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This paper examines the relationship between financial sector reforms and sustainable economic growth in Ghana. Employing the autoregressive distributed lag (ARDL) bounds testing approach and using GDP per capita as a growth indicator, this paper establishes a long-run relationship between economic growth and financial reforms, which is represented by an index calculated using principal component analysis (PCA). The paper finds that in the long run, financial sector reforms have an insignificant impact on economic growth in Ghana. This supports numerous past studies that have reported mixed or inconclusive results on the effects of financial reforms on economic growth. The paper concludes that increase in capital stock, not financial sector policy reforms, affects economic growth in Ghana. This paper therefore recommends an increase and modernization of capital stock in order to promote real sector growth in Ghana. [ABSTRACT FROM AUTHOR]

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Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Rural development is one of the most important elements of the overall economic development. The level of entrepreneurship development, which is closely related to the available human capital of a certain area, has a particularly great impact on the speed and structure of the rural economic growth, along with outdoor amenities of rural areas. The paper provides an overview of foreign and domestic academic literature which deals with the issue of rural development and indicates the necessity and importance of achieving a stronger connection between rural outdoor amenities and the socio-economic development of rural areas. The paper also presents the results of the research aimed at the formulation of the relevant models of economic growth of rural areas in the 21st century. The aim of this paper is to point out the importance and possibility of implementing successful models of rural economic growth in Serbia. [ABSTRACT FROM AUTHOR]

In the paper, the subject of economic growth in agriculture was raised. One of the determinants of this process, namely an efficiency change was under the assessment. The aim of the paper was to evaluate the changes of efficiency in the Polish agriculture. In the study, a stochastic parametric production function was used. [ABSTRACT FROM AUTHOR]

Recent studies regarding the impacts of technology spillover and international trade have gained momentum in the emerging economies. Empirical evidences show that some countries gain and other loss to grasp the opportunities of international trade and technological innovation to compete in the global market. This paper examines the effect of export and technology on the economic performance of emerging Asian countries, using the Generalized Method of Moments (GMM) model between the periods 2000–2016. Following the Solow economic growth model, the result identifies a positive and significant effect of export and technology on the economic growth of the emerging Asian economies. Similarly, the long-run estimation ascertains the significant and positive impacts of trade and technology on the economic growth of the countries. The results are robust using alternative dynamic panel models, representing the pivotal role of export and technology to the economic growth of the countries. Thus, we recommend policymakers to device attractive policies that can enhance the advancement of technology and trade to maintain sustained economic growth. This would also fasten the internationalisation process and enable to compete efficiently in the global markets in terms of quality of exports and standardisation. [ABSTRACT FROM AUTHOR]

Since the end of the 1950s and the beginning of the 1960s, Asia has begun the race for economic supremacy at the global level. The so-called "Four Asian Tigers" are those countries which have continually experienced rapid and significant economic growth over the last half of century and comprise the high growth and income economies of Singapore, Hong Kong, South Korea and Taiwan. These East Asian countries were largely considered as economic models since their growth rates of real per capita gross domestic product in the period 1960-1995 reached around 6% per year. As economic growth represents the outcome of specific issues, the paper aims to identify and present the main factors that contributed to the meteoric growth of the Asian Tigers by focusing on the economies of three of them, namely Singapore, Hong Kong, and South Korea. The methodological approach was based on a quantitative method. The paper argues that important lessons related to economic growth could be drawn from the valuable experience of these countries. Also, it identifies and presents some of the most important factors, such as the developmental state and the rapid industrialization, that highly contributed to their impressive economic growth. [ABSTRACT FROM AUTHOR]

This paper aims to present the factors that determine the economic growth nowadays, in the globalization era. From geography and climate to innovation and training, these factors diversified depending on the evolution of the economy and economic thought. Because of enhanced mobility as a result of globalization, some of them have lost their importance, others have become fundamental. During the last two decades, hundreds of empirical studies have tried to identify the determinant factors of economic growth. Many researchers have tried to explain economic growth based on changes in these factors, but the results leave room for future analysis. [ABSTRACT FROM AUTHOR]

A debt-based economy cannot survive without economic growth. However, if private debt consistently grows faster than GDP, the consequences are financial crises and the current unprecedented level of global debt. This policy dilemma is aggravated by the lack of analyses factoring the impact of debt-growth cycles on the environment. What is really the relationship between debt and natural resource sustainability, and what is the role of debt in decoupling economic growth from natural resource availability? Here we present a conceptual Agent-Based Model (ABM) that integrates an environmental system into an ABM representation of Steve Keen’s debt-based economic models. Our model explores the extent to which debt-driven processes, within debt-based economies, enhance the decoupling between economic growth and the availability of natural resources. Interestingly, environmental and economic collapse in our model are not caused by debt growth, or the debt-based nature of the economic system itself (i.e. the ‘what’), but rather, these are due to the inappropriate use of debt by private actors (i.e. the ‘how’). Firms inappropriately use bank credits for speculative goals–rather than production-oriented ones–and for exponentially increasing rates of technological development. This context creates temporal mismatches between natural resource growth and firms’ resource extraction rates, as well as between economic growth and the capacity of the government to effectively implement natural resource conservation policies. This paper discusses the extent to which economic growth and the availability of natural resources can be re-coupled through a more sustainable use of debt, for instance by shifting mainstream banking forces to partially support environmental conservation as well as economic growth. [ABSTRACT FROM AUTHOR]

The aim of the present study is to design a bipolar model of economic growth with investment flows between two types of economies (conventionally referred to as relatively rich economies and relatively poor economies). Therefore in the following considerations it is assumed that the process of capital accumulation depends on investments undertaken in the economy. At the same time the Solow growth model takes into account only investments financed by domestic savings, whereas in the bipolar growth model also the investment flows between rich and poor economies are considered. It is assumed that both relatively rich economies are investing in the relatively poor economies and the poor economies make investments in the rich economies. The paper analyses the long-term equilibrium of the growth model, both in terms of existence of steady states of the system of differential equations and in terms of the stability of a non-trivial steady state. What is more economic characteristics of the point of the long-term equilibrium of the model are examined, model parameters are calibrated and growth paths of basic macroeconomic variables in selected variants of numerical simulations are presented. [ABSTRACT FROM AUTHOR]

The contradiction between economic development, resources and environment is becoming more and more important every day. Based on the proposed energy conservation, this paper will study whether reducing energy consumption hinders economic growth. This article considers the spatial heterogeneity factors and the different energy consumption levels between different areas. Through empirical analysis, we discuss the quantitative relationship between energy consumption and economic growth from different areas. Finally, we propose long- and short-term strategic arrangements for energy consumption in order to facilitate sustainable development. [ABSTRACT FROM AUTHOR]

The Solow-Swan macroeconomic model reveals the fact that the marginal capital rate of the bioenergy sector, as well as the bioenergy productivity and productivity of the resources variation, having positive values of their estimated coefficients, have the capacity of stimulating the sustainable economic development of an emerging country, such as Romania. The economic model substantiated by the correlations between the macroeconomic indicators evaluates the convergence in relation with the European Union (EU) average. The main objective of this paper is to analyze the impact of bioenergy on sustainable economic development. The econometric analysis revealed the fact that the bioenergy productivity, the productivity of the resources and the capital productivity of the bioenergy sector have a positive and statistically significant impact on the sustainable economic development. Data was collected from The European Statistical Office and analyzed with SPSS 22 statistical software package. Quantitative methods highlight the disparities between developed and developing countries of EU in terms of bioenergy use and efficiency. [ABSTRACT FROM AUTHOR]

Based on the advance-retreat course model, a growth model under environmental pressure, this paper builds an economic growth model that focuses on the aggregation of capital and innovation with environmental pressure. Importantly, the paper presents methods for computing the optimal quantity of capital-goods and innovation-goods. The paper makes the empirical researches using US GDP data (1940–2010 and 1969–2010). The findings include that the aggregations of capital and innovation promote economic growth, the optimal number of capital-goods decreases with innovation growth, the optimal number of innovation-goods decreases with capital expansion, both capital-goods and innovation-goods aggregate with environmental pressure increasing, and innovation is quicker than capital in aggregation. [ABSTRACT FROM AUTHOR]

This paper studies the economic growth of the countries in the Group of Twenty (G20) in the period 1970–2018. It presents dynamic models for the world's most important national economies, including for the first time several economies which are not highly developed. Additional care has been devoted to the number of years needed for an accurate short-term prediction of future outputs. Integer order and fractional order differential equation models were obtained from the data. Their output is the gross domestic product (GDP) of a G20 country. Models are multi-input; GDP is found from all or some of the following variables: country's land area, arable land, population, school attendance, gross capital formation (GCF), exports of goods and services, general government final consumption expenditure (GGFCE), and broad money (M3). Results confirm the better performance of fractional models. This has been established employing several summary statistics. Fractional models do not require increasing the number of parameters, neither do they sacrifice the ability to predict GDP evolution in the short-term. It was found that data over 15 years allows building a model with a satisfactory prediction of the evolution of the GDP. [ABSTRACT FROM AUTHOR]

Development and growth are complex and tumultuous processes. Modern economic growth theories identify some key determinants of economic growth. However, the relative importance of the determinants remains unknown, and additional variables may help clarify the directions and dimensions of the interactions. The novel stream of literature on economic complexity goes beyond aggregate measures of productive inputs and considers instead a more granular and structural view of the productive possibilities of countries, i.e., their capabilities. Different endowments of capabilities are crucial ingredients in explaining differences in economic performances. In this paper we employ economic fitness, a measure of productive capabilities obtained through complex network techniques. Focusing on the combined roles of fitness and some more traditional drivers of growth—GDP per capita, capital intensity, employment ratio, life expectancy, human capital and total factor productivity—we build a bridge between economic growth theories and the economic complexity literature. Our findings show that fitness plays a crucial role in fostering economic growth and, when it is included in the analysis, can be either complementary to traditional drivers of growth or can completely overshadow them. Notably, for the most complex countries, which have the most diversified export baskets and the largest endowments of capabilities, fitness is complementary to the chosen growth determinants in enhancing economic growth. The empirical findings are in agreement with neoclassical and endogenous growth theories. By contrast, for countries with intermediate and low capability levels, fitness emerges as the key growth driver. This suggests that economic models should account for capabilities; in fact, describing the technological possibilities of countries solely in terms of their production functions may lead to a misinterpretation of the roles of factors. [ABSTRACT FROM AUTHOR]

Background: The proportion of the elderly aged 65 years old or above will reach 16% in 2050 worldwide. Early investment in effective prevention would generally reduce the morbidity, complication, functional disability, and mortality of most chronic illnesses and save resources in both healthcare and social services. This research aims to investigate how the optimal allocation of medical resources between prevention and treatment adds value to the population's health as well as examine the interaction between ageing, health, and economic performance. Methods: This research undertakes ageing-health analyses by developing an economic growth model. Based on the Organization for Economic Co-Operation and Development (OECD) countries' experiences over the period from 2000 to 2017, this research further examines the hypothesis that an ageing society could increase demand for preventive and curative healthcare. Results: Theoretical analysis found that the prevention share for maximizing growth is the same as that for minimizing ill health and maximizing welfare; this share increases with treatment share and ageing ratios. Estimation results from OECD countries' experiences indicate that when treatment share increases by 1%, the prevention demand increases by 0.036%. A one-percent increase in the ageing ratio yields a change in prevention share of 0.0368%. The optimal share of prevention health expenditure to GDP would be 1.175% when the prevalence rate of ill health isat 6.13%; a higher or lower share of prevention would be accompanied with a higher prevalence of ill health. For example, a zero and 1.358% preventive health expenditure would be associated with an 18.01% prevalence of ill health, while the current share of prevention of 0.237% is associated with a 10.26% prevalence of ill health. Conclusion: This study shows that appropriate prevention is associated with decreases in the prevalence rates of ill health, which in turn attains sustainable growth in productivity. Too much prevention, however, could lead to higher detection of new chronic diseases with mild severity, which would result in longer illness duration, and higher prevalence rates of ill health. With suitable allocation of medical resources, the economic growth rate will help to cancel out increases in healthcare spending for the elderly and for expenses needed for the improvement of the population's health as a whole. [ABSTRACT FROM AUTHOR]

Using an overlapping generations (OLG) model, we show how relatively small open economies can enhance their growth through educational subsidies financed via public debt and reduce their fertility rate. We show that subsidising education through public debt leads to an A-Pareto improvement of all generations. Even if a country is a net borrower in the international capital market, we show that this subsidy policy can help, under certain conditions, to improve its net borrowing position. This has strong implications for the calculation of the 3% deficit to Gross Domestic Product ratio set by the European Union because the analysis implies that public expenditures for education should be subtracted from the government deficit before applying the deficit criterion. [ABSTRACT FROM PUBLISHER]