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This study investigates the relationship between Foreign Direct Investment (FDI) inflows and economic growth at sectoral levels in Bangladesh, employing a panel study framework. Utilizing sectoral-level panel data spanning six sectors from 2007–08 to 2018–19, the analysis is conducted using Panel Vector Error Correction Model (Panel VECM). Results from panel unit root tests confirm that all variables are integrated of order one I (1), indicating stationarity. The Pedroni panel co-integration test further supports the presence of co-integration among the variables. Notably, the Panel VECM reveals evidence of a unidirectional causal relationship from Real Gross Domestic Product (RGDP) to Real Foreign Direct Investment (RFDI) across all six sectors of Bangladesh. The findings underscore the significance of formulating pragmatic policies and implementing them effectively to attract FDI across sectors, thereby contributing to the overall economic growth of Bangladesh. [ABSTRACT FROM AUTHOR]

In this paper, we study asymptotic model change detection in multivariate linear regression by using the Kolmogorov–Smirnov function of the partial sum process of recursive residuals. We approximate the rejection region and also the power function of the test by establishing a functional central limit theorem for the sequence of the partial sum processes of the recursive residuals of the observations. When the assumed model is true, the limit process is given by the standard multivariate Brownian motion which does not depend on the regression functions. However, when the assumed model is not true (some models change), the limit process is represented by a vector of deterministic trend plus the standard multivariate Brownian motion. The finite sample size rejection region and the power of the test are investigated by means of Monte Carlo simulation. The simulation study shows evidence that the proposed test is consistent in the sense that it attains the power larger than the size of the test when the hypothesis is not true. We also demonstrate the application of the proposed test method to Indonesian economic growth data in which we test the adequacy of three-variate low-order polynomial model. The test result shows that the growth of the Indonesian economy is neither simultaneously constant nor linear. The test has successfully detect the appearance of a change in the model which is mainly caused by the COVID-19 pandemic in 2020. [ABSTRACT FROM AUTHOR]

This paper examines the sources of growth in selected African and East Asian countries, using the growth accounting framework on data from 1960 to 2016. We demonstrate the causal association between labour quantity, total capital service (TKS), total factor productivity (TFP) and economic growth. The lower growth in GDP during the 1980s and 1990s in Africa matches with the slower growth in TKS. The TFP growth does not explain the economic growth difference among countries; it contributed negatively to GDP growth in the two regions until the 2000s. However, in African countries, its positive contribution during the 2000s returned to negative in the 2010s, while Asian countries continued driving a positive contribution up to 28.9% as a result of TFP growth. In all East Asian countries, TKS contributed more than half of their growth in GDP, which makes their growth capital-driven, while African countries' growth in GDP was more dependent on labour quantity growth. In Africa, we discovered bidirectional causality between labour quantity and GDP and between TKS and GDP, as well as unidirectional causality running from GDP to TFP. In East Asia, we found only a one-way causality running from GDP to TKS and to TFP. Policymakers in Africa should adopt policies aimed at increasing capital accumulation and efficient allocation of economic resources in order to sustain growth acceleration. [ABSTRACT FROM AUTHOR]

The study deployed two multivariate linear models in estimating the nexus of economic growth, technological development and in-country utilization of natural gas, using annual time series data on five variables - real gross domestic product per capita (RGDPC), natural gas consumption (NGC), technological development (TECH), trade openness (TOP), and industrialization (IND) - from 1986 to 2019. Using the method of error correction modeling (ECM), it is observed that technological development, gas consumption, trade openness, and industrialization have growth-stimulating effects on economic activities in Nigeria. The study further revealed that technological development, trade openness, and level of industrialization positively influenced natural gas consumption in Nigeria during the period. Based on our findings, we sustain the argument that (i) gas utilization and technological development are strong predictors of economic growth, and (ii) technological development greatly determines the level of natural gas consumption in the economy. We therefore recommend design and implementation of policies that promote research and development so as to ramp up technological innovation and development initiatives towards achievement of planned economic growth. In addition, improvements in technological development and convergence of global economies due to liberalization policies demands commensurate infrastructural expansion of natural gas production to reduce or eliminate possible mismatch between production and consumption of natural gas profiles. [ABSTRACT FROM AUTHOR]

We analyse the non-linear relationship between oil price shocks and the real business cycle in Ecuador, a dollarized economy where oil exports are the country's main source of foreign exchange. We estimate several autoregressive Markov switching models for the period 2000:01-2020:01 to identify the differentiated impact of nominal oil price shocks on real GDP in expansion and slowdown regimes. We find evidence that oil price shocks have an asymmetric effect on Ecuador's economic growth, with a larger impact during slowdowns. They also affect all components of aggregate demand differently in each regime, with a larger impact on investment during expansions. [ABSTRACT FROM AUTHOR]

The economic costs of tobacco use are substantial particularly in developing countries. While much has been written on healthcare costs from tobacco use related diseases, little is known on the macro-economic impacts of tobacco-related productivity loss. The objective of the current research is to understand the macroeconomic burden of tobacco use in developing countries. Using World Bank's development indicators database for 44 low-and lower-middle-income countries, most of which are African, this paper assesses the relationship between tobacco consumption and economic growth. Specifically, using the fixed effect regression approach, we examined whether tobacco prevalence affects long-run growth rate in the real gross domestic product (GDP) per capita. We adopted an empirical framework from the growth literature by including the national tobacco prevalence rate as one of the determinants of long-run growth in the real GDP per capita. The tobacco prevalence rate varies across countries ranging from 5% in Ethiopia to almost 50% in Myanmar. The prevalence rate is much higher among males than females in almost all countries, with Myanmar males having above 70%. The regression results indicate the existence of a statistically significant negative relationship between the prevalence of tobacco and economic growth after controlling for other determinants of growth, including the initial level of GDP per capita, gross fixed capital formation, trade, resource revenues, institutional quality, a human capital indicator, and infrastructure capacity. A 1% increase in the total tobacco prevalence rate reduces the economic growth rate by almost 2%, all else equal. These findings are robust even after running separate models for male and female tobacco prevalence rates. The results on the other determinants of growth are consistent with the previous empirical studies on economic growth in the context of developing countries. The findings of this study provide additional support to the existing body of empirical economic research on the role of better health, as a form of human capital, in increasing economic output. Thus, actively targeting tobacco control interventions, both in and outside of the workplace, can likely improve workers' productivity and hence economic growth. [ABSTRACT FROM AUTHOR]

One of the primary policy issues over the years in the context of the Nigerian economy has been how to enhance the performance of the non-oil export sector of the economy in order to diversify the country's export base and contribute more to GDP (gross domestic product). Rather than a lack of policy initiatives, the noticeably abysmal performance of Nigerian non-oil exports has been increasingly attributed to poor policy implementation. However, the question of whether such poor implementation is due to the quality of institutional settings, particularly in a developing economy such as Nigeria, has been largely unexplored. To the best of our knowledge, none of the previous studies deemed it necessary to control for the role of institutional quality in the non-oil export-growth nexus from the perspective of the Nigerian economy. To bridge this important gap in the literature, we hypothesize that institutional qualities matter in the relationship between economic growth and non-oil exports. Motivated by a desire to diversify Nigeria's economy away from its reliance on oil exports, this study re-examines the export-led growth hypothesis from the standpoint of non-oil exports while accounting for the role of institutional qualities. We employ the ARDL estimation technique as the best econometric model for the study given its suitability for variables of mixed order of integration in terms of the series' stationarity. More so, the ARDL technique enables us to simultaneously capture both the short-run and long-run dynamics of the nexus. Empirically, we show results that suggest that improved institutional qualities have the potential to boost the positive effects of non-oil exports on economic growth. We also find that the extent to which institutional quality matters for enhancing the effects of non-oil exports on economic growth depends on the institutional quality indicators chosen. On the whole, we expand on the export-led growth hypothesis by considering the role of institutional characteristics and conclude that improving institutional qualities should be prioritized in the path to Nigerian economic diversification. [ABSTRACT FROM AUTHOR]

This paper analyzed the convergence of economic growth and socioeconomic development in the Legal Amazon region. For this, the methodology of Convergence Means was used. To measure economic growth, the Gross Domestic Product (GDP) per capita and the Gross Value Added (VAB) per capita referring to the three sectors of the economy were used as variables. Regarding socioeconomic development, the Firjan Index of Municipal Development (IFDM) was used as variables for the dimensions: General, Health, Employment and Income and Education. The results showed that the variables related to economic growth, presented themselves as convergent and showed a great growth in the period. In relation to variables related to socioeconomic development, the level of convergence was significant, with exception of the variable employment and income, which proved to be divergent. [ABSTRACT FROM AUTHOR]

Background: Most individuals developing tuberculosis (TB) are working age adults living in low- and middle-income countries (LMICs). The resulting disability and death impact economic productivity and burden health systems. New TB vaccine products may reduce this burden. In this study, we estimated the impact of introducing novel TB vaccines on gross domestic product (GDP) growth in 105 LMICs. Methods and findings: We adapted an existing macroeconomic model to simulate country-level GDP trends between 2020 and 2080, comparing scenarios for introduction of hypothetical infant and adolescent/adult vaccines to a no-new-vaccine counterfactual. We parameterized each scenario using estimates of TB-related mortality, morbidity, and healthcare spending from linked epidemiological and costing models. We assumed vaccines would be introduced between 2028 and 2047 and estimated incremental changes in GDP within each country from introduction to 2080, in 2020 US dollars. We tested the robustness of results to alternative analytic specifications. Both vaccine scenarios produced greater cumulative GDP in the modeled countries over the study period, equivalent to $1.6 (95% uncertainty interval: $0.8, 3.0) trillion for the adolescent/adult vaccine and $0.2 ($0.1, 0.4) trillion for the infant vaccine. These GDP gains were substantially lagged relative to the time of vaccine introduction, particularly for the infant vaccine. GDP gains resulting from vaccine introduction were concentrated in countries with higher current TB incidence and earlier vaccine introduction. Results were sensitive to secular trends in GDP growth but relatively robust to other analytic assumptions. Uncertain projections of GDP could alter these projections and affect the conclusions drawn by this analysis. Conclusions: Under a range of assumptions, introducing novel TB vaccines would increase economic growth in LMICs. Author summary: Why was this study done?: Most individuals who develop tuberculosis (TB) are working age adults living in low- and middle-income countries (LMICs), and the resulting disability and death impact economic productivity and burden health systems, but new TB vaccine candidates may reduce this burden. Earlier studies have estimated the impact of individual diseases and health risks on rates of economic growth, but the potential gains to economic growth that could be produced by introducing novel TB vaccines have not been previously estimated. What did the researchers do and find?: In this study, we estimated the impact of introducing novel TB vaccines on gross domestic product (GDP) growth in 105 LMICs, using a macroeconomic model to simulate country-level GDP trends between 2020 and 2080, in 2020 US dollars. We compared scenarios for introduction of infant and adolescent/adult vaccine candidates to a no-new-vaccine counterfactual. Compared to the no-new-vaccine counterfactual, both vaccination scenarios produced greater cumulative GDP in the modeled countries over the study period, equivalent to $1.6 (95% uncertainty interval: $0.8, 3.0) trillion for the adolescent/adult vaccine and $0.2 ($0.1, 0.4) trillion for the infant vaccine. These GDP gains were substantially lagged relative to the time of vaccine introduction and concentrated in countries with higher current TB incidence. What do these findings mean?: This study demonstrates that introducing new TB vaccines could increase economic growth in LMICs. The results of this research could inform decision-making around how new TB vaccines are developed and introduced. [ABSTRACT FROM AUTHOR]

There is also a growing body of literature on the relationship between foreign trade and economic growth, but many of these studies need to include the import variable. This study examines the state of trade in goods between Bulgaria and the world for 2018-2022 and investigates the cointegration between both export/import and economic growth of Bulgaria through employing yearly data for 1990-2022. The Engle-Granger's cointegrating test was used to study the long-term relationship between variables. The results show a positive and significant long-term relationship between Bulgarian exports and imports and gross domestic product at a 99% confidence level. This leads us to two conclusions: first, Bulgarian exports are more variable over time than Bulgarian imports, and second, the development of Bulgarian foreign trade will positively affect its economic growth. [ABSTRACT FROM AUTHOR]

This study explores the causal relationship between the economy and the elderly population in 15 European countries. The economy was measured by the Per Capita Gross Domestic Product growth rate, while the population aged above 65 as a percentage of the total was considered the elderly population. The data were obtained from a time series dataset published by the World Bank for six decades from 1961 to 2021. The Granger causality test was employed in the study to analyse the impact between the economy and the elderly population. An alternate approach, wavelet coherence, was used to demonstrate the changes to the relationship between the two variables in Europe over the 60 years. The findings from the Granger causality test indicate a unidirectional Granger causality from the economy to the elderly population for Luxembourg, Austria, Denmark, Spain, and Sweden, while vice versa for Greece and the United Kingdom. Furthermore, for Belgium, Finland, France, Italy, Netherlands, Norway, Portugal, and Turkey, Granger causality does not exist between the said variables. Moreover, wavelet coherence analysis depicts that for Europe, the elderly population negatively affected the economic growth in the 1960s, and vice versa in the 1980s. [ABSTRACT FROM AUTHOR]

The construction industry in many developing countries is considered the main engine for economic growth. Quantification of the resilience of the construction industry in developing economies is essential for stakeholders and decision makers. Many researchers have attempted to quantify the construction industry's resilience in the context of developed economies; however, there is lack of established measures of such quantification in developing countries. This paper proposes a framework for the composition of an index that quantifies the resilience of the construction industry in developing countries. The proposed framework is demonstrated in the context of three developing countries: Rwanda, Egypt, and Turkey. The index is composed of measures such as the construction value added to a country's gross domestic product (GDP) and employment in construction. Principal Component Analysis (PCA) is utilized for weighting and aggregation of the individual variables. Studying the causal relationship between construction growth and economic development from 1971 to 2022, results show that construction growth leads to economic development in each of the three countries. Results of the proposed index values indicate that the construction industry in each of the three countries demonstrated increased resilience by sustaining both its outputs and its employment generation aspect in the two years following the coronavirus pandemic in 2019. Quantification of the construction industry's resilience in countries where the construction growth leads to the economic growth would provide a crucial insight for stakeholders and decision makers. [ABSTRACT FROM AUTHOR]

In this article, we investigate the effect of different energy variables on economic growth of several oil-importing EU member states. Three periods from 2000 to 2020 were investigated. Three different types of regression models were constructed via the gretl software. Namely, the OLS, FE, and SE approaches to panel data analysis were investigated. The FE approach was chosen as the final one. The results suggest the importance of the consumption of both oil and renewable energy on economic growth. Crises of certain periods also had a noteworthy effect as well. [ABSTRACT FROM AUTHOR]

The intensification of countries' growth causes the depletion of natural resources, biodiversity degradation, ecological imbalances, damage, and disasters. The aggravation of ecological issues requires the development of mechanisms for simultaneous achievement of economic, social, and ecological goals. The energy sector is the core direction of economic decarbonization. Therefore, green economic growth requires economic development due to the extension of innovative technologies for renewable energies and relevant investment for that. The study aims to test the hypothesis on the impact of green field investment on green economic growth. The object of the research was countries in the European Union (EU) for 2006–2020. This study applied the Malmquist-Luenberger Global Productivity Index to estimate green economic growth. It considers the resources available for the production process in the country (labor, capital, energy), the desired outcome (gross domestic product) and undesirable results (emissions to the environment) of this process. The study applied the Tobit model to test the hypothesis. The findings confirm the spatial heterogeneity of green economic growth among the EU countries. The asymmetry in technological efficiency and progress limits the efficacy of green innovations. At the same time, the obtained data confirm the research hypothesis. It is shown that along with green investments, economic openness and the efficiency of public governance have a positive effect on the green economic growth of countries. The findings highlight the importance of attracting green investments to increase green innovations in renewable energy, which boost green economic growth. This study explored the linear and direct effects of green investment on the green economic growth while eliminating the transmission impact of other mediating factors. It should be noted that further research should analyze the nonlinear impact of green investment on the green economic growth and the mediating effect, which could be caused by other variables (corruption, governance efficiency, green innovations, etc.). [ABSTRACT FROM AUTHOR]

South Africa is a country that is open to trade, and this makes the study significant as economic institutions work better in such countries. The underperformance of South Africa's economy stems from the difficulties in achieving institutional change where state-owned companies such as Sasol benefit the most in the oil, gas and chemical industries. This is because SoEs are the main suppliers of natural gas sourced from Mozambique. This implies that Sasol's customers are the price takers, meaning that whatever the price of gas set by Sasol, it will be difficult for Sasol's customers to oppose it since there is no competition within the market. Entrepreneurs in developing countries with poor economic institutions struggle to grow their businesses due to property insecurity, barriers to market entry, and biased contract offering. The study employed the ARDL to determine the long-run relationship between economic institutions and economic growth, whilst the pairwise Granger causality test was used to determine the direction of the established cointegration. The study used annual time series data for the variables included in the model sourced from World Development Indicators (WDI), the global economy, and Transparency International for the period 1995 to 2020. The estimated ARDL model included the following variables; Gross Domestic Product Per Capita (GDPPC), Property Rights Index (PRI), Corruption Perception Index (CPI), Government Expenditure Per Capita (GOVEXPP), and Trade openness (TO). The study's findings indicate that PRI as a proxy of economic institutions promotes economic growth in South Africa. The results further show that all other variables also promote growth except CPI. The pairwise Granger Causality test indicates that there is a direct causality between economic institutions and economic growth. The economic policy implication in this regard is that South Africa's government should invest the majority of its public expenditure on human capital to improve the skills of unemployed youth, potentially increasing their employability. Consequently, better economic institutions could be implemented or created. [ABSTRACT FROM AUTHOR]

In terms of structure, state and evolution of the economy in the last decades, Romania and Bulgaria have common characteristics, being similar also, from the development perspectives point of view, with goals and projections that are intertwined. This study aims, on the one hand, to capture the economic situation as a whole, at the level of the two countries, and on the other hand to identify the best ideas, but also viable measures, which lead to the achievement of the set objectives, in the next period. At the same time, based on V A R - Vector Autoregression Model analysis, a correlation report is analyzed, which identifies three of the most important macroeconomic indicators, in the current economic environment, namely: public debt, gross domestic product, respectively investments. The reference period considered is between the years 2009 - 2021, with a quarterly frequency. [ABSTRACT FROM AUTHOR]

This research aims to investigate the relationship between carbon dioxide (CO2) emissions and energy consumption on the economic growth of countries in the world based on Gross Domestic Product (GDP). We use a large volume of data related to CO2 emissions per capita and energy consumption per capita of each country in the world, so a clustering process is needed using the K-Means method, which divides the country into three cluster labels: high, medium, and low. Then, we performed multiple linear regression using the Generalized Least Square with Autoregressive (GLSAR) method for data that did not satisfy the Best Linear Unbiased Estimator (BLUE) criteria. The results are that countries included in the high cluster have a closer relationship between CO2 emissions and energy consumption to GDP than the medium cluster. Likewise, for the medium cluster against the low cluster. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to analyze the relationship between economic growth and Colombian financial portfolio quality institutions during the second decade of the 21st century for forecasting purposes, by means of an econometric error correction model using quarterly information for the period between 2011-I and 2020-III, both of gross domestic product and of the gross and past-due portfolio of financial institutions. The estimation of the model was executed using the econometric program Eviews 10 with the intervention of two variables. The first one consists of the seasonally natural logarithm adjusted gross domestic product [LPIBD] and the second corresponds to the portfolio quality indicator defined as the ratio of the past-due portfolio to the gross portfolio [INCALID]. The results reveal that the variables are integrated of order 1 and are co-integrated, making it possible to estimate the model with three lags, which added to the unidirectional causality in the Granger sense, allowed predicting the portfolio quality of financial institutions for the fourth quarter of 2020 and establishing the short- and long-term dynamics. [ABSTRACT FROM AUTHOR]

Background:  Population ageing will accelerate rapidly in Mongolia in the coming decades. We explore whether this is likely to have deleterious effects on economic growth and health spending trends and whether any adverse consequences might be moderated by ensuring better health among the older population.Methods:  Fixed-effects models are used to estimate the relationship between the size of the older working-age population (55-69 years) and economic growth from 2020 to 2100 and to simulate how growth is modified by better health among the older working-age population, as measured by a 5% improvement in years lived with disability. We next use 2017 data on per capita health spending by age from the National Health Insurance Fund to project how population ageing will influence public health spending from 2020 to 2060 and how this relationship may change if the older population (≥ 60 years) ages in better or worse health than currently.Results:  The projected increase in the share of the population aged 55-69 years is associated with a 4.1% slowdown in per-person gross domestic product (GDP) growth between 2020 and 2050 and a 5.2% slowdown from 2020 to 2100. However, a 5% reduction in disability rates among the older population offsets these effects and adds around 0.2% to annual per-person GDP growth in 2020, rising to nearly 0.4% per year by 2080. Baseline projections indicate that population ageing will increase public health spending as a share of GDP by 1.35 percentage points from 2020 to 2060; this will occur slowly, adding approximately 0.03 percentage points to the share of GDP annually. Poorer health among the older population (aged ≥ 60 years) would see population ageing add an additional 0.17 percentage points above baseline estimates, but healthy ageing would lower baseline projections by 0.18 percentage points, corresponding to potential savings of just over US$ 46 million per year by 2060.Conclusions:  Good health at older ages could moderate the potentially negative effects of population ageing on economic growth and health spending trends in Mongolia. Continued investment in the health of older people will improve quality of life, while also enhancing the sustainability of public budgets. [ABSTRACT FROM AUTHOR]

Classical, neoclassical, institutional and other schools have debated what is crucial for economic growth. Literature review related to economic growth models is extensive. The objective of our paper is to construct a model of economic growth determinants in EU countries, with focus on construction. Our model includes determinants that reflect the impact of construction on economic growth, which is the contribution to existing literature. It has been created for three groups of countries: EU28, old EU and new EU countries. We believe that this has improved the quality of the results and enabled a comparative analysis of the old and new EU countries. In order to create a model, we used a strongly balanced panel of 28 EU countries in the period 1995-2019 and employed the difference-in-differences approach. Our results for EU28 confirm positive effect of industry, gross fixed capital formation, production in construction and cost construction index on GDP, while gross wages are statistically insignificant. FDIs have low negative impact on economic growth in EU28 and old EU, but statistically insignificant in new EU countries. CO2 is significant and positively correlated with economic growth in all countries. Based on empirical results, we propose policy relevance in concluding remarks. [ABSTRACT FROM AUTHOR]

Global climate change is a crucial environmental issue. Worldwide warming is primarily caused by carbon dioxide (CO2) emission levels. Agricultural production is among many economic activities driving CO2 creation and environmental degradation. In this study, we aim to disclose the effect of agricultural production (date production) on the agricultural gross domestic product (AGDP) and the environment (CO2 emissions). We collected data on date production, AGDP and CO2 emissions from different resources covering the period from 1990 to 2019. To analyse the data, we used the Engle-Granger two-step procedure, autoregressive distributed lag (ARDL) bounds methods of analysis, regression analysis and forecasting tests. Results from fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) analyses helped confirm the results of the ARDL model. The results revealed that there are long-run relationships between AGDP and date production and between CO2 emissions and date production. The first result is consequent with theory and leads to economic growth, whereas the second result indicates a negative effect on the environment. To ascertain which production factors were responsible for this negative result, we ran a regression analysis, and the results indicated that the coefficient of electricity consumption (independent variable) was positive and highly significant in explaining the variability of CO2 emissions. The results of the regression analysis also showed that agriculture affected the environment negatively through increasing CO2 emissions during the study period. Forecasting analysis results showed a decrease in CO2 emissions for the period from 2020 to 2026. The study results lead us to recommend that, to increase economic growth, date production should be increased along with the synchronised use of renewable sources of electricity. The governmental effort to sustain the environment also should be increased and continued through increasing the share of renewable electricity in total electricity consumption. [ABSTRACT FROM AUTHOR]

Fires bring up the debate about their impact on Brazil's economic growth. Some processing tools such as cointegration and, especially, the correlation have been applied for identifying possible transmission or contagion mechanisms between distinct time series. This paper adopts the detrended cross-correlation analysis (DCCA) and rolling window approach to investigate the dynamic coupling between fires and the evolution of some key variables related to Brazil's economic growth (e.g., agricultural planted area, ethanol production, rainfall in the midwest region and gross domestic product) covering two periods, namely from January 2012 to August 2016 (before the Brazilian presidential impeachment occurred in 2016) and from September 2016 to April 2021, covering the post-impeachment scenario, with the new government policies in the environmental sector. The results show a positive cross-correlation between the level of fires versus planted area of all cereals, leguminous and oleaginous in Brazil (mostly Soybean and Corn) and versus ethanol production (a renewable energy generation). It is also possible to verify some impact level on the Brazilian gross domestic product. Furthermore, we observed quantitatively, by means of the adopted methods that fires in Brazil have the potential to damage economic growth and some activities addressed in this study can also harm the environment in both mid and long-term. [ABSTRACT FROM AUTHOR]

This research study examines the factors that determined economic growth measured by gross domestic product, gross value added, final consumption expenditure of households, and gross fixed capital formation across a sample of 36 European countries during the time frame Q3 2018−Q3 2021. We conducted a panel data analysis with the first-difference generalized method of moments (GMM) approach and cross-section fixed effects. Empirical results estimated with four econometric models indicated a significant robust impact of the independent variables exports, imports, foreign direct investment inflow, foreign direct investment outflow, social contributions, and wages on economic growth proxies. In addition, multiplex network analysis was used to investigate the connection architectures of the 36 countries, and it yielded statistical measurements for all layers in the multi-layered structure. Relevant policy implications of reported empirical results are also addressed. [ABSTRACT FROM AUTHOR]

Great attention has been paid in recent months to high energy prices, including fuel prices. Numerous studies present the threat this poses to economic growth, but history already knows such situations. Therefore, the elementary question was posed: How do fuel prices affect trade and economic growth? The research was based on the Polish economy between 2000 and 2020. Poland is an importer of energy commodities, so it should exhibit strong sensitivity to fuel price changes. A VAR model was created for the Polish economy, including fuel prices, seaborne trade, gross domestic product, and inflation. The results demonstrate that the Polish economy is quite resilient to fuel market turbulence. Obviously enough, it is easier to function in the conditions of lower fuel prices, but high prices are not a reason to panic. Moreover, ongoing technological progress allows economies to weather fuel market crises more easily than was the case back in the 20th century. Therefore, one may unequivocally state that low fuel prices are not a prerequisite for a country's development. An economy may develop under conditions of higher fuel prices, and panic over high fuel prices only further fuels the inflationary spiral. [ABSTRACT FROM AUTHOR]

The paper utilizes a comprehensive approach to threshold cointegration to analyse the Israeli per capita Gross Domestic Product (GDP) growth dynamics. The timeseries data for the years 1980--2019 are taken. The study uses a two-regime threshold error correction model (TECM) to test short- and long-term growth factors. The results reveal that Research and Development (R&D) expenses measured as a percentage of GDP are the primary driving force in the long and short term. The threshold value of 3.25% of GDP exhibits a substantial difference between the two regimes corresponding to the development phases of the Israeli economy. The results are validated using various tests for threshold models. The general conclusion is that the applied hierarchical procedure for TECM model construction is robust and universal for modelling economic growth. The results allow the formulation of policy implications. [ABSTRACT FROM AUTHOR]

This study establishes economic growth needed for supply-side mobile money drivers in developing countries to be positively related to mobile money innovations in the perspectives of mobile money accounts, the mobile phone used to send money, and the mobile phone used to receive money. The empirical evidence is based on Tobit regressions. For the negative net relationships that are computed, minimum economic growth thresholds are established above which the net negative relationships become net positive relationships. The following minimum economic growth rates are required for nexuses between supply-side mobile money drivers and mobile money innovations to be positive: (i) 6.109 percent (6.193%) of Gross Domestic Product (GDP) growth for mobile connectivity performance to be positively associated with the mobile phone used to send (receive) money and (ii) 4.590 percent (4.259%) of GDP growth for mobile connectivity coverage to be positively associated with the mobile phone used to send (receive) money. [ABSTRACT FROM AUTHOR]

Between 1980 and 2020, the study looks at "An Empirical Analysis of the Effects of Population Growth on Economic Growth in Ethiopia Using an Autoregressive Distributive Lag (ARDL) Model Approach." The appraisal coefficient of population growth (POP) and the implication is positive and significant, according to the findings of this study. However, in response to the long-term association between population expansion and economic growth in Ethiopia, the macroeconomic variables were subjected to a limit test and a broader causality test. From the finding of bound test, since the value of F-statics is greater than the upper boundary line, there are long run equilibrium relationships among RGDP, population size, foreign direct investment, personal remittance, population growth rate, rate of inflation, and gross capital formation. According to the findings of the Granger causality test, real gross domestic product can cause Ethiopian population size (POP), but population number (POP) cannot cause real gross domestic product at the same time. The motivation of doing this research was to know the sign and effects of population growth on economic growth. Finally, in order to boost Ethiopia's economic growth, the government should implement policies that would attract foreign investors. The government should also establish a benchmark to ensure that the economy increases faster than the population. [ABSTRACT FROM AUTHOR]

Background: Worldwide environmental pollution has called for overwhelming concern of researchers and stakeholders in the last twenty years because of the menace it unlashes on man's life. The aim of this research work is to ascertain the causation among economic advancement, Carbon emission, energy consumption and taxation. The study focused on the Nigerian economic and the period under review is thirty-three (33) years. Methods: Test was performed to explain the accurate transmission among the dependent and the independent variables. This study employed Granger estimation to ascertain the direction of the connection amongst the variables. Result: Results revealed that tax has unidirectional connection with economic advancement. The result also showed that Carbon emission has unidirectional relationship with economic growth. The result further revealed that energy consumption has a unidirectional association with taxation. This study suggests that economic growth does not affect energy consumption, taxation and carbon emission. This study recommended that for future study, intending researchers should use fuel consumption to proxy energy consumption. The study also recommended that the Nigerian government should increase tax paid by oil companies in order to curtail their excesses and generate more revenue. [ABSTRACT FROM AUTHOR]

Present study examines the effect of human capital accumulation and its influencing variables such as expenditure on education and quality of education, labor force, free trade and investment and its impact on economic development which can be measured in terms of Gross Domestic Product and GDP per capita. The data for the current study is comprised of economic indicators from almost 181 countries around the globe while using the panel technique. The outcome of the study suggest that enhancing the quality level of education through increasing the budget expenditure for education sector will result in capable work force which will in turn promote the economic growth of our country, similarly funds reimbursements towards fixed capital and free trade are also major determinants of economic development. The present study is also unique in terms of data collection from a vast number of countries to generate the empirical findings related to the topic. [ABSTRACT FROM AUTHOR]

This study aims to provide insights into the decoupling of GDP growth and greenhouse gas (GHG) emissions in Morocco, a developing country with the ambitious goals of reducing GHG and strongly vulnerable to the negative effects of climate change. The Engle-Granger cointegration method was used in addition to the Tapio elastic analysis based on annual time series data from 1990 to 2018. The cointegration test indicates a significant long-term relationship between greenhouse gas emissions and Gross Domestic Product with a coefficient equal to 0.85. On the other hand, Tapio's decoupling index method presents mixed results both by pollutant and by time period. Nevertheless, total greenhouse gas emissions, with a decoupling index valued at 0.7, exhibit a weak impact decoupling throughout the entire sample period wherein emissions continue to grow at a lower rate than the Gross Domestic Product. The findings are coherent with the view that more aggressive carbon pricing initiatives (CPI) policies will likely be necessary to achieve the ambitious goals set by the Moroccan government to achieve absolute decoupling. [Display omitted] • Engle-Granger cointegration and Tapio's elastic analysis to study decoupling. • One of the first decoupling studies done for North Africa particularly Morocco. • Long-term relationship found between Gross Domestic Product and greenhouse gases. • Weak decoupling state was the most frequent in Morocco between 1990 and 2018. • Need for more aggressive policies such as carbon pricing initiatives (CPI). [ABSTRACT FROM AUTHOR]

Digitalization transforms the traditional concepts of economic growth and competitiveness. This article studies the effect of digitalization on Russia’s economic growth. As indicators measuring the impact of digitalization processes on economic growth, the study used the Gross Domestic Product per capita, the Global Competitiveness Index, the Index of Digital Life, the Digital Adoption Index, and the Resilience Index. Their in-depth examination based on a three-pronged model showed that the state of the macroenvironment and the readiness of the population for digital transformation do not allow digital technologies to affect the economic growth rate seriously. [ABSTRACT FROM AUTHOR]

This study examines the relationships between information and communication technology (ICT) usage and CO2 emissions considering economic growth, trade openness, and renewable electricity in the Organization for Economic Co-operation and Development countries for the period 1990–2018. It adopts pooled mean group (PMG) estimation based on the autoregressive distributed lag model. The PMG estimates indicate that although the coefficient value is small, ICT progress acts as a factor in increasing CO2 emissions in the long run. However, there is no significant short-run relationship between these two variables. Furthermore, economic growth increases CO2 emissions in the short and long run. The expansion of renewable electricity and trade openness reduces CO2 emissions in the long run. To mitigate the CO2 emissions originating from ICT, energy-saving technologies that use ICT as an energy management system should be further enhanced. The expansion of renewable electricity and the promotion of trade openness will also contribute to the mitigation of CO2 emissions in this region. [ABSTRACT FROM AUTHOR]

Studying the impact of the high-speed railway (HSR) on economic growth has important practical significance and can provide a theoretical basis for government investment in infrastructure. In this study, the adoption of HSR was used for natural and rigorous exploration. Based on the panel data on counties in Hubei Province of China from 2001 to 2017, a synthetic control method was used to analyse the impact of HSR on the economic growth of county-level areas with different economic bases. The results showed that HSR had different influences on the economic development of county-level cities with different economic bases in the short term. The Wuhan-Guangzhou HSR had significantly promoted the gross domestic product (GDP) growth of Chibi City with a good economic foundation. The robustness test results revealed that the promoting effect was significant at a level of 3.7%. The Hefei-Wuhan section of the Shanghai-Wuhan-Chengdu HSR had significantly inhibited the GDP growth of Hong'an County by developing on a weak economic foundation. The robustness test results revealed that the inhibitory effect was significant at the level of 2.8%. However, the Hefei-Wuhan section had a stable and promoting effect on Macheng City. Based on the abovementioned conclusions, each county-level city should focus on long-term economic development, invest in HSR construction based on local conditions instead of blind expansion, make use of HSR to vigorously develop characteristic industries, and implement talent retention and introduction policies. [ABSTRACT FROM AUTHOR]

The present article examines the impact of intellectual property (IP) utilization and concentration on economic growth in Mexico. The findings presented center on the use of different forms of IP by researchers in the National System of Researchers (SNI in Spanish) of Mexico. We focus especially on the externalities associated with the use of IP by researchers, as well as on understanding how knowledge about, and utilization of IP relates to economic growth, as measured by gross domestic product (GDP). The results of our analyses indicate that in the context of the Mexican SNI, the utilization of certain forms of IP, specifically patents and industrial designs, had a positive impact on economic growth, while the use of utility models was negatively linked to drivers of growth. Policies based on these results could seek to foster awareness and utilization of particular forms of IP by SNI researchers, which in turn could result in greater economic growth in Mexico. [ABSTRACT FROM AUTHOR]

Workers' remittances represent up to 47 percent of gross domestic product in some Asian countries. Also, workers' remittances to the Asian region were estimated to reach $256 billion out of $483 billion received by developing countries. However, the growth effect of workers' remittance in Asia has, over the years, remained an open empirical question. To this end, this study examines the impact of workers' remittance and its interactive effects with financial development and institutional quality on economic growth. The study used a partial Gram-Schmidt orthogonalization procedure, which enable us to examine whether the marginal effect of workers' remittances depends on the degree of financial development and institutional quality. It also used a Pooled Mean Group (PMG) estimator on panel dataset for a period of 1984-2010 from fifteen (15) remittance-receiving Asian countries. The results of this study shows that, workers' remittance impacts positively on economic growth in remittance-receiving Asian countries. But, the growth effect is higher in Asian countries with improved financial development but relatively weak institutions. According to the findings a percentage point increase in per capita workers' remittance leads to a long-run increase in per capita income by 0.103 percentage points. Moreover, the marginal effect of workers' remittance on economic growth rises with increase in the degree of financial development. But it declines with improvement in institutional environment. The partial derivative of economic growth with respect to workers' remittance at the mean level of financial development is 9.733. Similarly, the derivative evaluated at the minimum and maximum levels of financial development are found to be 1.355, and 32.087 respectively. The proportions of these derivatives at different levels of financial development showed that the marginal growth effect of workers' remittances rises with increase in the degree of financial development in remittance-receiving Asian countries. However, the partial derivative of economic growth with respect to workers' remittance at the mean level of institutional quality is - 12.068. But, the partial derivative computed at the maximum and minimum levels of institutional quality take the value of -15.945 and - 6.785 respectively. This suggests that the better institutional environment is in a country the lesser will be the growth impact of workers' remittance. Overall, the result suggests that workers' remittance and financial development work as complements in enhancing economic growth. However, the former and institutional quality act as substitutes in promoting economic growth. [ABSTRACT FROM AUTHOR]

Current studies on the environmental Kuznets curve hypothesis (EKC), which stipulates the association between economic growth and environmental pollution as an inverted U-shaped curve, appears to have had varied findings. Thus, the principal objective of the current research exploration was the examination of a conceivable association between carbon dioxide emissions (CO2) and economic growth in Sierra Leone, for the period, 2002-2015, and the endorsement of the EKC hypothesis relating to the Sierra Leone economy. This was significant because nearly all prior researches on CO2 and economic growth relationship in developing nations were on the EKC hypothesis, rather than the nexus between CO2 emissions and economic growth. The apposite research methodology was quantitative with time series data comprising 56 observations and 6 variables. Utilizing the autoregressive maximum likelihood [AR(2)] model, the results revealed the gross domestic product per capita, foreign direct investment, and renewable energy individually had significant effects on carbon dioxide pollution emissions. However, the AR(2) model showed no support for the EKC hypothesis in Sierra Leone. Moreover, applying the Phillips-Ouliaris cointegration model, the outputs specified a statistically significant long-run relationship between CO2 and, at least, one element of economic growth (Rho = -20.529, Tau = -3.907, p < .05). In addition, the error correction model (errorECM1) employed to examine the short-run departure from the long-run had the anticipated symbol, and was statistically significant (ßerrorECM1 = -.159, SE = .052, t = -3.07, p = .004), indicating a rapid correction progression to long-run equilibrium of about 15.9% annually. Nevertheless, both the long-and-short-run models showed no support for the EKC hypothesis in Sierra Leone, for the examination period. Obviously, the strong and positive effect of foreign direct invest on CO2 in the longrun and short-run models had a policy corollary because the effect seemed to insinuate a surge in foreign direct investment inflows concurrently enhanced CO2 pollution emissions in the country. The findings had significant applied and policy implications because of the suggestive necessity for foreign direct investment and energy policies to aim at less greenhouse effect production methods, to guarantee both environmental imperishability and the realization of sustainable economic growth objectives. [ABSTRACT FROM AUTHOR]

Applying panel SVAR modelling to 1995–2017 regional data, we estimate fiscal multipliers in Italy at national and sub‐national level and find that expansionary fiscal policies produce positive and persistent effects on GDP. Fiscal multipliers remain larger than 1 even 10 years after a discretionary fiscal policy is implemented. Government investment stimulates output more than government consumption. Moreover, fiscal multipliers are higher in Centre‐Northern regions than in Southern ones. Such evidence is confirmed when fiscal foresight is considered. Our findings support the Keynesian perspective, indicating that Italy should increase public investments to foster economic growth especially in the poorest Southern regions. [ABSTRACT FROM AUTHOR]

Background: The progress of green credit in China is accelerating, but its development is uneven and insufficient in different regions. And whether the issuance of green credit can effectively promote the improvement of the environment and economy is not well understood. Objective: Previous research has found that green credit promotes economic growth through improvement of the industrial structure and green technological innovation. However, these studies have not considered the positive externality of environmental improvement even though environmental improvement and economic growth are requirements of the sustainable development concept. Methods: We use the chain-mediated model to estimate the impact of green credit issuance on the economic growth of different provinces since the large-scale implementation of green credit in China with data from 2008 to 2016. Results and conclusion: This paper shows that the issuance of green credit can improve labor supply rather than labor productivity through the improvement of air quality to achieve regional economic growth. Such a chain-mediated path is different from the economic growth caused by industrial structural adjustment and green technology innovation. At the national level, every 1% increase in green credit issuance relative to industrial loans will increase the per capita gross domestic product (GDP) by approximately 4.6 yuan, or 0.012%, through air quality and labor supply, accounting for 2.875% of the total effect. Heterogeneity analysis indicates that due to regional industrial structure differences and diminishing marginal effects, the impact of green credit is stronger in the western region than in the eastern and central regions. For every 1% increase in the proportion of green credit issuance relative to industrial loans, the per capita GDP growth achieved through the chain-mediated path is approximately 30.17 yuan in the western region, approximately 6.6 times greater than that at the national level. Within a 95% confidence interval of 5000 bootstrap samples, this path is found to be true, and the chain-mediated effect accounts for approximately 12.96% of the total indirect effect. Limitations: The limitation of this paper is the measurement of green credit. Although green credit has a large volume, it remains underdeveloped, and there is a lack of perfect indicators. Most existing studies have adopted only alternative or reverse indicators to measure the issuance of green credit. For example, this paper takes the interest expenditure of six high-energy-consuming enterprises as the reverse indicator, which may to a certain extent lead to the overestimation of the issuance of green credit and its impact on the environment and economy. Future research can accurately explore the performance of green credit on the basis of its mature development. [ABSTRACT FROM AUTHOR]

Air pollution control is crucial for promoting the modernization of governance systems and efficiency. To address the subjective contrived factors and errors in the gross domestic product (GDP) data in traditional statistical almanacs, our study aims to construct a panel data model of 287 prefecture-level cities for the period from 1998-2016 (using objective nighttime light data). We also used government work report words related to environmental regulation to characterize the constraints of government environmental regulations. For this purpose, we used instrumental variables (to explore the relationship and interaction between air pollution and economic growth) and a model setting, with which we carried out regression analysis and robustness tests; the findings were validated using a transmission mechanism hypothesis. We found that that economic growth and air pollution positively influence each other and government environmental regulations significantly reduce air pollution. We also found that to achieve high economic development, environmental pollution must be controlled to avoid further damage to human and material capital. Furthermore, government environmental regulations can help improve the environmental comfort level and economic development quality. [ABSTRACT FROM AUTHOR]

• The DPI ratio followed a reverse U-curve relationship with per capita GDP. • A reverse U-curve relationship between the DPI ratio and the MPC. • There was a U-curve relationship between the DPI ratio and the MPA. Introduction: Past empirical studies indicated that there is a Kuznets or reverse U-shaped relationship between road deaths and per capita income, such that the number of road death increases at a low level of per capita reverse U-shaped relationship was observed between road injuries and per capita income. While these studies explored the impact of per capita income on road deaths and road injuries, no studies have examined the relationship between per capita income and road death to road injury ratio (DPI). Method: Using a fixed effects panel regression analysis from 67 countries spanning over a period of five decades (1960–2013), the present study sought to explore the impact of per capita gross domestic product (per capita GDP) on the DPI ratio and the underlying factors responsible for the relationship. Results: Our result suggests that per capita GDP followed a reverse U-shaped relationship with DPI. Moreover, the relative improvements in higher mobility roads as compared to improvements in higher accessibility roads, motorcycle ownership to passenger car ownership ratio, percentage of population living in an urban area, infant mortality rate, and the percentage of population below 15 years of age and above 64 years of age contributed to this relationship. Practical Applications: This implies that, at lower level of economic growth where road deaths exceed road injuries, countries should implement low-cost measures to combat road deaths cases. Such measures include mandating wearing of quality helmets and daytime running headlights for motorcycles. On the other hand, at higher level of economic growth where road injuries surpass road deaths, countries are encouraged to devote more resources to improving medical technology and services to treat road injury victims, mandating seatbelt use, as well as enhancing and promoting public transportation service. [ABSTRACT FROM AUTHOR]

Capital stock is possessing pivotal importance in stimulating the economic growth and development of any country. Inward FDI is considered as one of the important catalysts of economic development particularly for the resource and capital poor countries. In this article we have examined the relationship between inward FDI and economic growth in case of one of the emerging economies of Latin America i.e., Brazil. We took annual time series data for the dependent and independent variables like inward FDI, per capita Gross Domestic Product (GDP), employment, capital formation, and exports for the period ranging from 1996 to 2019. We ran Ordinary Least Square Regression and Random Effect Regression Analysis for gauging the nature of relationship between the variables as well as for testing the robustness of the results. We found that FDI has a positive and significant relationship with GDP and the exports. Whereas, FDI has insignificant relationship with the employment and capital formation. The article holds an important policy implication for the other developing countries of Latin America; they need to attract good amount of inward FDI to achieve the robust economic growth and development. [ABSTRACT FROM AUTHOR]

Energy plays an important role in economic development. This paper deals with the long-run relationship between energy consumption and real GDP for V4 countries from 2005 to 2019. The analysis was based on the unit root tests, co-integration tests, and causality tests. There are two questions. The first question is if energy consumption the stimulus to GDP, resp. energy consumption causes GDP. And the second question is if GDP the stimulus for energy consumption, resp. GDP causes consumption of energy. Energy consumption has an essential role in the economy on both the demand and the supply. It means that there should be a causal relationship from energy consumption to GDP as well as vice versa. Given that in the long run the energy consumption Granger causes the GDP in Slovakia, Hungary, and the Czech Republic, it means that energy consumption could cause economic growth in these countries. The only country where no significant relationship between energy consumption and the GDP has been demonstrated in Poland. [ABSTRACT FROM AUTHOR]

The potential of international trade of cultural products in fostering economic growth has been neglected in the empirical economics literature. The study explores the relationship between international trade of cultural products and gross domestic product (GDP) per capita in 85 countries between 2004-2017 using the Pedroni cointegration test and Swamy (1970)'s random coefficient model. The results show that although the trade balance of cultural products does not affect economic growth, the volume of international trade in cultural products has a statistically significant and positive impact on GDP per capita. These findings indicate that policymakers should not require protective steps against the imports of cultural goods or services and the call of the 2005 UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions to developed economies to open their markets is an appropriate suggestion. [ABSTRACT FROM AUTHOR]

The research aims to study the most important factors affecting carbon dioxide emissions Co2, through a model. Explanatory variables were used in the model, which are the average per capita gross domestic product (GDP), the square per capita gross domestic product (GDPSQ), per capita energy consumption (CONS), and the POP population for the period 2000-2017 via using double logarithmic formula which is more suitable for economic, statistical and econometric logic in this type of studies, the results of the research showed that all the explanatory variables were statistically significant at the level of 1% and that the model was significant as a whole according to the statistic F and the value of R² =0.99. Economically, we find that the parameter of the average per capita GDP was 0.46 and it came with a positive signal consistent with the methodology of the Environmental Curve Kuznets ECK, the parameter of per capita energy consumption was 0.04, and it came with a negative sign that contradicts the Kuznets methodology, the reason may belong to the conditions that affected the country after 2003. The research recommended to go to investing in renewable energy, because it is environmentally friendly, such as sun energy, and to reduce the size of the gas in the sectors emitting to it, such as the transport sector, factories, the extraction sector, and manufacturing industries, in order to preserve the integrity of the environment and the plant and animal wealth it contains,to a better environment in Iraq [ABSTRACT FROM AUTHOR]

Global climate change has caused great concern due to its negative impact on social and economic development. Tapio decoupling analysis is a method used to analyze the relationship between economic growth and the environment. The purpose of this article is to analyze the relationship between the environmental pressures and economic growth in the EU-27 countries and Turkey from 1990 to 2017 (annual data). Firstly, this article presents the decoupling states (absolute decoupling, relative decoupling and no decoupling) between gross domestic product (GDP) and environmental pressures (Greenhouse gas (GHG) emissions, material flows (MF), land use (LU)) from 1990 to 2017. The following conclusions are generated: (1) In the case of GHG emissions from GDP, there is absolute decoupling in 10 countries and relative decoupling in 9 countries. In 9 countries, no decoupling occurs. (2) In terms of MF from GDP, in 5 countries absolute decoupling occurs and relative decoupling occurs in 13 countries. In 10 countries, no decoupling occurs. (3) In the case of LU from GDP, absolute decoupling occurs in 17 countries and relative decoupling occurs in 1 country. In 10 countries, no decoupling occurs. Secondly, to determine the source of productivity index, Malmquist productivity index is applied to the same countries based on the same period. GDP is used as output variable, while GHG emissions, MF and LU are used as input variable. The input- oriented Malmquist productivity index results show that: there is productivity gain in the entire EU-27 and Turkey. [ABSTRACT FROM AUTHOR]

This article examines the relationship between defence expenditure and its impact on the growth of NATO's countries between 2005 and 2018. The aim is to determine if this relation exists and to test if it is possible to discover different models across the countries. The results obtained using the Arellano–Bond estimator, suggest that there is more than one model, and confirm, through the poolability test, the existence of five different groups of countries within the Alliance, with different impacts of the defence expenditure on their gross domestic product. These findings are in line with the review of existing literature that reveals heterogeneity in the results due to different parameters used. [ABSTRACT FROM AUTHOR]

The study covered four (4) selected financial deepening estimators as it affects the economy as a whole. To carry out the study, data were sourced through Statistical Bulletin 2018 and World Bank Development Indicators (2018) from 2003 to 2018. Group of low-income countries have continued to find the need for adequate financial deepening in a bid to enhance their economic growth. Though they are operating a modern type of economy, yet they are mostly mono-economy, relying more on either oil or agricultural products and heavily depending on oil. Hence, Nigeria is a small open economy. In analyzing the data obtained, linear regression analysis was used through SPSS 22.0. The study formulated four (4) hypotheses and the findings showed that the ratio of money supply, credit ratio in private sector, savings ratio and investment have impact significantly on Gross Domestic Product in Nigeria because the p-value t-statistics are 0.0481, 0.027, 0.046 and.000 respectively are all less than 5% significant level. The study, therefore, identified the nexus by concluding that financial deepening has significant impact on Nigeria's economic growth. This study recommends that government policies should be geared towards increased money supply and well-organized capital market that can improve general economic efficacy. [ABSTRACT FROM AUTHOR]

This paper made an econometric investigation of inflation and economic growth in Pakistan for the period 1990-2017. Money supply, imports, exchange rate and budget deficit were the major causes of inflation. Growth in GDP is expected to lead to a reduction in inflation. To combat inflation, unwarranted growth of money supply is checked and the exchange is stabilized. It is less likely that imports are reduced to lessen inflation due to economy needs. It appears difficult that GOP succeeds in curtailing the BD because of the widespread corruption and money-laundering. Human resource development coupled with investment and value-added by both agriculture and industry contributed significantly to economic growth. Should the policy makers attach genuine attention to these factors, it is expected that Pakistan economy will perform reasonably well. Specification and diagnostic tests revealed the appropriateness and soundness of the inflation and economic growth models. Parameters stability was examined for two periods (1991 and 2002). CPI showed stability in both periods but GDP did not demonstrate in the second period. [ABSTRACT FROM AUTHOR]

Foreign direct investments are seen as a prerequisite for gaining and maintaining competitiveness. The research objective of this study is to examine the relationship between foreign direct investment (FDI) and economic growth in "new" European Union member countries using various unit root, cointegration, as well as causality tests. The paper employs annual data for FDI and gross domestic product (GDP) from 2002 to 2018 for the 13 most recent members of European Union (EU13): Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia. An estimated panel ARDL (PMG) model found evidence that there is a long-run equilibrium between the LogGDP, LogFDI and LogFDIP series, with the rate of adjustment back to equilibrium between 3.27% and 20.67%. In the case of the LogFDI series, long-run coefficients are highly statistically significant in all four models, varying between 0.0828 and 0.3019. These coefficients indicate that a 1% increase in LogFDI increases LogGDP between 0.0828% and 0.3019%. Results of a Dumitrescu-Hurlin panel causality test indicated that a relationship between the GDP growth rate and FDI growth rate is only indirect. Finally, only weak evidence was shown that FDI had a statistically significant impact on GDP in the EU13 countries over the period 2002-2018. This report of findings contributes to the literature concerning FDI and economic growth, namely regarding the current understanding of the relationship between these two factors. [ABSTRACT FROM AUTHOR]