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We reignited the debate that developing countries still struggle to make the most of entrepreneurship due to institutional imbalances. The aim of this study is to empirically examine impact of entrepreneurial governance and ease of doing business on economic growth in a panel of 15 ECOWAS countries. The empirical evidence is based on secondary data from 2000 to 2019 estimated using the Pooled OLS Regression OLS estimator. Using institutional theory, we examined the chain of causality from institutions to entrepreneurship and from entrepreneurship to economic growth. Four findings emerged. Firstly, the regulatory pillar, represented by the indicators of ease of doing business (incorporation procedure, time required to set up a business, and cost of the business), is negatively and significantly related to economic growth. But the indicators of cost of doing business and start‐up costs are more detrimental to business and economic growth. Secondly, the normative pillar represented by entrepreneurial governance indicators (government integrity and business freedom) is positively and significantly associated with growth. But the impact of government integrity on economic growth is greater than that of business freedom. Third, the interaction between regulatory and normative pillars is negative and significant. Finally, the cognitive pillar shows mixed results. For example, indicators of investment, trade openness, education, and financial development have positive and significant effects on economic growth, while government size, inflation, and population have negative and significant effects on economic growth. We discuss policy implications for stakeholders in ECOWAS economies. [ABSTRACT FROM AUTHOR]

Sub‐Saharan Africa's (SSA) high economic growth coincides with an increase in the level of poverty. In a panel of 40 SSA countries over a 30‐year period, while accounting for the potential spillover effect of poverty in the region. The study found that economic growth recorded over the years has not translated to poverty reduction, particularly, in resource‐rich economies of SSA. The result also shows that income inequality worsens the effect of economic growth on poverty and that the poverty‐reducing effectiveness of growth varies considerably across sectors, across space, and over time. The research findings suggest that governments across the region, particularly, in oil‐exporting countries in SSA must diversify the economy away from oil (toward the service sector) to reduce poverty in the region. [ABSTRACT FROM AUTHOR]

This study investigates the impact of governance index and gross fixed capital formation on the economic growth of Brazil, Russia, India, China and South Africa (BRICS) using annual data from 2002 to 2019. This study employs Fixed Effect Model, Driscoll and Kraay standard error with fixed effect, Fully Modified Ordinary Least Square, Dynamic Ordinary Least Square (DOLS) and Panel Dumitrescu Hurlin Causality test. The study has divided the variables into two models where model I includes the impact of governance index (jointly) on economic growth while model II examines the impact of governance index on economic growth individually. The findings demonstrate that the governance index, gross fixed capital formation, population, control of corruption, and governance effectiveness have a positive and significant impact on economic growth, whereas regulatory quality showed a significant and negative impact on economic growth. Furthermore, regarding the Panel test, we notice the presence of unidirectional causality among the constituent variables. Therefore, this study suggests that the government should encourage economic development in the BRICS countries and move away from outdated ideas and poor institutional quality in favor of a new comprehensive reform to achieve excellent governance, population growth control, labor law changes, and corruption control. [ABSTRACT FROM AUTHOR]

The current study investigates the relationship between institutional quality and economic growth, focusing on South‐Asian countries entailing Bangladesh, Bhutan, India, Nepal, Pakistan, and Sri Lanka, from 2002 to 2018. The data are analysed using the dynamic heterogeneous panel (panel autoregressive distributed lag [ARDL] model) approach, specifically the dynamic fixed effect (DFE), mean group (MG), and pooled mean group (PMG). Based on the findings, the three governance indicators, namely corruption control, accountability, and the rule of law, positively and significantly affect economic growth. All the nations have consistent long‐run estimates but varied short‐run estimates and adjustment speed for the long‐term equilibrium. This is due to governance volatility that is evident in all the nations. This article offers both practical and theoretical contributions. This article contributes to the institutional quality and economic growth literature from a theoretical perspective from the South‐Asian perspective. From a practical perspective, the study findings are significant for policymakers, particularly those from the countries that demonstrate major fiscal and external imbalance due to war and terrorism, low oil prices and weak trade. Hence, there is a pressing need to address economic growth issues instigated by the policymakers' negligence to ensure appropriate governance and macroeconomic management. Regulators can improve economic growth through national and regional image building by developing a stable economic and political landscape and maintaining macroeconomic stability by improving the institutional quality indicators. There is evidence that institutional quality improvement leads to better economic growth. [ABSTRACT FROM AUTHOR]

Foreign direct investment (FDI) plays a paramount role in economic and social growth of every country. FDI acts as a source of external capital and helps in economic growth of the host country. Making decision for FDI during uncertain business environment is a challenge for all stakeholders. Therefore, in this study, we are proposing a decision making framework for FDI. Through literature review, we have identified the factors, on which FDI depends. A process‐based, multi‐criterion, integrated hierarchical approach for deciding about FDI, has been illustrated. In this study, five sectors are considered, that is, petroleum and natural resource, retailing and e‐commerce, healthcare, information technology, and road and highways for illustrating the proposed framework. It is observed that information technology sector has got top priority for FDI followed by retailing and e‐commerce and health care sector. Findings will help in taking appropriate decision by stakeholders for FDI. Ultimately it will also help in creating employment, economic growth, and welfare of society at large in the host country. [ABSTRACT FROM AUTHOR]

This study examines whether knowledge causes economic growth in Africa's two leading economies, Nigeria and South Africa. Using the Vector Autoregressive and Vector Error Correction approaches, the findings show cointegration among the variables. The speed of convergence of the variables to their long‐term mean values is relatively higher for South Africa than for Nigeria. In the short run, it is observed that knowledge unidirectionally Granger causes growth for Nigeria, whereas bidirectional causality is observed for South Africa. The higher correlation between knowledge and growth in South Africa reflects the success of greater investment in education. Nigeria must increase investment in education and modern infrastructure to converge to South Africa's growth trajectory. Moreover, for Nigeria, (1) knowledge unidirectionally Granger cause growth, (2) evidence of bidirectional causality flow is apparent between trade, the economic incentive, and growth, and (3) health unidirectionally Granger cause knowledge. As for South Africa (1) there is bidirectional causality between knowledge, trade openness, and growth, whereas investment and economic incentive, unidirectionally Granger causes growth, (2) investment, trade openness, and health unidirectionally Granger cause knowledge, and (3) economic incentive unidirectionally Granger cause trade openness. In conclusion, this paper argues that a transformed education system can provide the knowledge base essential for promoting and sustaining economic growth. [ABSTRACT FROM AUTHOR]

The aim of the study is to investigate the dynamics of link between supporting role of BRICS governments in promoting economic growth through entrepreneurship. This paper employs 15 years annual time series data (2004–2018) for five BRICS countries: Brazil, Russia, India, China and South Africa. The study is based on secondary data collected from World Development Indicators (WDI), Global Entrepreneurship Monitor (GEM), Worldwide Governance Indicators (WGI), and Global Entrepreneurship and Development Institute (GEDI). The study revealed that institutional factors (government effectiveness, domestic credit, and perception about opportunities) have an optimistic and considerable impact on entrepreneurial activities in BRICS countries and combination of these three is important to sustainability of the business in today's dynamic environment. Further, ease to access the physical resources, corruption, and public utilities have negative impact on entrepreneurship in these economies. The study also explored that entrepreneurial activities have constructive and noteworthy impact on economic growth in BRICS nations. An entrepreneurial ecosystem is required within each country to sustain novel, dynamic, and swiftly mounting new ventures. The study is unique as it elucidated the significant role of government effectiveness, role of domestic credit, perception about opportunities, ease to access the physical resources, and corruption in promoting the entrepreneurial culture in BRICS economies. Additionally, the study also clarified the imperative function of entrepreneurial activities in overall growth of BRICS economies. [ABSTRACT FROM AUTHOR]

In modern days, economic growth is energy‐dependent and vice versa. Earlier studies concentrated a bit to analyze the influence of globalization and politico‐administrative factors on the energy consumption‐economic growth nexus in developing economies. The motivation for the current research is to scrutinize the energy consumption‐economic growth nexus while accounting for the influence of globalization and country risk indicators—the politico‐administrative factors in a panel of 4 South Asian countries (Bangladesh, India, Pakistan, and Sri Lanka) during 1980–2018. To check the issues of heterogeneity and cross‐sectional independence, the study employs the pooled mean group estimation method. The investigated results provide a nexus between energy consumption and economic growth where globalization ‐ a long‐run force positively affects this nexus in the long run and negatively in the short run. Besides, the politico‐administrative factors have an adverse impact in the long run and an insignificant effect on this nexus in the short run. The Dumitrescu–Hurlin non‐causality test establishes the feedback hypothesis concerning energy consumption‐economic growth nexus in South Asian economies. The study results remain robust across the dynamic ordinary least square estimator. Therefore, this study suggests sustaining the energy‐growth nexus to properly handle globalization and politico‐administrative and the Covid‐19 pandemic issues through institutional quality. Moreover, the objective‐oriented policies are critical to strengthening the energy‐growth nexus without decaying environmental quality in South Asian countries. [ABSTRACT FROM AUTHOR]

The discussion on the effect of natural resources on economic growth remains a contentious issue of scientific research. An emerging issue to this discussion is the role of political regime in determining the nature of the growth and natural resource nexus. Consequently, this study examines the effect of natural resources on the economic growth of Tunisia and how the country's political regime moderates this relationship using annual time series data over the 1970–2017 period. Regression analysis established that in the long‐run natural resources generally have positive effects on the country's economic growth, while political regime has mixed effects on economic growth. The interaction between political regime and resources indicates democracy enhances the positive gains from natural resources on economic growth although in the short run, the outcome is mixed. The effects of specific natural resource (oil, mineral, and forest rents) on sectoral growth are positive. Political regime interacts with oil, mineral, and forest rents to propel growth in the agricultural sector. The study concludes that democratic regime is crucial for the effective utilization of resources for long‐run economic growth in the country. Beyond natural resource abundance examined in this study, there is a further need to analyze the extent to which the economy relies on these natural resources and its effect on the economy in future studies. This would elucidate the "natural resource blessings" estimated in this study. The role of other measures of institutional quality on the subject matter can be explored in Tunisia and other countries in future studies. [ABSTRACT FROM AUTHOR]

The present study investigates the effects of renewable energy, nonrenewable energy, and foreign direct investment (FDI) on output growth in the five South Asian economies. For this purpose, a panel growth model has developed over the period 1990–2018. Pedroni cointegration estimates indicate that renewable, nonrenewable energy, FDI, and gross domestic product (GDP) are cointegrated. The results from the panel fully modified ordinary least squares (FMOLS) depict the nonrenewable energy stimulates output growth. FDI also has a positive impact on output growth. Besides, the empirical results confirm that renewable energy has a significant and positive impact on output growth in the South Asian economies. The findings suggest that South Asian economies should investment in renewable energy for sustainable economic development. [ABSTRACT FROM AUTHOR]

The study analyzes the impact of trade openness, human capital, and institutional performance on economic growth in OIC countries. The traditional methodologies of panel data ignore the issues of cross‐sectional dependence (CD) and heterogeneity and give spurious results. A novel econometric technique "dynamic common correlated effects (DCCE)" is used to tackle these issues. The long‐run estimates indicate that trade openness, human capital, and public expenditure have a positive and significant association with economic growth for higher‐income and overall OIC countries. However, trade openness has a negative, and human capital has an insignificant correlation with economic growth in lower‐income OIC countries. Institutional performance is positively correlated with economic growth in all groups of OIC countries. The study tends to support the call for the continuation of trade openness and human capital formation policies for overall and higher‐income OIC countries to get benefits in the form of economic growth. [ABSTRACT FROM AUTHOR]

Achieving sustainable development is the prime objective of every government. Based on Solow's theoretical proposition, this study attempts to explore empirically the linkages between tourism, energy consumption, and economic growth, for the top nine Asian travel and tourism countries including Indonesia between 1995 and 2018. The fully modified ordinary least squares method and Granger's causality approaches are implemented for empirical analysis. The empirical result reveals that tourism has a statistically positive impact on economic growth in Asia's top nine travel and tourist countries. Moreover, energy consumption, exports, and savings have also a positive and statistically significant impact on economic growth. The results of panel Granger causality tests demonstrate that there is a mutual interdependence between tourism, energy consumption, and economic growth in the selected panel country group. The empirical finding indicates the positive influences of tourism on economic growth; therefore, the government must strive to formulate a policy that would help to build infrastructural adequacy and promote tourism development in Asian countries. [ABSTRACT FROM AUTHOR]

This study analyses the dynamics of consumption inequality among various occupational groups using household survey data from National Sample Survey (NSS). Three rounds of NSS data namely, the 50th (1993–1994), 61st (2004–2005), and 66th (2009–2010) were taken for the purpose of analysis. Various measures such as Gini coefficient, overlapping index, and raking matrices are estimated for the whole as well as the subgroups using ANOGI methodology. From the analysis, it is found that the level of overall inequality as well as the between‐group inequality is on the rise during the period of analysis. Further, the measures such as relative overlap index and ranking matrices give conclusive evidence that the difference between various groups in terms of consumption expenditure pattern is increasing over time. From the ranking matrices, it is seen that the last six groups, constituting households with occupation in the unorganized sector and low level organized workers falls below the 30th percentile of consumption expenditure distribution of the first group groups that consists of individuals holding to technical, administrative, managerial, and executive occupations. Worsening inequality across various occupational groups is a matter of concern, especially from the policy perspective. As economic growth without equitable distribution of income is not a desirable outcome. [ABSTRACT FROM AUTHOR]

Over the last three decades, the renewed interest in key drivers of economic growth in OECD countries has been the central discourse. The argument is whether physical or human capital matters for the economic growth in these countries. This study contributes to the ongoing debate by exploring the connection between human capital accumulation and economic growth between 1986 and 2018 for a panel of 24 OECD countries. The empirical evidence is based on the fixed effect and two‐stage lease squares (2SLS). The result indicates that growth does not converge between countries. Further evidence shows that human capital, the savings rate, and the openness of trade play a vital role in OECD countries' economic growth. On the contrary, the findings show that life expectancy and inflation have adverse effects on growth. Thus, the study recommends the urgent need for intervention programs tailored toward improving research and development combined with investment in the well‐being of the people and the effective utilization of human capital to promote growth while mitigating inflationary pressure. HighlightsThe study flashlight on the link between human capital accumulation and economic growthIt highlights various issues surrounding the gaps in Solow model.The evidenced is based on Pooled OLS, G2SLS, and FE‐IV regression.Our results indicate that human capital accumulation (education and health) has a positive and significant relationship with economic growth. [ABSTRACT FROM AUTHOR]

The impact of financial reforms and financial development on an economy has received considerable attention over the recent past. According to McKinnon and Shaw, financial liberalization policy and, in particular, interest rate deregulation is a means for achieving high economic growth by boosting savings and investments. This paper aims to investigate the long‐run relationship between financial liberalization and economic growth in Liberian as articulated by McKinnon and Shaw's theory. The study employed time series data spanning from 1980 to 2016 and dataset was sourced from World Development Indicators databases. The dataset was estimated using econometric techniques of Combined Co‐integration test, Dynamic Ordinary Least Squares, and robustness check of Fully Modified Ordinary Squares, and Canonical Co‐integration Regression, respectively. Results reveal, positive and significant coefficient of financial liberalization variables, thus supporting the McKinnon and Shaw hypotheses. Also, found long‐run Combined Co‐integration among the estimated models. Policy recommendation includes that policymakers should refrain from policy that will adversely affect deposit interest rates considering its immense impact on savings mobilization, gross investment, and economic growth. Furthermore, improving competition will compel deposit‐taking institutions to raise deposit interest rates in a bid to attract more depositors, thus reducing interest rates spread. [ABSTRACT FROM AUTHOR]

This study seeks to examine the pass‐through effect of monetary policy tools on economic growth in Nigeria using quarterly time series data from Q12008 to Q42018. The study employed Augmented Dickey Fuller's unit root test, lag selection criteria, and impulse response function under Toda‐Yamamoto approach to examine the pass‐through effect of monetary policy tools on economic growth. The summary of the results is that, the dynamism in monetary policy tools through money supply remains inconsistent and the changes (either increase/decrease) in these elements could dampen down availability of credit to core private sectors thus hampering growth and development. This study therefore recommends; that monetary authority takes proactive measures to ensure sound and robust commercial banks that can facilitates substantial funds to core private sector to boost productivity of the economy. This can be achieve through close monitoring of banks and ensuring full implementations of indirect monetary policy tools. [ABSTRACT FROM AUTHOR]

This study investigated the effect of oil price shock (OPS), exchange rate volatility (EXRV), and non‐oil export (NOX) on economic growth in Nigeria using quarterly time‐series data from 1981Q1 to 2018Q4. Structural vector autoregressive methodology was adopted to identify the effect; Zivot‐Andrews unit root test and Johansen cointegration were first applied to established stationarity properties and long‐run relationships of the variables. The study found that OPS, EXRV, and NOX had a significant negative effect on economic growth in Nigeria. The study recommended reviving of oil refineries; diversification of the economy; and deliberate policy to promote NOX. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship among income inequality, carbon emissions rate, and economic growth in Burkina Faso and Nigeria in the period 1980–2016. Using the ARDL bounds approach to ascertain the short‐ and long‐run dynamics of the variables, the paper examined whether or not income inequality, poverty, and growth affected environmental quality in both countries. Findings indicated a U‐shaped inverted connection between environmental degradation and income growth in Nigeria while the U‐shaped relationship was found in Burkina Faso. The relationship between income inequality and environmental degradation in both countries was positive while government expenditure and poverty were found to increasing carbon emissions in the long‐run, only in Nigeria. The short‐run results showed that income inequality reduced carbon dioxide emissions in Nigeria and had significant and adverse effects in Burkina Faso. Consequently, policymakers must pay equal attention to income inequality and poverty alleviation on the one hand and cleaning the environment and economic growth on the other hand. [ABSTRACT FROM AUTHOR]

This study examines the interrelation of ICT diffusion and financial development with economic growth in SAARC economies, by employing data for the time period 2000–2017. The empirical analysis is carried out using granger causality and cointegration techniques. First generation panel unit root tests namely LLC, IPS, ADF, and PP test were employed for this purpose. All the variables were found to be integrated of order one at first difference. Pedroni's cointegration test along with Kao's residual‐based cointegration test was used which reveals the presence of long‐run relationship among the variables. Further, cointegration coefficients are computed with the help of fully modified ordinary least squares and dynamic ordinary least squares method. While financial development, ICT diffusion, and trade openness were found to increase the growth rate, inflation exhibited negative impact on growth. Both short‐run and long‐run causality were examined using panel granger causality test which revealed unidirectional causality running from ICT diffusion and financial sector development to economic growth. However, the result of causation between financial sector development and the ICT diffusion was statistically insignificant. [ABSTRACT FROM AUTHOR]

In line with the recent assertion that institutional quality matters in the way financial development influences economic growth in financial economics literature, this study examines the moderating role of institutional quality in the finance‐growth nexus in Kenya for the period 1986–2015. A fully modified ordinary least square (FMOLS) estimator is adopted to take care of endogeneity problem inherent in the relationship among the variables while error‐correction version of autoregressive distributed lag (ARDL) technique is adopted to take care of short‐ and long‐run effects. The research outputs reveal that in the short‐run institutions and finance complement and reinforce each other to enhance growth, while institutional framework in Kenya constitutes a drain that leaks out the growth benefits of financial development in the long run. It is also found that the country majorly operates below the threshold level of institutional quality required to maximize the growth benefits of financial development. This study, therefore, concludes that institutional framework guiding the operations of financial system in Kenya should be strengthened so as to block loopholes and lapses that leak out the growth benefits of finance. JEL CLASSIFICATION: D53; E02; N27; O43 [ABSTRACT FROM AUTHOR]

The need for economic development has preoccupied policymakers over the years. Especially the global south such as Nigeria, which is plagued with infrastructural deficit and less foreign direct investment and financial development attraction. This has drawn the attention of stakeholders and government officials for exploration of alternative routes for sustainable development, which is in line with the United Nations Sustainable Development Goals‐8 (UNSDG's). Thus, the current study focuses on the FDI‐led economic growth hypothesis if it holds or not for the case of Nigeria. The present study is distinct from previous studies in terms of scope by incorporation of more covariates, which has seemed to have been overlooked in the FDI argument. To this end, the current study re‐investigates the connection between FDI, financial development, total labour force, gross capital formation, and economic growth using Nigeria as a representation for Africa and Sub‐Saharan states specifically. Annual time‐series data from 1970 to 2018 is adopted for the econometrics analysis. Our study interest variables are foreign direct investment, economic expansion (GDP). The present study inculcates two additional financial development indicators; from the banking, and financial sectors. Using a battery of unit root and stationarity tests the study explores the stationarity properties of the outlined variables. Subsequently, the novel and recent robust Bayer and Hanck (2013) combined cointegration test in conjunction with Pesaran's ARDL bounds test was used to investigate the equilibrium relationship and regression analysis. While the Toda‐Yamamoto Granger causality was used to detect the direction of causality analysis among the variables. Empirical investigation traces a long‐run equilibrium relationship among the variables over the sampled period. Furthermore, empirical results show that FDI influences GDP, which suggests that FDI influences economic growth which is indicative of policymakers. Similarly, empirical outcomes establish a significant relationship between GDP and Financial Development from banking‐sector which is also corroborated in the causality results as an indirect causality is seen running from GCF to the financial sector. These outcomes suggest that FDI and Financial development are good predictors for sustainable economic growth in Nigeria. All aforementioned results have its inherent policy implications which are elucidated in the concluding remark of this study. [ABSTRACT FROM AUTHOR]

This study examines the dynamic effects of external debt stocks on real economic growth in Nigeria—incorporating debt services, interest rate, inflation, and capital formation. The study utilizes annual time series from 1981 to 2017 employing the dynamic autoregressive distributed lag (ARDL) cointegration bounds test methodology. Empirical findings indicated that external debt stocks and debt services have a significant effect on real economic growth both in the short and long run. The result of the pairwise conditional Granger causality gives a short run procyclical bidirectional nexus between capital formation and economic growth. Thus, external debt stocks affect real GDP via the channels of accumulated debts, debt services, and macroeconomic variable fluctuations in the long run. Result obtained supports the objective of the Nigerian Debt Management Office in optimally managing the nation's external debt. [ABSTRACT FROM AUTHOR]

This study tests spatial interactions in Kaldor's growth laws in a cross‐country perspective during 2000–2001 to 2014–2015. In particular, we examine the interactive hypothesis through spatial proximity using a spatial panel data framework. The results reveal that ordinary least square estimates undermine the relationship defined through standard Kaldorian setting, besides an inconsequential relationship in some cases. Spatial estimates support the Kaldorian growth strategy with a strong spatial interaction across the countries chosen. The first and third law show significantly positive spatial interactions in lag as well as error component. While as Verdon's law reflects similar as well as dissimilar spatial patterns in error and lag components respectively. The results reflect the fact that manufacturing labor productivity and output growth are more spatially interactive which is imperative for sustained higher economic growth. Therefore, highlighting the significant role of the manufacturing sector in attaining the higher steady state. The empirical findings suggest that the relationship between economic growth, manufacturing output, and labor productivity is global and spatially interactive. Considering these interactions may lead to narrowing down the disparities across the countries. [ABSTRACT FROM AUTHOR]

The prime purpose of the article is to revisit past studies related to the link between export instability, export diversification, and economic growth. In this regard, an extensive literature survey has been made across academic journals that provided structured, comprehensive, and chronological findings and results. The authors have examined and reviewed the full text of eighty‐eight important and relevant research articles published in various scholarly journals. Most of the articles provided robust evidence about positive impact of export diversification on economic growth and mixed results regarding the impact of export instability on economic growth. The paper also attempts to find the areas where the existing literature is silent or throws light that needs to be further examined with future research in this area. Since literature gives little evidence on various aspects of export diversification and economic growth from the perspective of a group of emerging economies identified by UNCTAD and IMF, therefore, the article recommends future research in this context to explore this less unexplored area. [ABSTRACT FROM AUTHOR]

Cities are the engines of economic growth, drivers of structural and spatial transformation processes, and the generators of wealth. However, city finances in India are in an abysmal state, and its urban local bodies are progressively losing fiscal autonomy. The problem is deeply rooted in the hierarchy set up defined as per the fiscal federalism framework adopted by the nation. The objective of the paper is to critically review India's federalism, discuss its prevailing expenditure‐revenue assignment framework, and analyse the key issues in fiscal decentralization. This paper overviews the entire public finance system in India, brings out the anomalies in expenditure and revenue assignments between the higher levels of government and the urban local bodies, and addresses the areas of concerns at the urban local government level. It also suggests policy measures to put Indian urban local bodies on a strong footing in the public finance map of India. [ABSTRACT FROM AUTHOR]

This study examines the impact of financial development on economic growth with the multiplier effect of the higher education by employing yearly data covering the years between 1990 and 2018 measured in TL. The results reached could shape the policies in achieving sustainable economic growth. Co‐integration between the series are tested with ARDL based bounds test; since Zivot‐Andrews structural unit root test results showed that variables are integrated at different orders. Furthermore, FMOLS and DOLS are applied to check for robustness. Moreover, Toda‐Yamamoto Causality test is employed to test for the causal relationship between the series. Results show that there is a bidirectional causal relationship between financial depth and economic growth; and unidirectional causal relationships from money supply to financial depth, from economic growth and financial depth to education sector. Diagnostic and stability tests results confirm the reliability and stability of the parameters of the model employed. [ABSTRACT FROM AUTHOR]

The present study examines the dynamic linkage between financial development and economic growth by taking saving as an intermediary variable in the case of India using annual data from 1970 to 2018. The result indicates the existence of long‐run cointegrating relationship between financial development economic growth. Result from the long run granger causality test reveals unidirectional causal flow from economic growth, savings (both total and private savings) and financial development. On the other hand, financial development also causes economic growth but not through savings. The short‐run causality test results show that economic growth granger causes financial development, but there is no causal flow from financial development to economic growth. Economic growth Granger causes savings (both domestic and private savings) but the savings does not cause economic growth. Bidirectional causalities run from financial development to savings and vice versa. The study concludes that savings can be taken as an important intermediary to run tri‐variate financial‐growth nexus. [ABSTRACT FROM AUTHOR]

The present study examines whether the vegetable exports lead to economic growth or not; and analyze the relationship between the vegetables exports and vegetables imports, capital and economic growth in selected SAARC economies for a period of 1988–2018. Present study employed panel econometric techniques; such as LLC, IPS, Johansen‐Fisher Coinetegration, Fully Modified Ordinary Least Square, heterogeneous causality to draw the empirical inferences. The present study confirmed that vegetables exports do not lead the economic growth in selected SAARC economies and rejected the Export led growth hypothesis. However, there is a long run relationship exists between the vegetables exports, vegetables imports, capital and economic growth in selected SAARC economies. The study suggested that policy makers to reframe the trade policies with respect to vegetables exports, and especially reduce the trade restriction for the SAARC nations. These policy suggestions not only helpful to improve the exports growth in the long run but also improve basic infrastructure facilities through diversifying their capital/investment. [ABSTRACT FROM AUTHOR]

The objective of this article is to examine the sustainability of long‐run economic growth in Saudi Arabia over the period 1970–2016. It also discusses the changes in explanatory variables (such as investment, government consumption expenditure, household consumption expenditure, final consumption expenditure, exports, imports, fuel exports, oil prices, oil production, resource rents, the share of agriculture and mining sectors in total output, terms of trade, exchange rate and foreign direct investment inflows) associated with substantial jumps in the trend growth. The study employs a statistical approach of Bai and Perron (Econometrica, 1998, 66, 47–78; Journal of Applied Econometrics, 2003, 18, 1–22) and subjective approach of Hausmann, Pritchett, and Rodrik (Journal of Economic Growth, 2005, 10, 303–329) to identify the significant up‐breaks and down‐breaks in the trend growth. Further, the study subjectively determines the growth regimes of booms and recessions in the Saudi Arabian economy. The statistical results of the article can be summarised as follows: we found four significant breaks in the growth trend of Saudi Arabia that occurred in the years 1978, 1985, 1992 and 2002. The article argues that the long‐run growth trend of Saudi Arabia is characterised by rapid, moderate, stagnation and collapse growth regimes over the past four decades. In addition, the article found that strong growth regimes are associated with improvements in investment, aggregate consumption expenditure, exchange rate, foreign investment inflows, fuel exports and imports. On the other hand, growth collapses are associated with a decline in these factors, along with an increase in resource rents, oil prices, oil production and adverse terms of trade. These latter results indicate the presence of a resource curse in the economy of Saudi Arabia. [ABSTRACT FROM AUTHOR]

Current account deficit poses a serious threat for a country's macroeconomic stability despite the fast economic growth. The primary objective of this paper is to explain and critically examine the determinants of current account deficit across seven South Asian countries using yearly data for 1980–2016 period. This paper employed several econometric techniques such as cross‐sectional dependence to see if shocks that occur in one country affect another, panel unit root test to check the stationary of the data and Panel cointegration test to check long‐run relationship among the variables. This study also implemented Continuously Updated estimation procedure given to estimate long‐run coefficients. The findings suggest that an appreciation of real effective exchange rate leads to a reduction in current account deficit, contrary to popular belief. The analysis also reveals that financial development, trade openness, fiscal balance and population growth have positive and significant relationship with current account deficit in South Asia but net foreign asset negatively affects current account deficit. This study, therefore, has several policy implications for South Asian countries. [ABSTRACT FROM AUTHOR]

House price is a key macroeconomic variable that affects decisions made by many economic agents. This article attempts to examine whether uncertainty or fluctuations in house price affects major macroeconomic variables in the Indian context. It investigates the long‐run effect of house price volatility on inflation (INF) and economic growth (EG) by using quarterly time series data for the period 2008–2017. Auto Regressive Distributed Lag (ARDL) bound test is applied to detect the long‐run relationship between the variables, while Granger causality test is applied to detect the direction of causal relationship. The ARDL bound test results confirm the long‐run association of house price with INF and EG. Finally, the empirical findings indicate that the house price positively affects INF though it has no influence on EG. The study suggests that there is a need to discourage house price bubbles in India, which can help to reduce INF. [ABSTRACT FROM AUTHOR]

This study analyses population, urban agglomeration (UAG), and economic growths dynamics in Sub‐Saharan Africa (SSA) using the World Bank panel data ranging from 1970 to 2019. The study utilized a panel fixed effect (FE) model after verifying the suitability of the model using a Hausman test. The estimation result from the panel FE model reveals remarkable findings which conform to some extent, the theoretical a priori expectations. The result shows that growth in rural as well as urban population growth and total trade (TRD) have negative relationships with UAG. On the other hand, gross domestic product (GDP, a better proxy for income) and foreign direct investment (FDI) have a positive association with UAG in the economies of SSA thereby validating the existence of the Williamson–Kuznets hypothesis. Based on the findings, it is advised amongst other policy recommendations that the governments of the Sub‐Saharan African countries should pursue inward‐looking policies targeted toward encouraging the local processing of agricultural raw materials—possibly to finished products to boost foreign exchange earnings through trade in other to engender sustainability in both the economic growth and UAG in the region. [ABSTRACT FROM AUTHOR]

Following the fact that above average contribution to the Nigerian economic growth come from petroleum industry and agriculture which are dominated by multinational companies, the author undertakes the task to unveil the level of emission from these sectors. The current paper adopts FDI and agricultural sector as among the vital indicators in determining the position of Nigeria in climate change. This study builds on the ecological footprint in accounting for environmental performance of Nigeria. Basic contribution of this paper is in its two‐stage analyses of ARDL regression and causality with both ecological based and growth based models. This unveils both the economic and ecological footprint implication to the environment. The findings of this paper are: a positive (elasticity) relationship between economic growth (GDP) and ecological footprint is established in both the short run and long run. Negative and significant relationship is uncovered between FDI and ecological footprint. Negative association between agricultural sector and ecological footprint in both long run and sort run. The relationship that exist between these variables (energy use and population) and ecological footprint are positive which means unfavorable implication to the environmental performance. Moreover, the findings according to Granger causality are: a uni‐directional causality passing from economic growth to ecological footprint, from energy use to ecological footprint, and also from population to ecological footprint. Also, a one‐way transmission is established amongst economic growth and energy use, and between economic growth and population. This is in conformity with the expectations of the author, and has established a nexus among the selected variables (population and energy transmitting to economic growth, while economic growth and energy transmitting to ecological footprint). With these findings especially from FDI and agriculture, the authorities of the country are expected to build a sustainable policy framework in promoting, regulating and sustaining the trend with mindset of maintaining a healthy environment. [ABSTRACT FROM AUTHOR]

The study investigates the effect of stock market volatility on economic growth in Nigeria, accounting for the moderating role globalization (economic, social and political globalization) from 1981 to 2018. Applying the recently developed unit root with structural breaks by Lee and Strazicich test, the Bayer–Hancks and Johansen cointegration tests, the results show that all the variables (real gross domestic product, stock market returns and globalization index) are integrated of order one, and are also cointegrated, suggesting evidence of long‐run relationship. Further, the results of the GARCH(1,1) model indicate that the effect of shocks to SMR volatility are very likely to be permanent than temporary. Regarding the nexus between stock market return and economic growth, the study reveals a positive, inelastic but statistically insignificant effect of stock market returns on economic growth in Nigeria. Also, globalization has a positive, elastic and statistically significant effect on economic growth in Nigeria. The study therefore, recommends collaborations on policy measures that would stabilize and reposition the stock market to continue playing its critical role of galvanizing funds for investment and stimulating economic growth and as well strengthens globalization related policies to achieve economic growth. [ABSTRACT FROM AUTHOR]

Weak institutions and high levels of corruption are issues of great concern in West Africa because of their adverse effects on the economic growth of the region. While a significant portion of extant literature has focused on the determinants of corruption, empirical investigations of the effect of institutional quality on corruption are still limited, especially in Africa. This paper provides empirical evidence, which shows that improvement in the quality of governmental institutions is an effective means of controlling corruption in West Africa. Furthermore, the paper reveals that improvements in terms of the ability of governmental institutions to meet the economic needs of the people make the most impact on the ability to curb corruption in West Africa. Annual panel data series for14 ECOWAS countries on corruption control and governance quality, obtained from the Worldwide Governance Indicators and Ibrahim Index of African Governance online databases, for the period 2000–2015, were utilized in the study. [ABSTRACT FROM AUTHOR]

This study aims to reinvestigate the long run relationship between credit market development and economic growth in Nigeria covering the years between 1981 and 2016 by applying recently developed econometric techniques. In addition to measures of credit market development indicators of domestic credit to the private sector and broad money, trade openness, foreign direct investment and urbanization are also included in estimations to overcome the omitted variable problem. The measure for economic growth used is real gross domestic product. To the best of our knowledge, no study has been conducted before, examining these relationships with all these listed indicators. Therefore, this study proposes to close this gap in the literature. To capture the long run effects, we used ARDL, Fully Modified Ordinary Least Squares, and Dynamic Ordinary Least Squares estimator approaches. Findings uncover that (a) a long run equilibrium relationship exists between credit market development and economic growth, (b) economic policy makers are required to seek after developing the credit market with the main intention of guaranteeing that banks and other money related establishments are enabled and empowered to give the essential funds to the beneficial part of the economy which are urban and private sectors. [ABSTRACT FROM AUTHOR]

Due to its importance in economic growth, interest in entrepreneurial behavior (EB) is expanding swiftly.in this study, we examine the role of career anchors in predicting entrepreneurial behavior as well as the mediation role of entrepreneurial passion for founding (EPF) in this relationship. Build on Schein's, Career dynamics: Matching individual and organizational needs, 1978 and Schein's, Career anchors: Discovering your real values, 1990 career anchor theory we propose that (Technical, General managerial, Autonomy, Entrepreneurial Creativity, Pure challenge and Sense of Service) anchors relate positively to the EPF and this passion positively mediates the relationship between these types of anchors and EB. on the other hand, we propose that lifestyle anchor (LSA), as well as security anchors (SA) negatively, relate to EPF negatively mediates the relationship between LSA, SA and EB build on data collected from 444 potential entrepreneurs by using a dependable questionnaire; we found support for our hypotheses, for example, we found that people with entrepreneurial creativity anchor tend to have higher EPF which motivates them to engage in entrepreneurial activities, On the other hand, people with a lifestyle anchor tend to care more about their families and careers balance which affects their EPF and subsequently EB. These findings significantly contribute to EB and career anchors literature. The implications of this study are discussed. [ABSTRACT FROM AUTHOR]

This study examines the trend and pattern of international migration and the resulting inflow of remittances to Kerala for the period 1998–2018 and also analyzes the impact of international migration remittances on the economic growth of Kerala. It uses time series data set on Net State Domestic Product (NSDP) of Kerala at constant prices as a proxy for economic growth and remittances in the form of NRI deposits. The methodology adopted in this study uses Augmented Dickey Fuller Test (ADF) for stationarity, Johansen Cointegration test followed by the vector error correction model (VECM). The result of the study reveals that there exists a unidirectional long‐run relationship between remittances and economic growth of Kerala. Also, the study confirms that remittance has a positive impact on the NSDP of Kerala in the long‐run. [ABSTRACT FROM AUTHOR]

The present study empirically examines the validity of Wagner's hypothesis for Indian economy in pre (1967–1990) and post (1991–2015) reform period. The study examined six alternatives versions of Wagner's hypothesis. The long‐run relationship between government expenditure and economic growth is tested using ARDL model while causal relationship has been investigated using Granger causality test. The results found strong evidence of Wagner's hypothesis during post reform period while the elasticity of government expenditure to economic growth is low in pre reform period. Further, results indicate that unidirectional causality is moving from economic growth to government expenditure in all versions of Wagner's hypothesis. [ABSTRACT FROM AUTHOR]

This study probes the potential impacts of free trade areas and common currency in fostering agricultural export based on data from 45 countries in Africa from 1996 to 2018. The main concern is to determine whether exogenous events like becoming a member of Arab Mighreb (AMU), Community of Sahel‐Saharan States (CS‐SS), Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC), Economic Community of Central African States, Intergovernmental Authority on Development (IGAD), Economic Community of West African States (ECOWAS), Southern African Development Community (SADC) or becoming a member of African Continental Free Trade Area (AFCFTA) can potentially accentuate agricultural export. From the main finding, there is evidence that membership becoming membership to AMU, CS‐SS, AMU, CEN‐SAD, COMESA, EAC, ECCAS, ECOWAS, IGAD or part of SADC has a positive marginal impact on agricultural export, its influence is not immediate. Also, the positive marginal impact on agricultural export for becoming a member of AFCFTA continues to decline after 1 or 2 years than the current year. Common currency and economic growth have a positive marginal impact on agricultural export for the period covered by the study. [ABSTRACT FROM AUTHOR]

The economic growth of most developing countries has been abysmal, and, therefore, has attracted the attention of researchers and policy think tanks. The present study contributes by estimating the impact of different forms of capital inflows on economic growth with evidence from Ghana. The study further examines the interaction effects of these inflows and quality of institutions on economic growth. The capital inflows considered in the study are foreign direct investment, remittances, foreign aid and external debt. Using annual time series data, spanning 1984–2018, the autoregressive distributed lag model is employed for the analysis. The results without interaction terms show that remittances have a positive impact on economic growth, whereas external debt and foreign direct investment impact economic growth negatively in the long run. Foreign aid exerts an insignificant impact in both the short and long run. However, the results reveal that external debt significantly impacts economic growth positively when interacted with quality of institutions variable in the long run. The results further reveal that remittances have a positive impact on economic growth in the long run when interacted with quality of institutions variable. It is, therefore, concluded that the quality of institutions in Ghana is crucial for economic growth. Important policy implications aimed at improving economic growth have been provided based on the findings. [ABSTRACT FROM AUTHOR]

Owing to declining export growth and escalating trade deficits in Pakistan, this study investigates the dynamics of comparative advantage, complementarity, and pinpoints potential export products in the ASEAN region. This study scrutinizes the trade dynamics between Pakistan and ASEAN over the period 2003–2016 by extracting International Trade Centre (ITC), trade map data. The analyses are based on the Trade intensity index, the Revealed comparative advantage index, Trade complementarity index, and trade potential method. The results show that Pakistan has the highest comparative advantage over ASEAN in chapters 03, 08, 41, 61, 62, and 63 at HS‐2 digit product‐level data. With Malaysia and Philippines, Pakistan's trade complementarity is stronger than Indonesia, Singapore, Thailand, and Vietnam. The outcomes also suggest that there is a huge trade potential that exists between Pakistan and ASEAN member countries. These findings are useful for policy consideration in identifying product specialization for enhancing competitiveness and promoting economic growth. [ABSTRACT FROM AUTHOR]

The development of stock markets in the financial sector has been important. The expansion of stock markets has compelled various researchers to analyze its relationship with the economic process and development of countries. The studies have revealed that the performance of stock markets in a nation has a positive correlation to its economic growth. Bearing this relationship in mind, studies are being undertaken to recognize the elements responsible for stock market development in several nations. The researchers all around the world are trying to better understand determinants so that government establishments can create and target policies that may help the development of stock markets which further helps in economic development of the state. Throughout the past three decades, the global stock markets surged, and emerging markets played a vital role in this boom. Recent researches have begun to concentrate on the linkages between the stock markets and economic development. There has been an extensive analysis of the connection between the stock market and economic growth, but there is a dearth of theoretical empirical proof on what determines stock exchange development. Keeping in view the importance of stock markets in the development of economic development, the researchers in the present study have tried to bring out the factors that play a positive role in the development of stock market. [ABSTRACT FROM AUTHOR]

This paper examines the long run relationship between public debt and economic growth in India for the period 1980–2018 using the autoregressive distributed lag (ARDL) approach. The bounds test results suggest that gross domestic product (GDP) per capita, internal and external public debt, fixed investment and trade openness are cointegrated implying the existence of a long run equilibrium relationship between these variables. We find that both internal and external public debt have significant negative effect on economic growth in the long run whereas, investment has significant positive effect on the growth rate of output per capita. The error‐correction model shows that the long run equilibrium relationship is stable and the adjustment towards equilibrium is relatively high. Our findings suggest that too much reliance on public debt must be discouraged since it has adverse effect on economic growth in the long run. The government should adopt investment‐supportive policies to enhance economic growth of the country. [ABSTRACT FROM AUTHOR]

A large population is not only the burden to a country's economy but can be a threat to the environment. However, the role of the population density in the quality of the environment is silent in the literature. On this note, the current study focuses on the effect of population density on ecological footprints in Pakistan for the period from 1981 to 2016 in the framework of EKC theory. The result from the autoregressive distributive lag model summarized that the effect of population density on ecological footprint is negative and statistically significant, implying that population density does not contribute to environmental degradation. No causality is evident in economic development and ecological footprint. Unlike others, the findings of this study suggest that if the population is suitably spread, it can help to reduce environmental degradation. Moreover, policymakers need to reconsider the density of the population to avoid an ecological deficit. [ABSTRACT FROM AUTHOR]

The contribution of different agricultural subsectors to economic growth in Nigeria is investigated and further suggests policy implications for investing in each of these subsectors. To this end, Johansen cointegration test and Gregory–Hansen test for cointegration with regime shift, vector error correction model (VECM), dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), Granger causality, and frequency domain causality test are employed for data from 1981 to 2016. This paper further highlights the long and causal dynamics between the selected agricultural subsector, namely forestry, crop production, fishery and livestock, and economic growth. Findings from time and frequency domain causality tests indicate a one‐way causality running from various subsectors of agriculture to economic growth in Nigeria, meaning how various subsectors of agriculture are important for predicting economic growth. In addition, there is 54% speed of adjustment from the error correction model, suggesting a need for diversification of the economy into the agricultural sector as a means for sustainable economic growth in the face of the continuous plunge in the global oil price. In the long‐run, the effect of forestry, crop production, and fishery on economic growth is statistically significant and positive. These outcomes have inherent policy implication(s), which are elucidated in the concluding section. [ABSTRACT FROM AUTHOR]

The current health pandemic that has plagued the global of which the global south‐Nigeria is not insulated from is the premise for this empirical investigation. The present study relies on recent annual time‐series data to conceptualize the hypothesized claim via Pesaran's Autoregressive distributed lag techniques. Empirical findings from the bounds test traces the long‐run relationship between public health expenditure and economic growth over the study span. However, unlike previous studies, we introduce life expectancy and death rates in the model framework. Although health expenditure is not significant, empirical results show that a 1% increase in life expectancy and death rate increases and decreases economic growth by 3.85 and 1.84%, respectively. This suggests the need for Health Policymakers in Nigeria to implement active strategies that reduce the death rate, which is a blueprint for active engagement in the face of a global pandemic such as COVID‐19. [ABSTRACT FROM AUTHOR]

The purpose of this article is to explore the nexus between the form and function of government and economic growth in the fragile states of India. To study the dynamics of the directional casual relationship between the government forms and functions and economic growth in Jammu and Kashmir, this study tries to apply the Granger causality test followed by LS multivariate regression analysis on the time series data. The study found that the government functions like resource allocation for asset creation, revenue‐generating capacity, and promoting infrastructure are having a positive and significant impact on economic growth, while law and order are having a significantly negative impact on economic growth in the state. On the other hand, the different government forms, the majoritarian government in the state is suitable for consistent economic growth than coalition and governor's rule. The results found are of amicable use in setting up the smooth growth trajectory of any region through arranging and rearranging political institutions from time to time. [ABSTRACT FROM AUTHOR]

This study examines the moderating role of government financial incentives on the relationship between each dimension of entrepreneurial orientation (i.e., innovativeness, proactiveness and risk‐taking) on the efficiency of SMEs. Data were collected through a structured questionnaire using a sample size of 260 SMEs operating in Pakistan, an emerging economy. The findings indicate that two dimensions of entrepreneurial orientation (i.e., innovativeness and proactiveness) have a significant positive impact on SMEs' efficiency but risk‐taking has an insignificant influence on the efficiency of SMEs. Furthermore, government financial incentives significantly strengthen the relationship of innovativeness and efficiency as well as between risk‐taking and efficiency. Surprisingly, the relationship between innovativeness and efficiency is not significantly tighter by government financial incentives in emerging SMEs. This study recommends that SMEs need to emphasize innovative and proactive entrepreneurial activities. This study also suggested that in particular, risk‐averse owners and managers should build strong ties with the government to access financial resources, so they will likely take the risk and invest enough capital in several projects. Moreover, our research advises the government to facilitate SMEs to boost the industrial growth that will result in high economic growth. [ABSTRACT FROM AUTHOR]

This study investigates the dynamic relationship between pension funds and development of capital market in Jordan over the period 1980–2017. Autoregressive distributed lag (ARDL) approaches for co‐integration (bounds test) are employed to achieve the objectives of the study. Using annual data, the results indicate no statistically significant relationship between pension funds and development of capital market on the short run. However, the co‐integration tests show a statistically significant long‐run equilibrium relationship between pension funds and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. Moreover, the co‐integration tests show a statistically significant long‐run equilibrium relationship between economic growth, and interest rate and development of capital market regardless of whether capital market development was measured by market depth or market liquidity. These findings have important implications for academics, investment managers, and policy makers in Jordan. [ABSTRACT FROM AUTHOR]