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Over the past decades, and since the first development plan in 1970, Saudi Arabia has controlled the stability of its economy through prudent fiscal policy and tight monetary policy. This study examines the impact of monetary volatility on real gross domestic product (GDP) growth in an oil-based economy from 1970 to 2018, using the Hodrick--Prescott filtering approach. Although standard methods such as GARCH are used to test volatility, the uniqueness of this study is that it tests the volatility of monetary policy using ordinary least squares (OLS), autoregressive distributed lag (ARDL) and IRF methods. We find that the standard deviation of the broad money supply and the real interest rate business cycle tends to have a negative impact on real growth in the short and long run, supporting the proposition that a high interest rate negatively affects real growth. We also document that the standard deviation of the real exchange rate business cycle has a positive (negative) effect on real growth in the short and long run and is not statistically significant. This suggests that the volatility of the real exchange rate does not affect real growth. Moreover, the magnitude of the volatility of the coefficients is lower in the long run than in the short run. To achieve sustainable economic growth, policy makers need to plan how to manage the volatility of the money supply and the interest rate in the short run and develop long- run strategies to manage volatility in the long run. To control monetary volatility, policymakers should also control government spending by dampening the volatility of oil prices, which ultimately affect the money supply and thus stable economic growth. [ABSTRACT FROM AUTHOR]

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

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

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

The empirical evidence on the nexus between monetary policy and economic growth remains ambiguous with mixed and differing results, depending on the country's characteristics, the choice of monetary policy variables employed, and recently, the place of financial inclusion in monetary policy formulation and transmission mechanism. This study explores the nexus between monetary policy and economic growth in Nigeria while accounting for the roles of interest rate, money supply, and financial inclusion over a base period of 2004q1 to 2020q4 and a projected period of 30 quarters. Using the dynamic simulation autoregressive distributed lag (ARDL) model, the study finds that in the short run, only the effect of money supply on economic growth is statistically significant. However, in the long run, interest rate, money supply, and financial inclusion have statistically significant effects on economic growth. The results are supported by the plots of the dynamic simulated ARDL, where economic growth response is predicted at various time periods after forcing a ±1% change (positive and negative shocks) in interest rate, money supply, and financial inclusion. We, therefore, recommend among other things an aggressive financial inclusion strategy with clearly defined deliverables and timelines to reduce the percentage of persons excluded from the formal financial system. [ABSTRACT FROM AUTHOR]

For the past two decades, the fast-developing Asia has emerged as one of the most important economic regions. However, its economic growth is accompanied with severe software piracy. This paper analyzes productivity changes of 11 Asian economies and 4 non-Asian industrialized economies by taking into account software piracy using the Malmquist productivity index and its two components, efficiency change and technical change over the period 1994–2002. The results indicate that when software piracy is included, productivity growth in Asian developing economies regresses, while productivity growth in the four non-Asian industrialized economies improves. Interpretation and implications are provided. ( JEL L86, O34) [ABSTRACT FROM AUTHOR]