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Background and Aims: Alcohol-related mortality risk is almost always greater in lower than higher socio-economic positions (SEPs). There is little information on the evolution of this SEP gradient and its relationship with the economic cycle. Some results suggest that during economic expansions, there is a hypersensitivity of low-SEP people to harmful drinking. The main objective of this study was to measure the evolution of educational inequality in alcohol-related and non-alcohol related mortality by sex and age group in Spain during 2012-19., Design, Setting and Measurements: This is a repeated cross-sectional study. This study includes all residents in Spain aged 25 years and over from 2012 to 2019. (1) We calculated age-standardized mortality rates (ASMRs) from strongly/moderately alcohol-related causes (directly alcohol-attributable, unspecified liver cirrhosis, liver and upper aerodigestive tract cancers and moderately alcohol-related), weakly alcohol-related causes and other causes by educational level. (2) We used age-adjusted relative index of inequality (RII) and slope index of inequality (SII) to measure relative and absolute educational inequality in mortality, respectively. (3) Age-adjusted annual percentage change (APC) was also used to measure linear trends in mortality by educational level. RII, SII and APC were obtained from negative binomial regression., Findings: Between 2012-15 and 2016-19, economic growth accelerated, the RII in mortality from strongly/moderately alcohol-related causes increased from 2.0 to 2.2 among men and from 1.1 to 1.3 among women, and the SII in deaths/100 000 person-years from 181.4 to 190.9 among men and from 18.9 to 46.5 among women. It also increased relative and absolute inequality in mortality from weakly alcohol-related and other causes of death in both men and women. These increases in inequality were due primarily to a flattening or even reversal of the downward mortality trend among low- and medium-educated people., Conclusions: During the economic expansion of 2012-19 in Spain, changes in mortality risk from strongly/moderately alcohol-related causes were especially unfavourable among low- and medium-educated people., (© 2023 Society for the Study of Addiction.)

Many articles examine the effect of institutions and education on economic growth in growth models or empirical settings. However, the opposite effect of economic development on institutions and education is less researched. Systematic evidence is scarce when looking at the interplay of education and institutions. Most of the literature focuses on post‐war evidence starting in the 1960s only. However, institutions and education, both, only change slowly over time and, thus, should be analysed over a longer period. In this article, we try to close a gap by examining the relationship between all three variables over 138 years. By estimating a vector error correction model for a sample of 20 Organisation for Economic Co‐operation and Development (OECD) countries, we are additionally able to differentiate between short‐ and long‐run results. We find positive effects of institutions and education on growth and vice versa. In contrast, institutions and education do not significantly affect each other. Our results are robust to several robustness tests and extensions. [ABSTRACT FROM AUTHOR]

This study employed advanced panel data analysis, accounting for cross‐sectional dependence and heterogeneity, to investigate the impact of tourism development and economic output on forest areas in major international tourist markets. The research was guided by forest transformation hypothesis (FTH). The study assessed the validity of FTH, examined the influence of tourism, and identified the income level at which a turning point occurs. The results revealed a heterogeneous impact of tourism on forested areas across major international tourist markets. Specifically, tourism development encouraged afforestation in Germany, Italy, Mexico, Spain, the United Kingdom, and the United States, but led to deforestation in China. In contrast, no significant relationship was observed between the tourism‐forest area nexus in Türkiye and Thailand. Additionally, the study provided evidence supporting FTH in the relationship between economic growth and forested areas in Italy, Spain, Türkiye, the United Kingdom, and the United States. Given these findings, the paper underscores the strong heterogeneity among the individual countries and their tourism, economic development, and forest areas. Consequently, country‐specific sustainable policies are advocated over generic approaches in the fight against deforestation. [ABSTRACT FROM AUTHOR]

This paper investigates the extent to which commodity prices can predict economic growth, the growth exposure of the countries to specific commodity group, and whether the country stage of development matters for growth dependency on commodities. We use a novel time‐varying mixed‐frequency vector autoregressive model to jointly estimate causality between monthly commodity prices and quarterly economic growth for the period from January 1980 to March 2020. Our findings suggest that growth dependency on commodities varies over time and across different synthetic measures, but in general solid evidence of predictability is determined. The overall commodity index shows better performance in predicting economic growth than the segregated proxies of either fuel or non‐fuel commodities in developed economies. However, the overall commodity index is as effective as the fuel index in predicting economic growth for their developing counterparts. We develop a new index of global commodity growth connectivity (GCGCI) to determine the economic growth dependency on commodities over time. Our results show that economic growth dependency on commodities has increased at least three times with financialization of commodity markets. The GCGCI for all commodities reveals a higher growth dependency on commodities in developing countries than developed ones in the post‐financialization period. Interestingly, we find that growth decreases its reliance on fuel commodities in both developed and developing countries after financialization of commodity markets. Our findings bear implications for policymakers to design stabilization policies in an attempt to protect economies vulnerable to commodity price shocks and lay the foundation for sustainable economic growth. [ABSTRACT FROM AUTHOR]

Governments engage in infrastructural developments across the globe, and the level of success often colligates with institutional quality levels. However, despite the presence of governance, the lack of well‐developed infrastructure has bedevilled sub‐Saharan African (SSA) countries for decades. Therefore, this study investigates the governance‐led infrastructural development hypothesis for the SSA region from an institutional quality perspective towards addressing the infrastructural deficit challenges of the region. A combination of advanced panel econometric techniques was applied to data collected from the African Development Bank, World Bank World Development Indicator, and International Monetary Fund (IMF) to investigate the governance‐led infrastructural development hypothesis in SSA while controlling for financial development, economic growth, and industrialization in the region. The findings show that the interaction of institutional quality measures and governance indicators significantly and positively induces infrastructure in sub‐Saharan Africa (SSA). Additionally, while economic growth and financial development yield no expected significant influence on infrastructural developments, industrialization plays a crucial role, as its spillover effects are not confined to boosting economic growth alone but also to infrastructural transformations. Thus, the provision of policy frameworks by authorities to strengthen institutions and promote good governance is vital for articulating and facilitating infrastructural development plans for SSA. [ABSTRACT FROM AUTHOR]

Motivation: Bangladesh's economic growth rate over the past three decades has been one of the highest in the world. This success is difficult to reconcile with a single macroeconomic explanation of development. Purpose: Previous studies have investigated individual aspects that can explain Bangladesh's successful development. But a consistent account of how individual factors contributed to growth is currently missing. Can factors that correlate with growth in other countries explain the outstanding growth performance of Bangladesh? Or is the country's experience unique? Methods and approach: We construct a panel data set for 149 countries since 1970 and combine growth regression techniques with a peer group comparison. Different specifications, subsamples, and estimation techniques are considered. Finding s : Factors correlating with growth in other countries can well explain the growth experience of Bangladesh. But two features are specific to the country. First, a combination of "good enough" policies led to considerable growth impulses between 1990 and 2005: the country's improvements in typical correlates of growth during this period were among the global top 5% for any 15‐year period investigated. Second, despite the absence of major reforms after 2005, Bangladesh defied the mean reversion in growth rates experienced by most fast‐growing economies and peer countries. Policy implications: Our results support the idea that a combination of "good enough" policies can jump‐start high growth in low‐income countries. Our findings further demonstrate that a stable macroeconomic and institutional environment helps when it comes to reaping the benefits of structural improvements in the long run. [ABSTRACT FROM AUTHOR]

The present study examines the issues of regional development of Kazakhstan in the context of history and real events. The relevance of the study is due to the need to search and adapt the accumulated advanced experience in regional development as a part of smoothing the differentiation of territories in the socio-economic sphere and the search for effective methods of managing them. The purpose of the study is to search for and identify an effective theoretical model of regional development of the Republic of Kazakhstan that meets the urgent needs for the rational use of the resources available, which is a prerequisite for future economic development, and, as a result, improves the quality of life in the regions. The leading approach in this paper is a combination of analytical and informationlogical methods to determine the existing historical prerequisites and real grounds for the theoretical substantiation of the stages of regional development in Kazakhstan. The results of this study emphasize the need to objectively take into account the peculiarities of the development of the region and its actual state. [ABSTRACT FROM AUTHOR]

Tackling the root causes of migration from developing countries through development cooperation has been suggested as an essential part of the policy mix in OECD migrant destinations. This is even though the evidence on whether economic development leads to more or less people emigrating is so far inconclusive. We investigate the relationship between income per capita and emigration to OECD countries separately for three different skill groups—low‐skilled, medium‐skilled and high‐skilled emigrants—being the first to employ panel regression approaches that account for cross‐country heterogeneity and cover a policy‐relevant time frame of about 5 years. Our findings reveal a universal negative association between income per capita and emigration for all three skill groups and for different income thresholds. This implies that policy makers should not be too concerned about potential trade‐offs between (successful) development cooperation and immigration management, at least in the short to medium run that our analysis covers. At the same time, the scope for using development cooperation as a migration policy instrument can be considered to be limited given the modest size of the estimated income effect: Taking our point estimates at face value, a 10% rise in GDP per capita would on average lead to about 3600 fewer immigrants per destination. [ABSTRACT FROM AUTHOR]

A high‐quality green transition is essential to achieving sustainable and coordinated global development. In this paper, a new method of two‐step geometric average is proposed to measure green transition, and a comprehensive framework on the relationship between sustainability and coordination via the propelling force of green transition is constructed at both the national and provincial levels. In addition, the mediating effect model and the threshold model are employed to empirically verify the mechanisms and influences. According to the results, green transition can contribute to regional economic growth at national level and to the coordinated development of regional economies at provincial level in China. Meanwhile, the non‐linear 'U‐shaped' relationships between green transition and regional economy are demonstrated in Asia and the eastern region of China, and spillover effect of technological innovation can indirectly promote regional development. In addition, the heterogeneity effect of green transition fully releases the dividend of economic quality and environmental governance capacity, promoting the coordinated development of regional economies. In the meantime, the driving force of green transition on regional economy is dependent on the external environment, particularly before and after the outbreak of COVID‐19, when its impact has altered substantially. Therefore, it is necessary to promote green transition via greater technological innovation efficiency, and then to restore the vitality of regional economic development; which could provide policy makers and professionals in the regional economy with information for enhancing sustainable and coordinated development. [ABSTRACT FROM AUTHOR]

In the context of globalization, the 2030 sustainable development goals pose a huge challenge to the coordinated development of economy and environment in emerging economies. The purpose of this article is to investigate whether globalization contributes to balance water consumption and economic growth in emerging economies. China is the largest developing country and the largest trader of goods in the world. From holistic and representative perspectives, this article analyzes the mechanisms affecting economic growth and water consumption in BRICS countries, Next Eleven (N11) countries and China. Combining decoupling model and econometric models, fully modified ordinary least squares (FMOLS) linear model and threshold panel nonlinear model are constructed. Both linear and nonlinear effects of trade and foreign investment on economic growth and water consumption are considered. The results show that, from a holistic perspective, globalization helps balance economic growth and water consumption in emerging economies. The impact of trade on water consumption in BRICS countries is negative. And with the increase of trade, its positive coefficient on water consumption in N11 countries gradually decreases. Foreign direct investment (FDI) plays a positive role in the coordinated development of economic growth and water environment in BRICS and N11 countries. Taking China as a representative country, there is a decoupling phenomenon between economic growth and water use during the study period. With the trade crossing the threshold successively, the promoting effect on economy increases first and then decreases, and the inhibiting effect on water consumption weakens. With the increase of foreign investment, its positive effect on GDP increases, and its positive coefficient on water consumption decreases. The conclusions from representative country and holistic perspective are consistent. Finally, some policy recommendations are put forward. [ABSTRACT FROM AUTHOR]

We document the contribution of Islamic finance development to economic growth by studying a global sample of countries engaged in providing Islamic financial services. Fifteen countries are included in the sample based on significant Islamic banking share in total domestic banking assets. Results are documented through the application of the Panel regression (EGLS) method for the period 2001–2020. Findings suggest a positive contribution of the Islamic Financial Services Industry (IFSI) to economic growth in sample countries in multiple regression settings. Additionally, a range of control variables, including domestic credit to the private sector, inflation, and trade openness, contribute significantly to economic growth. We recommend the creation of a conducive environment for the promotion of IFSI on account of the built‐in stability feature and positive contribution to economic growth. We also recommend overall development in the financial sector of selected economies, including credit availability to the private sector and trade openness. Our study helps in understanding the dynamics of economic growth in economies with a dual banking system (conventional & Islamic). This article contributes to the literature by studying a larger sample of countries engaged in the practice of Islamic finance and considering the significance of the market share of assets under IFSI. [ABSTRACT FROM AUTHOR]

The article discusses a paper by Pinelopi Koujianou Goldberg and Tristan Reed that explores the role of market size in economic development and poverty reduction. The paper argues that market size is a significant constraint on development and that conventional development policies may not be fully effective. The authors present evidence that supports their perspective and propose measures of market size. However, the article also highlights the potential negative effects of international integration on domestic producers and raises questions about the strong version of the argument. It suggests that other factors, such as macro policies and commodity prices, may have contributed to the recent economic growth and poverty reduction in developing countries. The article concludes by discussing the changing global context and the need to focus on domestic demand for sustained economic development. [Extracted from the article]

City officials are continuously working to attract airlines willing to fly to new destinations. The inherent expectation is that a more extensive aviation network stimulates economic growth. This paper investigates empirically the causal implication of this hypothesis. Using data on nonstop flights by origin and destination over the period 1984–2013, we propose a new measure for a metropolitan area's connectivity to the national aviation network. We then use this measure to investigate its contribution to local economic development, as captured by the growth in population, in total employment, in per‐capita income, and new firm entry. To ensure causality, we use instrumental variable methods that exploit geography and destination airports growth as a way to capture the exogenous variation in the likelihood to add new travel routes. Our results suggest that a metropolitan area's air connectivity, resulting from an expansive local aviation network, has a positive effect on population, on employment and on the number of businesses established in that location. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of financial development on domestic investment in West African countries. The study uses data from 1985 to 2019 and employs the pooled mean group technique. The main finding of the study is that financial development has a positive effect on domestic investment in the long run but an insignificant effect in the short run. Furthermore, remittances, real GDP per capita and trade openness increase investment rate. The results of causality tests support the view that investment is a channel through which financial development stimulates economic growth. Therefore, it is reasonable for the selected countries to formulate policies that promote domestic credit to the private sector in order to ease liquidity constraints and increase investment and economic growth. [ABSTRACT FROM AUTHOR]

This study examines the nexus between disaggregated energy consumption (EC), CO2 emissions, and economic growth in emerging South and East Asian countries over the period of 1994 to 2019. The long‐run equilibrium relationship is determined by using the "Autoregressive distributed lag (ARDL) model" and the "Generalized least square (GLS) technique." The panel causality test developed by "Dumitrescu and Hurlin, 2012" determines the direction of causation between variables. Disaggregated EC and CO2 emissions positively affect economic growth in the research. The PMG estimate also validates the GLS findings, which produce the same results as the PMG estimation. To check the robustness, we also use FMOLS and DOLS estimators. The results confirm the feedback hypothesis for South and East Asian nations regarding energy uses, CO2 emissions, and economic growth. In contrast, there is unidirectional causality between industrial development and economic growth. These findings will help governments in South and East Asia craft effective energy policy regulations for their financial institutions. [ABSTRACT FROM AUTHOR]

This article postulates strong endogenous relationships in lower income countries between institutional quality, financial development and sustained economic growth. These associations were investigated using the vector‐error correction model (VECM) and Granger causality method for a sample of 79 countries from 2005 to 2022. The findings show that (1) these variables reinforce each other in the short run. (2) In the long run, both institutional quality and financial development can fuel economic growth. (3) The positive effect of institutional quality on economic growth is greater than that of financial development. Policy implications of these findings are that careful attention should be paid to co‐development policies to enhance the institutional quality and the financial system in these economies. Policies should also consider economic growth strategies to enable sustainable economic growth rates. [ABSTRACT FROM AUTHOR]

The effect of financial sector development on economic growth is among the main debatable issue in economics and policymaking. Thus, by using different financial sector dimensions, this research tried to look at the effect of financial sector development on the economic growth of 25 sub‐Saharan Africa countries for the period 2010–2017. Precisely, three dynamic panel data models that look at the effect of financial sector depth, access, and efficiency on economic growth were estimated by two‐step system GMM estimation. In this research, credit extended to the private sector per GDP, commercial bank branch per 100,000 adult population, and Return to assets were used as a proxy and measures for financial sector depth, access, and efficiency respectively. Accordingly, the results revealed that financial sector depth, access, and efficiency have a positive and statistically significant effect on these countries' economic growth. Therefore, it is recommended that the concerned bodies that broadening the depth of financial institutions by giving more credit to the private sector is essential. Besides, the financial institutions will have to be expanded to increase their accessibility to the mass and take some measures to promote their efficiency. [ABSTRACT FROM AUTHOR]

The study seeks to find out whether financial structure matters in economic development. Using quarterly data from 1998 to 2018 from Ghana and with auto regressive distributed lag (ARDL)‐bound testing technique in the study found that financial structure is irrelevant for long‐term economic growth in Ghana. The finding of concurs with the complementarity view between the banks and the exchange and rejects that both subsectors are substitutes since financial services indicators were significance in influencing economic growth. In this vein the study concludes on the importance of financial services rather than structure. Based on these observations, the study recommends that policymakers should grow the synergy between the banks and the markets. [ABSTRACT FROM AUTHOR]

Cai Fang's book, "China's Economic Development: Implications for the World," provides a comparative case study on economic growth in China. The book explores various dynamics such as poverty, stages of development, capital accumulation, and technological innovation. It also discusses hot topics in the economy, including China's dominance in global supply and the challenges faced due to globalization. While the book offers an integrated theoretical framework, it does not provide experimental or empirical data to support its conclusions. Overall, the book is a valuable resource for those interested in the Chinese economy and economic development. [Extracted from the article]

This article discusses the importance of sustainable water and energy solutions in achieving poverty eradication, economic growth, and global prosperity. It highlights the United Nations' Sustainable Development Goals (SDGs) on water and energy and emphasizes the increasing global demand for these resources due to population growth and economic development. The article emphasizes the interdependence of water and energy and the need for a coordinated and integrated approach to address their challenges. It also highlights the role of water and energy in climate change mitigation, health crises, and the pursuit of sustainable development. The article concludes by discussing the potential for integrated water-energy systems to improve efficiency and accessibility and contribute to a more equitable and resilient world. The Special Issue on Sustainable Water and Energy Solutions includes contributions and examples of the nexus approach in different parts of the world. [Extracted from the article]

Resumen: Las fluctuaciones de la actividad económica repercuten más levemente en las tasas de desempleo de los países latinoamericanos que en las de otras economías más avanzadas. En lugar de adoptar políticas de estímulo centradas en reducir el desempleo en general, esos países necesitan políticas focalizadas mediante programas que fomenten la creación de empleo en sectores específicos. Se observan diferencias en la relación desempleo‐producto entre países latinoamericanos. Allí donde la relación es débil o nula, las variaciones cíclicas afectan adversamente a la calidad del empleo, un aspecto del que la política económica también debe ocuparse. [ABSTRACT FROM AUTHOR]

However, recent literature on economic growth indicates that cultural diversity can be key to economic growth, and in fact, several countries as such are sitting on a large potential economic resource in the form of cultural diversity. Source: (World Bank, [2]) WDI. gl Driven by higher economic growth, many of the countries and regional per capita incomes of the Global South are converging with the per capita income of the developed regions and countries of the Global North. In the pursuit of economic growth, many of the countries of the Global South have slackened their regulations or have not firmed up environmental safeguards, resulting in adverse environmental consequences, which may in the long run compromise their economic growth. [Extracted from the article]

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This study corroborates the importance of United Nations Sustainable Development Goal 7 (SDG‐7), intended to ensure access to affordable, reliable, sustainable energy for all, and SDG‐8, designed to promote decent work and sustainable economic growth. This article is motivated by the highlighted SDGs and empirically explores the long‐run and causality relationship between energy consumption, urbanization, trade openness, and economic growth for annual frequency data from 1965 to 2021 for the case of Mexico. To this end, we leverage the use of fully modified ordinary least squares, dynamic ordinary least squares, and canonical regression estimation methods, while for the direction of causality, the gradual shift and wavelet coherence methods are used. According to the Autoregressive distributed lag (ARDL), the bounds test traces a long‐run relationship between the outlined variables over the sampled period. Empirical evidence validates the energy‐induced growth hypothesis. This result resonates with the causality analysis, where energy consumption drives economic growth one way in Mexico. This suggests that Mexico cannot embark on energy‐conservative policies, as such actions will hurt economic progress. In addition, unidirectional causality is seen between urbanization, trade openness, and economic growth. These findings have far‐reaching implications for economic growth and macroeconomic indicators in Mexico. More insights are highlighted in the concluding section. [ABSTRACT FROM AUTHOR]

This contribution investigates the relationships between financial development, trade openness and economic growth on a panel of four North African countries (Tunisia, Morocco, Algeria and Egypt), over a 5‐year period from 1991 to 2015. In fact, using the generalized method of moment (GMM) in a panel data analysis, we found strong evidence of a positive link between trade openness and economic growth. Moreover, we found that trade openness appears to be working as a complement to financial development and that its effect is more pronounced in the presence of the financial development variable. Therefore, the policy implications of this study appeared clear. Hence, improvement efforts need to be driven by local‐level reforms to ensure the development of domestic financial system and take full advantage of the technology transfer induced by international trade. [ABSTRACT FROM AUTHOR]

This paper examines the four‐way linkages between innovation, trade openness, financial development and economic growth using panel‐VAR approach for 11 European countries over the period 2001‐2016. Most importantly, the findings revealed that there is a unidirectional relationship between economic growth and financial development, between trade and economic growth and between innovation and financial development. The findings also revealed a negative relationship between innovation and economic growth and between trade and economic growth. The paper concludes that further regulation of financial systems and the quality of funding are important ingredients to foster economic development. The paper also concludes that country‐specific characteristics can play an important role in fostering innovation and productivity. Furthermore, policymakers should improve institutional quality and improve the regulatory environment in order to benefit more from trade openness. Also, policy makers need to use innovation incentives for local companies in order to counteract the negative effects induced by market opening. [ABSTRACT FROM AUTHOR]

This study exposes the potential role of financial development to determine economic growth and utilisation of energy. Moreover, it also identifies how information communication technology (ICT) moderates this relationship. By sampling a large range of data from 138 economies for the year 1980–2020, the current study employs the panel least square model to test the regression. The result reveals that economic growth and information communication technology have a positive significant impact on energy utilisation. Financial advancement has a direct significant effect on energy utilisation and economic growth. Similarly, the moderating role of ICT was also observed in the current analysis. The current analysis guides policymakers on the relevant role of financial development in improving the economic status and consumption of energy. The policymakers in these various countries should balance the connection between the supply and demand of energy to accomplish the sustained development of the economies. Furthermore, the analysis speaks about the significance of ICT in boosting energy consumption and gives an important policy recommendation regarding the role of ICT both in economic growth and energy utilisation. [ABSTRACT FROM AUTHOR]

Disentangling the relationship between economic development and environmental protection has attracted much attention from public administration scholars. While traditionally scholars approach the relationship from either a substitutive or a complementary perspective, we offer a nuanced perspective by examining how the target‐setting on economic growth shapes environmental performance. This article proposes an explanation for the impacts of gross domestic product growth targets on environmental performance based on a yardstick competition model, where the upper‐level governments use relative performance to create competition among lower‐level governments. We argue that a trade‐off exists between economic development and environmental performance; however, the substitutive relationship tends to transit to a complementary relationship when environmental performance is incorporated into the cadre evaluation system. Analyzing a panel dataset of economic targets and PM2.5 air pollution across Chinese cities from 2001 to 2010, we confirm the relationship between economic targets and environmental performance by highlighting local leaders' political incentives. [ABSTRACT FROM AUTHOR]

China's extensive economic growth has been accompanied with high levels of pollution, and excessive energy consumption has brought serious pollution problems. The use of financial resources to regulate green production modes and encourage high‐quality economic development has become a major focus in academia. At the same time, growth enterprise market (GEM) enterprises, which mainly operate in technology‐intensive industries, are assumed to have a simulating effect on regional innovation. Therefore, this paper utilizes the capital return differences of 4437 listed companies and 920 GEM companies based in 30 provinces of China from 2008 to 2018 to quantitatively analyze the levels of financial misallocation. With two‐stage regression method, the direct effect of financial misallocation on regional green total factor energy efficiency (GTFEE) and the indirect impact observed when taking regional innovation as an intermediary variable are discussed. Furthermore, dynamic threshold panel regression and heterogeneity analysis are used to verify the above nonlinear relationship. The empirical findings indicate that financial misallocation enhances innovation capability and further restrains GTFEE. With an improved degree of marketization and environmental regulation, the inhibitory effect of financial misallocation on GTFEE is more significant. [ABSTRACT FROM AUTHOR]

Levelling up and the everyday economy are two crucial concepts for understanding the direction of policy making in the UK, but the relationship between them has not yet been fully explored. Moreover, the UK's industrial and regional policies are woefully underdeveloped. This article suggests how levelling up and the everyday economy concepts could contribute to Labour's emerging industrial and regional policies. It argues that Labour is right to pursue an economic growth agenda, but must make growth work for communities and workers, and the everyday economy can help. The everyday economy can contribute to, and benefit from, local productivity growth, but regions still need companies that export or are at the technological frontier to raise demand, productivity and pay. Labour should work with the government's Levelling Up White Paper, but this was overly focussed on cities and knowledge intensive business services: there is an economic case for including towns and manufacturing too, and they should prioritise connecting places and sectors, building on the diverse strengths which different places can offer, and setting a long‐term direction of travel. Over time, Labour should try to ensure that cities, towns and smaller communities are better connected, better coordinated and more specialised within larger regions. Labour should, therefore, set out an industrial and regional strategy; work up an economic development toolkit; and devolve economic powers to Mayoral Combined Authorities and councils. [ABSTRACT FROM AUTHOR]

This paper explores whether Ethiopia's rapid economic growth is transformative enough for the country to eventually catch up with high‐income countries. It does so by exploring the change and continuity of four elements of social capability from 1950 to 2020: structural transformation, economic inclusion and the state's autonomy and accountability. It finds that Ethiopia's social capability modestly strengthened until the mid‐1970s, then weakened until the early 2000s, and has since strengthened again. However, the level of inclusion has been persistently low. In conclusion, although there are grounds for optimism, limited economic inclusion is a key concern for future catch‐up growth. [ABSTRACT FROM AUTHOR]

The present study investigates the pathway toward sustainability in Malaysia while observing the effects of tourism and transportation services on economic growth and carbon emissions. The study applied the quantile autoregressive distributed lag approach during the period 1970–2018, along with Granger causality to explore dynamic and asymmetric causal associations between the proposed variables. The empirical outcomes indicate that the error correction parameters are significant across major quantiles, confirming the presence of steady‐state equilibrium in the long run. The results demonstrate that tourism and transportation services contribute significantly to economic growth in the long run; however, their contribution varies at different quantiles. On the other hand, tourism and transportation services were found to mitigate carbon dioxide emissions mainly across higher emission quantiles, confirming the sustainability of the transportation and tourism sector in Malaysia. We also observe a bidirectional causality between model variables. These results suggest important policy implications. Integr Environ Assess Manag 2022;18:1272–1287. © 2021 SETAC Key Points: This study investigates the asymmetric trends of tourism and transport services using novel quantile ARDL framework.Tourism and transportation services significantly contribute to economic growth.Tourism and transportation services were found to mitigate carbon dioxide emissions mainly across higher emissions quantiles.Environmental impact of tourism and transport services was significantly varied across lower, medium, and higher quantiles. [ABSTRACT FROM AUTHOR]

Cooperatives play important role in economic development via multiple channels, particularly, in developing countries' cases. Considering this fact, Nepal's constitution 2017 has incorporated the cooperative as one of the three pillars of her economy. This paper aims to analyze the role of cooperatives in the economic development of Nepal. For this, first, this paper documents the trend and pattern of Nepalese cooperatives' evolving structure, then moves to the econometric estimation to analyze the role of cooperatives in economic growth employing an advanced methodology. Looking at the properties of time series data for the period of 49 years from 1970 to 2018, the autoregressive distributed lag (ARDL) approach of cointegration is employed. The major finding is that the development of the cooperatives has a long‐run relationship with economic growth. However, the focus should be seen as on the involvement of many people in the cooperatives' activities rather than just on amassing the cooperatives' capital. The results also suggest that there is a need for the attention of policymakers so ensure that share capital contributes to economic growth. Therefore, the areas of priorities and scope of work of cooperatives need to be reconsidered when formulating new policies related to cooperatives. [ABSTRACT FROM AUTHOR]

This study examines whether institutional quality, education levels and trade openness affect the relationship between sectoral‐ and industrial‐level foreign direct investment (FDI) inflows and economic growth. Previous studies highlight the heterogeneous effects of FDI at the sectoral‐ and industrial‐level suggesting the need to examine the growth effects of FDI at a disaggregated level. However, previous studies have not empirically explored the role of absorptive capacities at the industrial‐ and sectoral‐level. Consequently, using a sample of 36 Organisation for Economic Co‐operation and Development countries from 2000 to 2019, we examine the relationship using the system generalised method of moments estimator to control for endogeneity. Our results show that the magnitudinal effects of overall FDI is dampened as sectoral‐ and industrial‐effects are not considered. We find that both manufacturing and services FDI contributes to growth. However, the effect of manufacturing FDI is greater. Meanwhile, we find education levels to be an effective moderator for services FDI, while trade openness enhances the growth effects of manufacturing FDI more effectively. Institutional quality is shown to have a positive complementary effect across both sectors and certain industries. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

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

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

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

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

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

Minority groups contribute to the economic growth and development of local, regional, and national economies. [ABSTRACT FROM AUTHOR]

Although financial development is recognized as a vital determinant of countries' economic growth path, many empirical studies fail to further isolate the role of socioeconomic indicators on accelerating growth. This study attempts to fill this gap by examining the statistical significance and the behaviour of several socioeconomic indicators on economic growth. We apply parametric (System GMM estimators) and semi‐parametric techniques along the lines of Baltagi and Li. Annals of Economics and Finance, 2002, 3, 103–116 on a panel data set of 19 Eurozone countries over the period 1995–2017. We test for non‐linear effects on economic growth for three banking indicators (domestic credit, non‐performing loans, and banking capitalization). In contrast to the related literature, our findings provide sufficient evidence of non‐linear relationships between several aspects of financial development and economic growth. Our results survive robustness checks implying significant policy implications for policymakers and regulators in their effort of balancing banking development with a resurgence in economic growth within the EU periphery. [ABSTRACT FROM AUTHOR]

The association between social trust and long‐run economic growth is well documented. However, which determinants of growth are affected by social trust remains an open question. This paper therefore explores to which extent social trust affects the rate of factor accumulation versus productivity improvements. Previous studies indicate that social trust could affect both the accumulation of physical and human capital and the rate of productivity increases. Existing literature also indicates that part of the growth effects may be due to how trust affects the quality of formal institutions. The effects of trust are estimated in a panel of 64 countries observed in 5‐year periods between 1977 and 2017, using growth accounting to separate patterns of growth. The results unequivocally show that social trust predominantly affects long‐run growth by affecting the growth of productivity and that only a small share of that effect runs through the effects of trust on formal institutions. [ABSTRACT FROM AUTHOR]

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

In this paper, we investigate the effect of corruption on the economic development of the Latin American and Caribbean countries. Using panel data covering the period from 2000 to 2018 and leveraging on two‐way fixed‐effect and system generalized method of moments estimators, we show that a one standard deviation increase in corruption, as measured by the reversed Transparency International's corruption perception index, is associated with a decrease of 12.2% in gross domestic product per capita and a decrease of 3.05% in economic growth. This supports the view that corruption "sands the wheels" of the development of Latin American and Caribbean countries rather than "grease the wheels" perspective that corruption may help compensate for bad governance. We also assess the potential mechanisms through which corruption affects economic performance, providing evidence that corruption is associated with lower investment in physical capital and lower foreign investment flow. Finally, a panel Granger causality test indicates a bidirectional causality between higher corruption and lower economic development. [ABSTRACT FROM AUTHOR]

Energy is pivotal for sustainable economic growth. Undoubtedly, the role of the composition of the export basket (measured as economic complexity) is one of the crucial variables influencing energy consumption. Despite its importance, the existing body of literature does not intensively study the relationship between economic complexity and total energy consumption. Therefore, this study's primary aim was to examine the effect of economic complexity on energy consumption in a case study of 21 developed and 44 developing countries for the period 1971–2014. In this context, economic complexity expresses the level of sophistication of a country's export basket. This paper considers energy prices and income as explanatory variables in Durbin‐H panel cointegration analysis and applies a cointegration test with structural breaks to check for the long‐run relationships. For the long‐run estimations, we employ the augmented mean group method and dynamic seemingly unrelated regression. The findings reveal that economic complexity increases energy consumption in developing countries while it decreases energy consumption in developed countries. This is an important insight for countries concerned about their energy dependence. The diversification of their production and export baskets can reduce energy needs. The paper finally presents policy recommendations based on the empirical estimates. [ABSTRACT FROM AUTHOR]

This paper surveys the theoretical and empirical literature on the effects of the real exchange rate (RER) on international trade, economic development and growth. We summarize the main conceptual issues, briefly discuss the relevance of the RER as an instrument of development policy, provide an overview of the macroeconomic and microeconomic mechanisms that link the RER to trade and long‐run growth and development, analyse the challenges – especially the disconnect between theory and data – that often arise in empirical applications, and discuss new avenues for future research. In the process, we present some updated estimates and illustrative figures. The mechanisms through which the RER influences long‐run growth and structural change remains a promising area of research and the relevance of individual channels in different contexts deserves much more careful investigation. Greater data availability should help fill some of these gaps in our understanding. [ABSTRACT FROM AUTHOR]

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This study provides a survey of research that uses cross‐country comparisons to examine the relationship between economic regulation and growth. Studies in the peer‐reviewed literature tend to rely on either World Bank or Organisation for Economic Co‐operation and Development measures of regulation. Those studies seem to reflect a consensus that entry regulation and anticompetitive product and labor market regulations are generally harmful to growth. The results from this cross‐country research, taken in conjunction with economic theory and other country‐specific studies of economic regulation, support the hypothesis that economic regulation tends to reduce welfare in competitive markets. Given the continued use of certain types of economic regulation, the findings may offer important lessons for policymakers. [ABSTRACT FROM AUTHOR]

This paper tracks the financial growth in Tunisia over the period 1984–2016 with a special focus on the shadow economy. Using Tanzi's measures, we worked on a nonlinear autoregressive distributed lag (NARDL) model to test the impact of the informal economy. The results suggest that the long‐run effect of the financial growth becomes negative if there is a positive change in the shadow economy and the opposite holds. While changes in the shadow economy have no significant influence on the links between financial development and economic growth in the short run, they play a significant role in the Tunisian economy in the long run. [ABSTRACT FROM AUTHOR]

We study the relationship between financial development and economic growth across 110 European regions from 1997 to 2018. We single out two dimensions of financial development in the data capturing the capillarity of bank branches and the agglomeration of the financial industry at large and study their relationship with regional economic growth. To establish a causal nexus, we employ two‐ways fixed effects, instrumental variables, and the Arellano–Bond estimator. Our estimates indicate that what matters the most for regional economic growth is the agglomeration of a complex financial sector rather than the mere presence of bank branches. [ABSTRACT FROM AUTHOR]