effects upon economic growth and well-being. Due to this, disasters have become an active area of recent research and policy attention. However, much of this research has been narrowly focused, relying on anecdotal evidence and aggregated data to support conclusions about disaster impacts in the short-term. Employing a new global data set of tropical cyclone exposure from 1960 to 2008, we investigate in greater detail whether permanent changes in economic performance and structure can result from these extreme events in some cases. Our macro-economic analyses use the World Development Indicator dataset and have shown promising results: there are dramatic long-term economic transformations associated with tropical cyclones across a number of countries and industries. This effect is most clearly seen in Small Island Developing States (SIDS) and some countries in Latin America, where negative changes in long-term growth trends are observed in the years following a large tropical cyclone. In many economies with a high exposure to tropical cyclone damage, there are noticeable structural changes within the economy. The impacts of disasters might be expressed through various economic and social channels, through direct loss of lives and infrastructure damage; for instance, the destruction of infrastructure such as ports may damage export opportunities where replacement capital is not readily available. These structural changes may have far-reaching implications for economic growth and welfare. Larger nations subjected to the impacts of tropical cyclones are thought to be able to relocate economically important activities that are damaged by cyclones, and so long-term trend changes are not observed, even for events that cause a large immediate decrease in national productivity. By investigating in a more rigorous fashion the hypothesis that the environment triggers these permanent economic changes, our work has

  15. SUSTAINABILITY OF ECONOMIC GROWTH AND INEQUALITY IN INCOMES DISTRIBUTION

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    Bogdan Ion Boldea

    2012-07-01

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

  16. 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…

  17. The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth

    International Nuclear Information System (INIS)

    Lee, Jung Wan

    2013-01-01

    The paper investigates the contributions of foreign direct investment (FDI) net inflows to clean energy use, carbon emissions, and economic growth. The paper employs cointegration tests to examine a long-run equilibrium relationship among the variables and fixed effects models to examine the magnitude of FDI contributions to the other variables. The paper analyzes panel data of 19 nations of the G20 from 1971 to 2009. The test results indicate that FDI has played an important role in economic growth for the G20 whereas it limits its impact on an increase in CO 2 emissions in the economies. The research finds no compelling evidence of FDI link with clean energy use. Given the results, the paper discusses FDI's potential role in achieving green growth goals. - Highlights: ► FDI inflows strongly lead to economic growth in the G20. ► FDI inflows lead to an increase in energy use in the G20. ► FDI inflows are in no relation to CO 2 emissions in the G20. ► FDI inflows are in no relation to clean energy use in the G20. ► Economic growth is in negative relation to CO 2 emissions in the G20

  18. Temperature and rainfall strongly drive temporal growth variation in Asian tropical forest trees.

    Science.gov (United States)

    Vlam, Mart; Baker, Patrick J; Bunyavejchewin, Sarayudh; Zuidema, Pieter A

    2014-04-01

    Climate change effects on growth rates of tropical trees may lead to alterations in carbon cycling of carbon-rich tropical forests. However, climate sensitivity of broad-leaved lowland tropical trees is poorly understood. Dendrochronology (tree-ring analysis) provides a powerful tool to study the relationship between tropical tree growth and annual climate variability. We aimed to establish climate-growth relationships for five annual-ring forming tree species, using ring-width data from 459 canopy and understory trees from a seasonal tropical forest in western Thailand. Based on 183/459 trees, chronologies with total lengths between 29 and 62 years were produced for four out of five species. Bootstrapped correlation analysis revealed that climate-growth responses were similar among these four species. Growth was significantly negatively correlated with current-year maximum and minimum temperatures, and positively correlated with dry-season precipitation levels. Negative correlations between growth and temperature may be attributed to a positive relationship between temperature and autotrophic respiration rates. The positive relationship between growth and dry-season precipitation levels likely reflects the strong water demand during leaf flush. Mixed-effect models yielded results that were consistent across species: a negative effect of current wet-season maximum temperatures on growth, but also additive positive effects of, for example, prior dry-season maximum temperatures. Our analyses showed that annual growth variability in tropical trees is determined by a combination of both temperature and precipitation variability. With rising temperature, the predominantly negative relationship between temperature and growth may imply decreasing growth rates of tropical trees as a result of global warming.

  19. 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.

  20. 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.