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Purpose: This paper explores whether data back the claim that imports of armaments are inherently bad for economic growth. Regardless of one's point of view, the production and trade of weaponry is a significant industry with serious economic implications that warrant investigation. The financial repercussions of military spending have been extensively studied, but the economic effects of arms importation remain unknown. Design/methodology/approach: This study adopts a pooled mean group approach to investigate the nexus between arms imports, military expenditure and per capita GDP for a balanced panel of twenty-five of the top arms importers in the world from 2000 to 2021. Findings: The authors find that arms imports and military spending negatively impact GDP per capita in the short run, but military spending is beneficial over the long run. The authors also used the Dumitrescu Hurlin Granger causality test, which revealed a unidirectional causation between per capita GDP and military expenditure, and a unidirectional causal relationship from military spending to arms imports. Research limitations/implications: This paper is deficient in a few aspects: first, it looks at only those countries comprising the top 70% of arms imports. Second, it omits many political, technological and legal factors that impact arms imports and military expenditures. Originality/value: This paper looks into the impact of defense spending and arms imports on economic growth for twenty-five nations with the highest share of arms imports in recent times. It is a significant addition to the literature as it resolves the debate of whether or not the military expenditure is wasteful and whether arms imports significantly harm the nation's economic growth. [ABSTRACT FROM AUTHOR]

This study investigates the role of energy imports in domestic production function in the case of 15 energy-importing countries for the period of 1995–2015. Apart from energy imports, renewable energy consumption, non-renewable energy consumption, capital, trade openness, and urbanization are included in the growth model. In doing so, long-run elasticity coefficients are estimated with the Dynamic Seemingly Unrelated Regressions (DSUR) model after determining the cointegration relationship between the variables. In addition, for robustness checks, Panel Correlated Standard Errors (PCSE) and Feasible Generalized Least Squares (FGLS) estimators are applied. Our results show that renewable energy consumption, non-renewable energy consumption, trade openness, and capital have a positive effect on economic growth. Energy imports negatively affect economic growth. The Dumitrescu-Hurlin causality analysis reveals a bidirectional causality relationship between renewable energy consumption, capital, trade openness, urbanization, and economic growth. A unidirectional causality relationship exists from economic growth to non-renewable energy consumption and energy imports. This analysis can be interpreted as having a negative impact on economic growth by putting pressure on the current account deficit due to energy imports. Therefore, investments in the renewable energy sector will play an important role in economic growth. [ABSTRACT FROM AUTHOR]

This study examines the short-run and long-run impacts of foreign aid and remittances on economic growth in a panel of 31 African countries from 1980 to 2019 utilizing the ARDL Pool Mean Group (PMG) estimation technique. The PMG is utilized based on the outcome of the Hausman test which justifies it appropriateness. There is long-run association among the regressors and the regressand in the model. Our results indicate that, in the short-run, remittance and foreign aid respectively have a negative impact on economic growth but that impact is statistically insignificant. In the long-run, however, remittances have a positive and significant impact on economic growth while foreign aid has a positive but insignificant effect on economic growth on the continent. These results have substantial policy implications. African governments should adopt effective policies to maximize the usefulness and effectiveness of foreign capital, such as foreign aid and remittances, in boosting economic growth. [ABSTRACT FROM AUTHOR]

Background: Recent years have witnessed a growing interest among academics and policymakers in understanding the mechaninsms through which Chinese outward direct investment (OFDI) impact economic growth in Africa. Method: This study utilzes a dataset spanning 41 African countries from 2005 to 2020,employing panel‐corrected standard error (PCSE) and quantile regression. Objective: This study explore the mechanisms through which Chinese OFDI stock contributes to economic growth in Africa,with a particular focus on financial development and transport infrastructure. Results: The results indicate a significant and positive impact of the interaction between Chinese OFDI stock and both financial development and transport infrastructure on economic growth. The subregional analysis reveals varying correlations across regions, while the quantile regression analysis demonstrates a stronger effect on economic growth as we move to higher quantiles. Conclusion: The study underscores the importance of enhancing infrastructure and financial sector development to attract more Chinese OFDI and maximize its positive impact of economic growth in African nations. Hence, we recommend that African countries improve the infrastructure and financial sector of their country to attract more chinese OFDI and also enhance its effectiveness on their economic growth. [ABSTRACT FROM AUTHOR]

This paper discusses some comparative analysis between the pattern of economic performances in Asia and Western Europe during 1950s-2020s through political economies perspective. The Asian and Western European economic performances are investigated through some stylized facts in the sense of economic factors. Three analyses are used to explain the general pattern of these regions. First, this study examines the pattern of GDP growth per capita during the 1950s-2020s, focusing on several countries in this region. Second, the analysis captures the pattern of linkages of economic variables in this region related to the principle of Circular and Cumulative causation (CCC) and contradiction. Third, the analysis employs a historical perspective underpinned by the results in the second analysis. This third analysis is crucial to appreciating Asia's global economic performance and also the process of Western deterioration phenomenon through long wave, including the occurrence recession and financial crises. The institutions of globalization and neoliberalism that put the power of capital promoted a financial crisis several times during the decades of 1980s-2020. The financial crisis is depicted by contradictions in the structural linkages among economic factors in Western Europe over the period. [ABSTRACT FROM AUTHOR]

This objective of this paper is to analyze the impact of monetary policy on economic growth in Tunisian. After a revolution or significant political changes, countries may reassess and adjust their economic policies, including monetary policy, to address new challenges and align with the evolving economic and political landscape. Central banks often play a crucial role in maintaining economic stability, and changes in leadership or government can lead to shifts in monetary policy objectives and strategies. Using an ARDL model applied to monthly data over the 2011/2021 period, the results revealed that money supply has a positive long-run impact on economic growth in Tunisian after revolution. On the other hand; other instruments such as the interest rate, exchange rate have a significant negative relationship with economic growth. In fact, when interest rates are high, it becomes more expensive to borrow money, so people and businesses are less likely to invest and spend. Findings also depict that increase in Domestic Credit to Private Sector hurts the economic growth. A negative effect on domestic credit could lead a central bank to consider lowering interest rates or implementing other measures to stimulate credit growth and support economic activity. Besides, inflation was shown to play an indirect role by increasing the impact of economic growth. Due to the effect of the revolution, the political instability and high international food and fuel prices negatively affected the domestic prices; Tunisia reached an inflation rate of 4.8% in 2021. Findings of the study have important implications that may discuss the need to adapt monetary policy to ensure economic stability in the aftermath of the Tunisian revolution. This could involve addressing challenges such as inflation, exchange rate fluctuations, and overall economic uncertainty. There might be recommendations for adjustments to monetary policy tools and strategies. This could include changes in interest rates, currency management, and liquidity measures to support economic recovery and growth. The implications might involve collaboration between monetary authorities and the government to implement coordinated fiscal and monetary policies. This synergy is often necessary to address broader economic challenges and promote sustainable growth. [ABSTRACT FROM AUTHOR]

This research investigates the role of infrastructure in the nexus between financial development and economic growth in 20 SSA countries. Our study is among the few to have observed an asymmetric connection between financial development and growth, while also measuring the interactive role of infrastructure on growth in SSA, which is considered the most vulnerable region in the world. While employing the pooled mean group (PMG) estimation technique on the data (spanning 1985 - 2018) obtained through secondary sources, our empirical findings suggest a non-linear linkage between financial development and economic growth, such that the positive impact outweighs the negative one in both the shortrun and the long-run. The non-linear estimate, however, provides that financial development has a mixed impact on economic growth as it indicates a positive effect to a certain level after which it hurts growth. Moreover, a negative long-run coefficient is observed on infrastructure, wherein it reduces the growth rate of the SSA economy by an average of 0.27%. On the final note, the interaction effect of infrastructure and financial development reveal a positive linkage with economic growth, wherein infrastructure enhances the longrun positive effect of financial development on the growth of the SSA countries by 0.23%. These results have important policy implications on the economies of the West African countries considered, as the study reveals inefficiency of infrastructure investment in the region. [ABSTRACT FROM AUTHOR]

Purpose: Empirical studies regarding the impact of the real exchange rate (RER) on economic growth are extensively available. However, the literature as a whole appears to report varying results, while the causes of such differences have not been analyzed systematically. The present study aims to fill the gap in the literature. Design/methodology/approach: In this paper, the authors compile 543 empirical estimates from 51 studies of the exchange rate-growth nexus in order to meta-analyze its relationship. Meta-analysis allows the authors to quantitatively synthesize previous empirical studies and explain the variation in the results. This method also enables us to investigate the possibility of publication bias, as there is a tendency in research only to report results that are both statistically significant and show the expected signs. Findings: After addressing publication bias and heterogeneity in the estimates, the meta-regression results show that RER depreciation (or undervaluation) genuinely favors economic growth. On average, RER depreciation has a greater impact on economic growth in developing countries than the developed ones. The study's results imply that maintaining an undervalued RER could be favorable to spur economic growth, especially in developing countries. Originality/value: Initially predominant in the medical literature, meta-analysis has been on a rising edge in economics. This progress has produced many systematic quantitative review analyses with continuously improved statistical-econometric practices related to economic variables. However, to the authors' knowledge, no comprehensive meta-regression analysis of the relationship between exchange rate and economic growth has been conducted and published in any publicly accessible academic outlet. Therefore, this study aims to fill this gap in the literature. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to empirically analyze the impact of remittance inflows on sustained economic growth in India. Design/methodology/approach: This study has taken a time series dataset for the period of 1976–2021, and a nonlinear autoregressive distributed lag model technique (NARDL) has been applied to check the impact of remittance inflows along with other control variables, including broad money and service sector performance, on the sustained economic growth of India. Findings: The results of the study indicated that in both the short and long runs, any positive shock in remittance inflows has a positive impact on the economic growth of India, while negative shocks do not affect economic growth. Practical implications: The economic policymakers of India can use the findings of the study by implementing remittance-friendly policies. Moreover, NITI Aayog, the body working toward achieving sustainable development goals (SDGs) in India, can also use this study as a reference while making strategies to achieve SDG. Originality/value: Economic growth has always been an area of interest among economists, researchers and policymakers. However, achieving sustained economic growth requires an analysis of those factors that themselves have sustained performance over a long period of time and have the potential to sustain it over the upcoming years. This study has taken remittance inflows as one such factor and investigated its impact on the sustained economic growth of India. At present, there is an evident gap in the literature that very little attention has been given to sustained Indian economic growth. Moreover, there is no study available in which the nonlinear impact of different variables has been tested on the economic growth of India. [ABSTRACT FROM AUTHOR]

This study examines the important manifestations of economic globalization, such as increased international trade, inward foreign direct investment (FDI), and air passenger transport (PAX) on economic growth and environmental quality in Southeast Asian countries. The results of data analysis for the period 1990–2019 using the panel autoregressive distributed lag model (ARDL) have confirmed the long run impact of these factors on economic growth and environmental quality (the reduction of CO2 emissions into the environment per unit of production) in Southeast Asia. Furthermore, international trade and PAX positively affect economic growth in both groups of lower-middle-income countries and upper-middle and high-income countries. Inward FDI, however, only has a positive effect on economic growth for the group of lower-middle-income in the short run. In the long run, it has a negative impact. On the other hand, when the manifestations of economic globalization increase, they lead to an increase in CO2 emissions, but there is a decrease in this ratio per unit of production in the long run and in most countries in the short run. These findings are the basis for making economic growth and environmental quality improvements in different regions and countries of Southeast Asia. [ABSTRACT FROM AUTHOR]

This article analyzes the relationship between the services sector and Ecuadorian economic growth using cointegration and causality econometric techniques from 1990-2018. The results indicate that services as a whole, particularly trade and transportation, positively impact economic growth in the long run. However, in the short term, services as a whole have a negative effect, which may be explained by the continuous deterioration of their productivity. Meanwhile, there is a causality effect ranging from trade to economic growth, and from GDP per capita to services as a whole and transportation. [ABSTRACT FROM AUTHOR]

The purpose of the study is to investigate the impact of stock market development on economic growth for nine developed European countries. In many countries, the stock market (SM), is considered. one of the crucial elements for promoting sustainable economic growth and development. By analysing data from nine developed European countries over 21 years, from 2000 to 2020, including Germany, the United Kingdom, France, Italy, Spain, the Netherlands, Switzerland, Turkey, and Poland, this study seeks to determine the effect of the stock. market. on economic growth. The years 2021 and 2022 are not included due to the lack of data, mainly as a result of the pandemic period. The dataset, extracted from the World Bank database, is used to generate results by applying different econometric models such as OLS, OLS Robust, Fixed, and the Random Effect, which turned out to be more suitable in this study. According to research, macroeconomic factors such as stock. market development (SMD), and inflation (INF), have a significant positive impact while, domestic credit to the private sector (DC), has a negative significant impact on economic growth, in respective periods and countries. Therefore, new research on this topic could help better understand the stock market's impact on economic growth, and new conclusions might greatly benefit developed European countries. [ABSTRACT FROM AUTHOR]

To achieve inclusive growth, and poverty and inequality reduction, African countries should enhance labour-intensive agricultural production due to their abundance of natural resources and labour. In this paper, we examine the impact of agriculture on the economic growth of Zimbabwe using the Autoregressive Distributed Lag (ardl) model employing data covering the period 1970 to 2019. The results show that agricultural production has a significant positive impact on economic growth in the short runwhile showing no impact on economic growth in the long run. Additionally, the study confirms that inflation, government expenditure and gross fixed capital formation have a positive impact on economic growth in both the long run and short run. Although the agricultural sector plays a salient role in the early stages of economic development, it is, however, not able tomaintain sustainable economic growth over a long period in Zimbabwe. Additional macro-economic policy levers are required to compliment agricultural production and promote sustainable economic growth. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between primary energy consumption and economic growth in Greece for the period 1965-2019 by using annual data. The main objective of this study is to investigate whether there is a causal relationship between economic growth and energy consumption. In terms of econometric specificity, ordinary least squares regression (OLS) is used to determine the model in the first step, while the vector self-regulating model (VAR) and the Wald test are used to detect causality. The study differs from the literature in terms of examining the individual energy sources. Total primary energy consumption in Greece is examined in relation to economic growth and individual energy sources separately. According to the results, primary energy consumption in Greece has a big impact on economic growth. The energy derived from non-renewable energy sources has the highest consumption rates. Causality tests show that there is a causal relationship between wind energy consumption and the GDP per capita while causality is observed from the GDP per capita to oil, coal, solar and hydropower consumption. [ABSTRACT FROM AUTHOR]

This paper examines the impact of national security threats on a nation's economic growth and fiscal policy based on a case study of the Korean peninsula. I construct four measures of provocations using a newly-assembled list of North Korean provocative events going back to 1960. The results show that the overall impact of North Korean provocations on South Korea's short-run economic growth is negligible. Since inter-Korean relations have gone through four phases, this paper also estimates the impact of provocations over each subperiod. Provocations had a significant impact on South Korea's economic growth during 1960-1970 and 1992-1997 when inter-Korean tensions were high, but the effects took on different signs. While provocations decreased South Korea's economic growth during 1992-1997, it had a positive impact on South Korea's macroeconomy before 1970. This paper provides evidence that the effect of national security threats may vary with the responses from the government and political factors such as the relation between the targeted country and the country that inflicts the threat. [ABSTRACT FROM AUTHOR]

In order to improve the economic growth efficiency of industrial and commercial enterprises in coastal cities and realize the GDP growth of coastal cities, this paper studies the economic growth factors of industrial and commercial enterprises in coastal cities based on the unexpected super efficiency model. Based on the research and analysis of the previous economic growth theories, this paper finds out the main factors that affect the economic growth of industrial and commercial enterprises in coastal cities, and uses the advanced econometric method to establish the relevant test model to analyze the correlation between the time series of economic growth factors and the time series of coastal cities, so as to realize the economic growth factors of industrial and commercial enterprises in coastal cities Element study. The empirical results show that the main factors affecting the economic growth of industrial and commercial enterprises in coastal cities are capital and labor force, with labor force as the main body; Technical and institutional factors also contribute to the GDP of industrial and commercial enterprises in coastal cities, but the impact is not significant and needs further improvement. In general, these factors can promote the economic growth of industrial and commercial enterprises in coastal cities. The time series and time series of each factor variable are first-order non-stationary series with long-term cointegration relationship. [ABSTRACT FROM AUTHOR]

This study aimed to analyze the impact of external debt on economic growth with mediating role of institutional quality by employing a heterogeneous panel Autoregressive distributed lag (ARDL) model through a pooled mean group (PMG) estimator over periods of 22 years spanning from 1998 to 2019 in East African countries. The finding reveals a significant long-term positive relationship between the stock of external debt as a percentage of GNI and economic growth. However, its square revealed a significant long-term negative relationship, suggesting a non-linear relationship. The positive effect of external debt on economic growth is limited to a threshold level of 62.9%. According to the error term's coefficient, the rate at which short-run returns to long-run equilibrium became disequilibrium in the current year was 45.5%. Furthermore, the result shows that institutional quality's indirect effect on external debt interaction had a significant positive impact on economic growth, indicating that the negative impact of external debt on economic growth decreased as the region's institutional quality rose. Therefore, a comprehensive improvement in institutional quality is required to both lessen the negative effects of external debt and maximize the benefits of government borrowing. In order to stabilize the external debt, governments should cut back on wasteful spending and uphold sound fiscal management. [ABSTRACT FROM AUTHOR]

For the purpose of this paper, we examine the association between foreign direct investment, openness to trade, infrastructure, innovation, and economic development in 10 members of the Commonwealth Independent States between 2000 and 2020 using a panel Autoregressive Distributed Lag model. According to the results, none of the elements that are researched for this paper has a statistically significant influence on economic growth over the short term. On the other hand, in the long run, each of the variables, including foreign direct investment, infrastructure, innovation, and trade openness, has a statistically favorable and substantial impact on economic growth; furthermore, the findings are in line with the findings of the baseline static panel data models. [ABSTRACT FROM AUTHOR]

This study examines the impact of corruption on economic growth in Nigeria from 1986 to 2019. The study used the Johansen cointegration test and vector error correction tests for the data analysis. The study shows that increases in the level of corrupt practices significantly inhibit economic growth in Nigeria in the long run but are insignificant in the short run at the 5% level of significance. The study further reveals that there is a weak transmission effect of corruption on economic growth in Nigeria through household consumption, foreign direct investment, domestic investment, government spending, export and import of goods and services in Nigeria. The study recommends that in fighting corruption, Nigeria requires good and virtuous leaders who are honest with integrity, discipline and trustworthiness, the creation of employment, and the upgrading of Nigeria police among others and that the Nigerian government should advance the use of anti-corruption agencies such as the Independent Corrupt Practices Commission to properly investigate corrupt practices and to apportion appropriate sanctions, strengthen its institutions, and intensify efforts to create more agencies beside the Economic and Financial Crimes Commission and Independent Corrupt Practices Commission to address cases of corrupt practices in the economy. [ABSTRACT FROM AUTHOR]

Economic growth characterizes the quantitative changes that occur in economic variables and attributed to overall increase in production per capital. This study examined the economic impact of exchange rate, foreign direct investment, inflation rate and the trade balance on Nigeria GDP over the period of 1970-2022. The dynamic causal association among the selected macroeconomic variables and economic growth in Nigeria was evaluated via the implementation of vector error correction model (VECM) procedures and impulse response functions. The VECM estimates and the impulse response shows that the response of GDP to inflation and exchange rates is positive while the response of GDP to a one period shock to the trade balance yields a marginal negative depreciation. The result justifies that the place of Exchange rate, Inflation and Trade Balance to Nigeria economic growth cannot be overstated. The results of the work suggest that to promote stable and sustainable economic growth, policy makers should lay more emphasis on encouraging stable and reasonable exchange rate. Also, the work recommends that to promote economic growth and keep inflation low in Nigeria, Anti-inflationary policies should be accompanied to attract foreign investors and frustrate capital fleeing from the country. [ABSTRACT FROM AUTHOR]

This article aims to analyse the role of FDI and institutional quality in local economic growth in Vietnam. Using a dataset of 63 provinces in Vietnam between 2005 and 2020, the result of the Bayesian linear regression (BLR) method shows that FDI has a negative effect on economic growth, while provinces have a negative effect on economic growth. High institutional quality (IQ) leads to high economic growth. Besides, the result of the article also shows that the interaction between FDI flows, and institutional quality (FDIxIQ variable) positively impacts the economic growth of provinces in Vietnam. This implies that localities with good institutional quality will absorb FDI better. These findings suggest that policymakers should pay more attention to policies to attract FDI and improve institutional quality to promote sustainable GDP growth in the localities of Vietnam, thereby promoting the overall economic growth of Vietnam. [ABSTRACT FROM AUTHOR]

Human capital and trade liberalization are playing a central role in growth theories. However, the link between human capital, trade liberalization, and economic growth remains a challenging question due to the inconclusive results of the previous studies. Paper contributes to this debate through asymmetric links among human capital, trade liberalization, and economic growth by incorporating labor and capital for Pakistan's economy by applying the nonlinear autoregressive distributed lag model. Results suggest that the positive and negative asymmetric impact of trade liberalization and human capital on growth substantially vary in the short and long run. In the long run, the increased trade liberalization hurts economic growth, while increased human capital has a minimal positive impact on economic growth in the short and long run. The implications of this paper are for economists and policymakers to strengthen the role of human capital and trade liberalization for Pakistan. [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 World Energy Council has consistently formulated useful policies and ranked countries in term of their performances in environmental sustainability, energy equity, and energy security. In a novel approach, and possibly in one of the most unique studies in the World Energy Trilemma literature, the current study examines the interaction of energy efficiency and economic growth of several top-performing economies (Austria, Denmark, France, Finland, Germany, New Zealand, Sweden, Switzerland, and the United Kingdom) in respect to environmental sustainability, energy equity, and energy security. Importantly, while affirming the inappropriateness of the linear econometric approach, the study utilized the newly developed quantile-on-quantile approach to examine the dataset for the period 1990Q1 to 2018Q4. As such, the result largely indicates a significant and positive effect of economic growth toward the energy efficiency across the quantiles for the examined countries (Austria, Denmark, France, Finland, Germany, New Zealand, Sweden, Switzerland, and the United Kingdom). On the other hand, energy efficiency also impacts economic growth in most parts of the quantiles in the examined countries. However, the results show weak and negative interaction in the lower quantiles (average of 0.1–0.3) only for Denmark, Germany, and New Zealand, while the results further reveal weak and negative interaction in the middle quantile (average 0.4–0.6) for France, Finland, and Sweden. Importantly, this study presents useful economic-related policy inferences from the aspects of energy efficiency, energy security, energy equity, and environmental sustainability. [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 effects of technology on economic growth and development have been an area that many economists have focused on, especially since the post-World War II period. Technology itself has been taken as an external factor by Solow (1957) for economic growth whereby later is accepted as an internal factor by Romer (1986) and Lucas (1988). This study aims to analyze the differing technological impact on economic growth between countries with a high share of tourism in their gross domestic product and countries with a high share of the industry by setting a model based on Solow Growth Model. Another aim of the study is to determine the direction of the net effect of technology for the determined country groups. In such a way that, by increasing productivity, technology is the most important factor in solving the world's scarce resources problem. However, it also causes social and economic problems by creating negative externalities such as environmental pollution and global warming. The primary motivation of this paper is to fulfill the area that can not be met in the literature about the specific difference in technology's effect on economic growth between industry and tourism countries. In addition, to set the impact differences and clarify the net effect of technology, two different country groups have been defined consisting of 30 tourism countries and 30 industrialized countries. The same growth model was imposed in which capital, labor, tourism income, trade openness, and middle and high-technology export level as independent variables for both groups. GMM-Generalized Method of Moment estimator was applied, and it is surprisingly concluded that technology has a negative impact on both country groups' economic growth. This paper fulfills the area that can not be met in the literature about the specific difference in technology's effect on economic growth between industry and tourism countries. [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]

This study examines the impact of corruption on economic growth in Nigeria from 1986 to 2019. The study used the Johansen cointegration test and vector error correction tests for the data analysis. The study shows that increases in the level of corrupt practices significantly inhibit economic growth in Nigeria in the long run but are insignificant in the short run at the 5% level of significance. The study further reveals that there is a weak transmission effect of corruption on economic growth in Nigeria through household consumption, foreign direct investment, domestic investment, government spending, export and import of goods and services in Nigeria. The study recommends that in fighting corruption, Nigeria requires good and virtuous leaders who are honest with integrity, discipline and trustworthiness, the creation of employment, and the upgrading of Nigeria police among others and that the Nigerian government should advance the use of anti-corruption agencies such as the Independent Corrupt Practices Commission to properly investigate corrupt practices and to apportion appropriate sanctions, strengthen its institutions, and intensify efforts to create more agencies beside the Economic and Financial Crimes Commission and Independent Corrupt Practices Commission to address cases of corrupt practices in the economy. [ABSTRACT FROM AUTHOR]

This study examines the linear and non-linear threshold impacts of transparency on economic growth in 70 developing countries from 1984 through 2018, utilizing panel generalized method of moments (GMM) and dynamic-panel threshold estimations. We find that the impact of transparency on growth is stronger when we use non-linear GMM, and dynamic-panel threshold estimations. There is a U-shaped relationship between transparency and economic growth, while transparency is found to stimulate economic growth, especially in a high-transparency threshold regime. The result reveals that financial development plays an important role in moderating the transparency–economic growth nexus in developing countries. [ABSTRACT FROM AUTHOR]

The world needs to move quickly towards sustainability that should characterize all production and consumption patterns. The global economic growth which was built on natural resources and biodiversity over centuries has resulted in two main issues: environmental degradation and climate change. This created a big challenge in the recent decades related to balancing economic growth with environmental quality preservation, which has been a hot topic capturing the interest of researchers from different disciplines. One of the possible ways to reduce environmental degradation while enhancing economic growth is investing in human capital. This study investigates the determinants of ecological footprint as a proxy for environmental quality in Algeria from 1980 to 2017 using several economic indicators. Another objective of the present study is to assess how education and life expectancy as social indicators can influence the environmental quality. The autoregressive distributed lags (ARDL) approach is used to estimate the constructed environmental degradation models. As expected, the obtained findings show that import is a significant factor that reduces ecological footprint in the long- and the short-run contrary to economic growth, energy use, export and natural resources rent. Moreover, the findings show that education and life expectancy increase environmental degradation in the short-run. However, while life expectancy keeps increasing environmental degradation in the long-run, education reduces it. In light of these findings, the current study provides several recommendations for better management of the country's natural and human resources, which could help policymakers in directing the country towards sustainable development. [ABSTRACT FROM AUTHOR]

In this review essay, I explore the consequences of growing economic inequality within advanced democracies. My aim is not to provide novel empirical evidence but to stitch together disparate threads of existing literature to make the case that growing economic inequality should be viewed as one of the most significant problems afflicting industrialized democratic societies today. I begin by defining the concept of economic inequality and by outlining the methods for measuring this phenomenon empirically. In this section, I encourage scholars to shift away from complex indices in favor of decile ratios that are more legible to the public. Next, I summarize trends in income and wealth inequality within advanced democracies to illustrate the growing scale of the problem in recent decades. Subsequently, I make the case that rising economic inequality should be viewed as a concern of utmost importance for political economists by reviewing the literature in three key issue areas that may be adversely impacted by rising levels of inequality: political equality, far-right populism, and economic growth. In scientific terms, economic inequality is conceptualized as an independent variable, and I examine its impact on relevant dependent variables. I conclude by making a call to action with the hope of mobilizing scholars across countries and academic disciplines to study the determinants of rising economic inequality, and to advocate for policy measures to combat the problem. [ABSTRACT FROM AUTHOR]

Previous studies have investigated the relationship between political instability and economic growth separately from the relationship between military expenditure and economic growth. Besides, they did not cover the period after 2011 (i.e. the Arab Spring and its consequences). Therefore, this paper attempts to empirically analyze the long-run and short-run impacts of both political instability and military expenditure on economic growth in Egypt. We estimate the autoregressive distributed lag (ARDL) approach using data on the Egyptian economy over the period 1982–2018. For the robustness of our results, we use the fully modified ordinary least squares (FMOLS) estimator. Results of the ARDL approach indicate a significant negative relationship between political instability and economic growth in both the long-run and short-run. Contrarily, military expenditure has an insignificant impact on economic growth, especially in the long-run. These results are confirmed by the FMOLS estimator. Moreover, the estimated coefficient on the one-period lagged error correction term (ECTt-1) indicates that deviations from the long-run equilibrium relationship are corrected within a year. [ABSTRACT FROM AUTHOR]

The aim of this study is to examine the relationship between economic growth and tourism revenues in Turkey within the scope of the tourism-led growth hypothesis with the help of tests that take into account structural breaks. In this context, causality and cointegration tests based on the Fourier approach were used by considering the industrial production index, tourism revenues and real effective exchange rate monthly data for the January 2005-December 2019 period. The results of the causality test revealed that, unlike the Granger causality test, which does not take into account the structural break, the results of the Fourier causality tests that take into account the structural break have a unidirectional causality relationship from tourism revenues to economic growth. Similarly, contrast to the Johansen test, which does not take into account the break in the cointegration analysis, the Fourier Johansen test detected the existence of a long-term relationship between economic growth, tourism revenues and the real exchange rate. In addition, the long-term cointegration estimation showed that tourism revenues have a positive and statistically significant effect on economic growth. This finding indicates that tourism revenues are an important factor for economic growth and that investments and incentives in tourism will positively affect Turkey's economic growth performance. [ABSTRACT FROM AUTHOR]

Empirical studies examining the interplay between informal and formal institutions on economic growth are scarce. As a result, we do not know how differences in trust affect the economic returns of the quality of regional governments and their autonomy. A panel regression analysis of 208 regions in 21 EU countries shows that informal and formal institutions matter for economic growth, individually and in combination. More specifically, trust substitutes the quality of regional government but does not affect the economic impact of its degree of decentralization. Therefore, policymakers need to think creatively about harnessing institutions to promote economic growth. [ABSTRACT FROM AUTHOR]

One of the primary difficulties we have recently is environmental degradation. The deterioration of the environment was visible in the rise in carbon dioxide emissions, which has a detrimental impact on various life matters. A variety of factors caused this growth. Inappropriate human behaviors caused the majority of them. This study aimed to ascertain how energy consumption and economic growth with its components in the Czech Republic, affected CO 2 emissions. The relationship between CO 2 emissions, economic growth, agriculture, and energy consumption was studied using econometric analysis, specifically the Johansen, Vector Error Correction (VEC) Model, and granger causality. The findings revealed that all variables are cointegrated. Economic growth, agricultural, and energy consumption output are all positively correlated with CO 2 emissions. There is a unidirectional Granger Causality between economic growth, and Agriculture towards carbon dioxide emissions. A unidirectional Granger Causality agriculture towards economic growth, and energy consumption. In addition, there is no Granger Causality between energy consumption and CO 2 emissions, and economic growth. This is the first study to use the most recent data to empirically evaluate the environmental impact of economic growth and energy use in the Czech Republic. This study includes pertinent advice for reducing emission ns and supporting the environment by increasing renewable energy sources and adhering to the Czech Ministry of Environment's strategy. [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]

This paper analyzes the total trade openness, goods trade openness and service trade openness of developing countries with different incomes in Asia. After that, the relationship between trade and economic growth is analyzed in a cycle from 2004 to 2020. A total of 663 sample sizes from 39 countries were used for the fixed-effect regression analysis of the development of Asian countries; at the same time, income levels were divided into low-middle-income countries, high-middle-income countries, and high-income countries to distinguish the economic impact of trade openness at different income levels. growth impact. Countries and high-income countries are returning independently. The results show that the total openness of product and service trade in emerging countries at different income levels has a positive impact on economic growth. Therefore, on the basis of the regression results, this paper puts forward targeted economic suggestions in combination with developing countries with different income levels. [ABSTRACT FROM AUTHOR]

The effectiveness of foreign aid in promoting economic growth is one of the most controversial debates yielding different results in literature. Foreign aid has fluctuated to a large extent in Democratic Republic of the Congo (DRC). However, the foreign aid-growth nexus is still inconclusive. The main purpose of this study is to explore the relationship between foreign aid and economic growth in the case of the DRC, more specifically by investigating on both short and long run relationship to test the foreign aid-led growth hypothesis. The study employs the ARDL bounds test proposed by Pesaran, Shin and Smith (2001) which can be used with variables integrated of different orders unlike other cointegration tests. The study uses annual data for the period 1980-2019 sourced from the World Bank's World Development Indicators. GDP growth is used as a proxy for economic growth while the net official development assistance as a measure of foreign aid. Inflation, population growth, exports and oil rents are selected as control variables. The bounds test confirmed the presence of cointegration between the variables while the model passes the diagnostic tests. The study found that foreign aid has a positive and statistically significant impact on economic growth in both the long-run and short-run. The main research findings support the view that foreign aid has been pro-growth in the DRC, but its contribution has been of small magnitude falling in the case of a worse scenario where foreign aid is mismanaged or dilapidated by the government of the recipient country. The control variables reported that inflation has a negative but insignificant effect on economic growth in both the long-run and short-run, oil rents and exports have a positive and significant impact on economic growth. Population growth is negatively and significantly correlated with economic growth. Considering these results, the research recommends that foreign assistance institutions continue to support DRC. A reduction in aid would negatively impact on the growth which is a major determinant of the overall development of the country. However, measures should be put in place to monitor the maximum effective utilization of foreign aid to avoid dilapidation and mismanagement. [ABSTRACT FROM AUTHOR]

Several studies have proven a positive impact of information and communication technologies (ICT) on economic growth. Nevertheless, some studies have suggested a limited effect, while others have found no statistically significant effect. Faced with this problem, we conducted a study with the aim to assess the role of moderation of ICT diffusion between financial development and economic expansion in Saudi Arabia from 1990 to 2019. Using the bootstrap approach for the ARDL model, the results prove that financial development as well as ICT diffusion affect negatively (positively) economic development. The financial development interaction term with ICT diffusion has a positive and statistically significant effect on economic growth. The results suggest that ICT diffusion does not only directly impact economic growth but also increase the indirect impact of financial development on economic growth. This result indicates that ICT diffusion boosts the role of financial development in economic development. This means that financial development can only boost the Saudi economy when ICTs are well developed. [ABSTRACT FROM AUTHOR]

• Besides the conventional economic growth paradigm, insights from management science and innovation studies also help understand economic growth dynamics in LMICs. • A National Absorptive Capacity System framework is developed and tested on data collected and constructed using cutting-edge statistical techniques. • Results indicate the criticality of infrastructure, public policy, human capital with specialized skills, and business environment as well as finance for economic growth. • Incoming flows and skills are also found to be relevant for economic growth in LMICs. • In contrast to existing research for developed countries, technological and social capacities do not impact economic growth within LMICs, suggesting LMICs be strategic by learning from wealthier countries. I extend the firm-level concept of absorptive capacity to a framework applicable to the national level in low- and middle-income countries (LMICs). Employing confirmatory factor analyses on 47 variables, I build 13 composite factors crucial to measuring six national level capacities: technological capacity, financial capacity, human capacity, infrastructural capacity, public policy capacity, and social capacity. Data cover most LMICs, eligible for the World Bank's International Development Association (IDA) support between 2005 and 2019. I then analyze the relationship between the estimated capacity factors and economic growth, controlling for potential confounders. My results indicate that enhancing infrastructure, finance, business environment, specialized human capital, and public policy capacities improve economic growth. Finally, by ranking empirically important capacities for economic growth, I offer suggestions to cash-strapped governments and international organizations such as the World Bank, the UN, and the USAID to make effective investments to achieve sustainable development goals and boost shared prosperity. [ABSTRACT FROM AUTHOR]

• We examine the nexuses between financial inclusion, shadow economies and economic growth of developing economies. • We conclude that financial inclusion has positive and significant impact on economic growth. • The results of the study also suggest that the size of shadow economy in developing economies reduces economic growth. • The study recommends the financial inclusion as a tool, while targeting the economic growth in developing economies. This study explores the impact of the financial inclusion and size of the shadow economy on the economic growth of developing economies over the period 2008–2017. The data for the endogenous, exogenous and control variables were collected from the World Development Indicators, the International Monetary Fund's (IMF) Financial Access Survey (FAS) and Medina and Schneider's global database (2019). The study applies a panel ordinary least square (OLS) fixed effect, a two-step difference generalised method of moments (GMM) and panel Granger causality approach. The results reveal that financial inclusion has a positive and statistically significant impact on economic growth; while in developing economies, the size of the shadow economy has a significant negative impact on economic growth. The findings remain robust to alternative econometric estimations. The asymmetric results in different countries provide practical insights for governments, policymakers and regulators. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the joint relationship between economic growth, income inequality and fiscal adjustments using a panel of 47 Japanese prefectures from 1998 to 2017. Design/methodology/approach: To assess jointly fiscal adjustment impacts on growth and inequality and to take into account the interdependence between these variables, the authors use a simultaneous equation model and estimate it by using the three-stage least squares estimation method. Findings: The results show evidence of a trade-off between growth and inequality through fiscal adjustments. They reveal that first, fiscal adjustments have contractionary effects on growth. Second, they highlight the disparity between urban and rural taxpayers. Third, they provide evidence of a trade-off between fiscal adjustments and inequality through the labor market. Research limitations/implications: Based on the literature, the composition of fiscal adjustments is a crucial factor in analyzing fiscal adjustment impacts on economic growth and income inequality. The authors do not consider this aspect in the analysis; however, fiscal policy outcomes variables are included as a workaround for this. Practical implications: These results suggest that authorities favor expenditure-based adjustments as they are less contractionary on the economy. Moreover, they should finance public expenditures through a tax on capital in order to mitigate fiscal adjustment impacts on inequality while promoting growth. Originality/value: The paper is novel in testing the existence of a trade-off between economic growth and income inequality through fiscal adjustments at a sub-national level with an additional focus on urban and rural regions. [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]

The disclosure of inspection findings by public control bodies has the potential to cause impacts on public management. Since there was a gap in the economic consequences of these control bodies, this research used the Brazilian case to verify the extent to which the effect of the disclosure of inspection reports affects local governments' economic dynamics. Using data from Brazilian municipalities, panel models were estimated to ascertain the impact of the various types of disclosure of public inspection findings on municipal economic growth. The results show that the disclosure of inspection reports with critical failures negatively affected the economy of Brazilian municipalities. These results contribute to the debate regarding disclosure in the work of public control bodies. In the field of accounting, the results presented here have the potential to impact public inspection rules, procedures, and their relationship with its auditees, to mitigate adverse economic effects. [ABSTRACT FROM AUTHOR]

Rapid advancements in artificial intelligence (AI) will have a dramatic impact on the global economy. This paper provides a systematic review of the economic impact of AI, focusing on the promotion of AI on productivity and economic growth; the impact of AI on labor employment; and the question of whether AI will increase income inequality. On this basis, a summary of how to implement public policies to reduce the potential negative impacts of AI on the employment structure and income inequality is provided. Finally, a summary and prospective research directions are provided. [ABSTRACT FROM AUTHOR]

The Republic of Moldova is a country deeply dependent on agriculture holding sub-branches with most tangential areas, encompassing the economic and social sphere and defining the way of life in rural areas and the standard of living of the population. Subsidizing agriculture is one of the main mechanisms through which the state can promote its policies in this sector. The aim of this paper is to analyze the subsidy process and its impact on the economic growth of the agricultural sector. The research was carried out based on data provided by the Agricultural Intervention and Payments Agency and the National Bureau of Statistics. Several methods were used in this paper such as: comparison, average and relative magnitudes method, graphical and tabular, logical and synthetic analysis. Based on the results obtained, it was found that the impact of the subsidy process in the agricultural sector is positive, because through it, the state sends a clear message to agricultural producers regarding the priority directions of investment, which generating increased profits will result in an increase in the quality of life of the population. [ABSTRACT FROM AUTHOR]

The paper empirically examines the effects of incentives in the domain of corporate income tax in Serbia between 2007 and 2018. The main aim of the paper is to test for effects of tax incentives on economic growth. To achieve the stated aim, a dataset consisting of 10 indicators will be analyzed by using the Principal Component Analysis method. This method allows the initial set of predictors to be transformed into a set of uncorrelated components, and allows linear regression to be performed. In accordance with the results of the analysis, the proposal for parametric reform should be based on the abolition of certain tax incentives in order to increase the efficiency of corporate income tax and improve business conditions. The analyzed data has shown that certain corporate tax incentives have had a significant effect on economic growth. Taking into consideration the adverse effects of the coronavirus crisis, the authors give recommendations on what should be developed in the domain of corporate income tax. [ABSTRACT FROM AUTHOR]

The paper's main objective is to investigate the differences in competitiveness among the EU member states. Each nation's competitiveness is determined by its government's management capabilities on the national, regional and local levels and thus poses substantial implications to economic growth. For this purpose, hierarchical clustering as the primary method of investigation was selected. The data mining process was based on extracting GCI score data about individual member states. Based on the GCI score evaluation, the cluster analysis showed two groups of EU member states, according to the 'traditional' division of old member states (OMS) and new member states (NMS). Results showed a statistically significant gap in GCI scores between the OMS and NMS. Furthermore, the within-class variability in the OMS cluster appears to be higher than in the NMS cluster, which underlines growing disparities among old member states. Most significant differences among both groups prevail in the field of institutions, ICT adoption, business dynamism and innovation. Finally, the link between achieved GCI score and average economic growth has been investigated. Contrary to expectations, more developed member states (OMS) showed, on average, relatively lower economic growth rates over the investigated period than the less developed member states (NMS). The results showed a moderately negative link between the GCI score and economic growth, which suggests that a higher GCI score does not mean achieving higher economic growth, whereas member states with lower total GCI scores could outpace the higher ones in terms of economic growth. In many aspects, the EU still resembles two rails in Europe, and a significant gap between OMS and NMS prevails. Relatively higher economic growth of NMS might help reduce the gap over time. However, it may prove a short-sighted, and significant lags in many crucial factors will stiff the competitiveness in the long term. [ABSTRACT FROM AUTHOR]

In a globalized world, the identification of proximate determinants of economic prosperity is both demanding and pressing for governments particularly in developing countries. In recent years, the quest to uncover them has led to the shift in focus from conventional economic factors to noneconomic factors. In this backdrop, this study complements the existing literature by empirically investigating the nexus between trade openness, institutional quality and economic growth in five emerging countries. Specifically, it analyzes the trade-growth link and the mediatory role of institutions in different specifications. The study employs an endogenous growth model duly estimated through a contemporaneous correlation expunging an efficient approach called a cross-sectionally augmented autoregressive lag distributed (CS-ARDL) approach. The empirical estimates indicate that imports are fundamental in augmenting economic growth while exports and overall trade openness though having positive impact are statistically insignificant. Institutional infrastructure augments economic prosperity on its own but retorts trade-growth relationship. [ABSTRACT FROM AUTHOR]

The financial conditions index is an analytical tool designed to summarize the impact of financial conditions on the real economy. In this context, the relationship between the financial conditions index and economic growth for BRICS-T countries was investigated. For this purpose, the effect of the financial conditions index, which includes overnight interest, stocks and real effective exchange rates, on the gross domestic product was examined with the panel data analysis method based on the cross-section dependency in the 1999:M1-2020:M2 period. According to the long-term analysis results obtained for the overall panel, the financial conditions index in BRICS-T countries, except for the real effective exchange rate, indicates that changes in overnight interest rates and stocks have a negative impact on economic growth. [ABSTRACT FROM AUTHOR]