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With the increasing demand for crops, the excessive application of fertilizers has gradually become a significant factor affecting water quality. Therefore, studying the relationship between agricultural fertilizer runoff and water quality is crucial for the sustainable development of agricultural production. The present study sets up a new dynamic model of nitrogen fertilizer loss, introducing variables such as precipitation, fertilization application during dry and rainy seasons, and their lagged and interaction terms. The paper analyzed the issue of fertilizer runoff under the complex interactions of various factors, including spatial and temporal scales and climatic conditions, and explored the relationship between agricultural activities and water quality changes in the context of sustainable development. Due to Hainan Island's independent river system, which is free from transboundary pollution, and its low level of industrial pollution, it provides an excellent sample for assessing the impact of agricultural non-point source pollution on water quality. Based on watershed monitoring data from Hainan Island, this study draws the following conclusions: 1. Precipitation exhibits a pronounced seasonal influence on total nitrogen concentration. 2. Nitrogen fertilizer enters into water bodies through precipitation, resulting in a lag effect on total nitrogen concentration. 3. The influence of grain and tropical crops on nitrogen loss is less significant, while cash crops will trigger the nitrogen overloading of rivers in scenarios where they account for a high proportion of the planting structure of the sown area. [ABSTRACT FROM AUTHOR]

AbstractThis study examines the effects of distortion of agricultural price incentives on agricultural value added in East Africa. The World Bank, IFPRI, FAO, and CSP are the sources of data. The dataset ranges from 1981 to 2018, and the error-corrected LSDV model is used to analyze the data. The results indicate that agricultural price incentives have positive and significant effects on agricultural value-added. Aggregate nominal assistance coefficient, exportable agricultural products nominal assistance coefficient, and nominal rate of protection have increased agricultural value-added significantly. Agricultural price incentives targeting different levels of value addition have larger effects than those targeting aggregate outputs. This implies that agricultural incentive policies and market conditions in support of local producers are vital to enhancing AVA in East Africa. Besides, larger areas of arable land, lower agricultural employment, a smaller population size, a larger GDP, less spending on education, and a better-performing polity contribute to a significant increase in the regional agricultural value added. The results generally imply that agricultural price incentives are vital to accelerating agricultural value addition in East Africa. Governments in this region should thus consider revising agricultural policies in a pro-agricultural way to further accelerate regional growth in agricultural value-added. Enhancing agricultural price support needs to be a crucial element of policy revisions in the region.

Purpose ― The study investigates the impact of the efficiency of Islamic banks on banking stability. Method ― A panel data analysis using the Least Square Dummy Variable Corrected (LSDVC) method is employed to examine the impact of efficiency on banking stability in Islamic banks. The study has a sample of 54 Islamic banks across eight countries from 2013 to 2021. Findings ― The findings reveal that the efficiency of Islamic banks has a positive and significant effect on banking stability. In addition, financial turmoil negatively and significantly affects the stability of Islamic banks but does not significantly affect institutional development. Additionally, financial turmoil can influence how effectively Islamic banks manage their businesses in response to banking stability. The outcomes are robust across various robustness methods. Implications ― The results imply that the efficiency of Islamic banks has a pivotal role in banking stability, considering the efficiency level. To ensure the stability of Islamic banks, practitioners and regulators of Islamic banks have to achieve and maintain the efficiency of Islamic banks by implementing the required policies and guidelines. Originality/Value ― Previous studies examining the impact of Islamic banks' efficiency on banking stability remain limited. The paper fills the research gap by examining how Islamic bank efficiency affects banking stability, considering the effects of financial turmoil and institutional development.

With the increasing demand for crops, the excessive application of fertilizers has gradually become a significant factor affecting water quality. Therefore, studying the relationship between agricultural fertilizer runoff and water quality is crucial for the sustainable development of agricultural production. The present study sets up a new dynamic model of nitrogen fertilizer loss, introducing variables such as precipitation, fertilization application during dry and rainy seasons, and their lagged and interaction terms. The paper analyzed the issue of fertilizer runoff under the complex interactions of various factors, including spatial and temporal scales and climatic conditions, and explored the relationship between agricultural activities and water quality changes in the context of sustainable development. Due to Hainan Island’s independent river system, which is free from transboundary pollution, and its low level of industrial pollution, it provides an excellent sample for assessing the impact of agricultural non-point source pollution on water quality. Based on watershed monitoring data from Hainan Island, this study draws the following conclusions: 1. Precipitation exhibits a pronounced seasonal influence on total nitrogen concentration. 2. Nitrogen fertilizer enters into water bodies through precipitation, resulting in a lag effect on total nitrogen concentration. 3. The influence of grain and tropical crops on nitrogen loss is less significant, while cash crops will trigger the nitrogen overloading of rivers in scenarios where they account for a high proportion of the planting structure of the sown area.

This study examines the effects of distortion of agricultural price incentives on agricultural value added in East Africa. The World Bank, IFPRI, FAO, and CSP are the sources of data. The dataset ranges from 1981 to 2018, and the error-corrected LSDV model is used to analyze the data. The results indicate that agricultural price incentives have positive and significant effects on agricultural value-added. Aggregate nominal assistance coefficient, exportable agricultural products nominal assistance coefficient, and nominal rate of protection have increased agricultural value-added significantly. Agricultural price incentives targeting different levels of value addition have larger effects than those targeting aggregate outputs. This implies that agricultural incentive policies and market conditions in support of local producers are vital to enhancing AVA in East Africa. Besides, larger areas of arable land, lower agricultural employment, a smaller population size, a larger GDP, less spending on education, and a better-performing polity contribute to a significant increase in the regional agricultural value added. The results generally imply that agricultural price incentives are vital to accelerating agricultural value addition in East Africa. Governments in this region should thus consider revising agricultural policies in a pro-agricultural way to further accelerate regional growth in agricultural value-added. Enhancing agricultural price support needs to be a crucial element of policy revisions in the region. Impact Statement: In East Africa, agriculture is the main source of employment for a large section of the population. However, agricultural incentives have been reportedly distorted against agriculture, and sectoral income has been low. Consequently, farmers' income from agricultural value addition has been low. This study reports the effects of the distortion of agricultural incentives on agricultural value added in East Africa. The study shows that favorable agricultural incentives enhance agricultural value-added. The findings have strong implications for the region's smallholders, who are the subject of heavy taxation, either directly or indirectly. It will have far-reaching consequences for the poor, who rely on agriculture for a living. In particular, the findings influence regional anti-agricultural policy design, which is vital for the regional goal of achieving inclusive growth and structural transformation. [ABSTRACT FROM AUTHOR]

Green technology innovation (GTI) is one of the most important factors influencing agricultural carbon emission intensity (ACEI). Various studies have explored the impact of GTI on ACEI, but the path mechanism has not been fully explained. This study incorporates GTI and ACEI into the constant elasticity of substitution (CES) production function and constructs a theoretical model to analyse their direct impact mechanisms. Drawing on the substitution effect theory and the Marshall–Arrow–Romer (MAR) externalities theory, this study introduces two regulatory mechanisms: optimization of energy structure and agricultural industry agglomeration (AIG). Additionally, it explores the pathway mechanisms under the influence of spatial spillover effects based on Tobler’s first law of geography. Then, taking Jiangsu Province in China as a case study, empirical tests are conducted using LSDVC and dynamic spatial SAR models. The results are as follows. (1) GTI effectively inhibits ACEI directly, and has significantly positive spatial spillover effects on ACEI reduction in the short and long terms. (2) Energy structure optimization positively regulates the effect of GTI on ACEI reduction, and energy structure optimization in nearby cities may help GTI restrain ACEI in the local city in the short term. (3) AIG has a positive regulating effect on GTI reducing ACEI, and the moderating effect of AIG has positive spillover effects in the short term. (4) When both regulatory pathways are employed simultaneously, the moderating effect of AIG in local or neighbouring areas is expected to become ineffective. These findings are useful for solving the problem of ACEI reduction by managing the transfer and distribution of GTI between different regions, considering spatial spillover and moderating effects.

AbstractThis study examines the determinants of time-varying return volatility of Africa’s equity markets using monthly indices of eight top African stock markets. The conditional variance is modelled as a proxy for Africa’s volatility indices using the best fitting model among SGARCH, EGARCH and GJR-GARCH. In a bid to account for the dynamic and persistent nature of volatility, the least squares dummy variable bias correction (LSDVC) model is employed. The study finds that volatility of African stock markets follows a dynamic process and is explained by past volatility, domestic exchange rates, Treasury bill rates, money supply, inflation rates, movements in world crude oil prices, volatility of the US and UK stock markets and COVID-19 shocks. The results are largely robust to sub-sample analysis. Further analysis: pre-, during and post-crisis periods (Global Financial Crisis (GFC) and COVID-19 pandemic) reveal that (1) African stock markets became sensitive to advanced market volatility in the period during the GFC and have remained sensitive in the post GFC period and (2) past domestic market return volatility, Treasury bill rates and exchange rates have been the main drivers of stock return volatility during the COVID-19 pandemic in Africa. Additionally, markets in North Africa are revealed as the only African markets immune to advanced market volatility spillovers. These markets may thus provide international diversification opportunities for portfolio managers.

This study investigates the effect of institutional quality on agricultural value added in East Africa. It uses a panel dataset spanning from 2000 to 2020, taken from seven East African countries. The data obtained from the World Bank, Mo Ibrahim Foundation, and FAO databases were analyzed using the bias-corrected LSDV model. The results show that voice and accountability has a negative significant effect on regional agricultural value-added, while government effectiveness has a positive significant effect on regional agricultural value-added. Besides, higher per capita gross domestic product, a lower proportion of rural population, and a higher proportion of education expenditure appeared to have significant incremental effects on agricultural value-added. The results imply that institutional quality has a vital role in dictating the growth of agricultural value-added in East Africa. In this region, effective institutions increase agricultural value-added. Governments and other development practitioners should thus work to enhance the effectiveness of the related institutions in the region. Strengthening and improving the performance of such institutions is essential for a sustained increase in agricultural value-added. This would be more operational if combined with increased expenditure in education and the low size of the rural population.

This study examines the determinants of time-varying return volatility of Africa's equity markets using monthly indices of eight top African stock markets. The conditional variance is modelled as a proxy for Africa's volatility indices using the best fitting model among SGARCH, EGARCH and GJR-GARCH. In a bid to account for the dynamic and persistent nature of volatility, the least squares dummy variable bias correction (LSDVC) model is employed. The study finds that volatility of African stock markets follows a dynamic process and is explained by past volatility, domestic exchange rates, Treasury bill rates, money supply, inflation rates, movements in world crude oil prices, volatility of the US and UK stock markets and COVID-19 shocks. The results are largely robust to sub-sample analysis. Further analysis: pre-, during and post-crisis periods (Global Financial Crisis (GFC) and COVID-19 pandemic) reveal that (1) African stock markets became sensitive to advanced market volatility in the period during the GFC and have remained sensitive in the post GFC period and (2) past domestic market return volatility, Treasury bill rates and exchange rates have been the main drivers of stock return volatility during the COVID-19 pandemic in Africa. Additionally, markets in North Africa are revealed as the only African markets immune to advanced market volatility spillovers. These markets may thus provide international diversification opportunities for portfolio managers. [ABSTRACT FROM AUTHOR]

The structural transformation is recognized as a key driver of sustainable economic development by researchers and international development agencies. However, it is lagging in West Africa, whereas the diaspora is recognized as a vector for the structural transformation of African economies. Thus, this paper analyzes the contribution of the diaspora to the structural transformation of the economies of the Economic Community of West African States (ECOWAS). The structural transformation is measured by the reallocation of labor from the agricultural sector. Diaspora is measured by the total emigration rate and the high education emigration rate. The Least Squares Dummy Variable Corrected (LSDVC) method applied to a dynamic specification was used on 15 ECOWAS countries from 1990 to 2010. The results revealed that the diaspora attracts labor to the agricultural sector in ECOWAS. While supporting the industrial sector, the diaspora should invest in modern techniques in the agricultural sector, leading to improved productivity gains in this sector and fostering the structural transformation desired by the African Union. [ABSTRACT FROM AUTHOR]

• Examining the impact of oil price uncertainty on conventional and Islamic banks in oil-exporting countries. • Using the forward-looking text-based uncertainty measure created by Abiad and Qureshi (2023). • Applying the system GMM method with an interaction dummy variable technique. • Validating the results with the dynamic LSDVC estimator. • Conventional GCC banks are more vulnerable to higher oil price uncertainty than their Islamic peers. This study investigates whether oil price uncertainty has different effects on the default risk of Islamic and conventional banks in major oil-exporting countries. Using a dataset of 61 banks from the Gulf Cooperation Council (GCC) countries, we examine the impact of the Oil Price Uncertainty Index (OPUI), a new forward-looking text-based uncertainty measure created by Abiad and Qureshi (2023). The results suggest that conventional banks are more vulnerable to higher oil price uncertainty, while this relationship does not exist for banks that adhere to Islamic finance principles. This provides an opportunity for investors to hedge against the region's systemic risk. [ABSTRACT FROM AUTHOR]

In the competitive world nowadays, financial development (FD) is recognized as one of the important drivers of economic growth via absorptive capacity. The link between FD and foreign direct investment (FDI) inflows in economic community of western african states (ECOWAS) economies is largely ignored in empirical studies. Using panel of 15 ECOWAS countries for the period 1999–2017, with bias corrected least squares dummy variable estimator this study explores the impact of FD on FDI inflows. The empirical findings from this study demonstrate that FD is significant predictor of FDI inflows. The results further suggest that human capital development and trade openness are relevant determinant of FDI influx in ECOWAS countries. The result is robust to alternative indicator of FD; broad money. Functional financial system in the host country is crucial and necessary in attracting foreign capital to the countries; hence FD architecture in the recipient economies should be strengthened. [ABSTRACT FROM AUTHOR]

Résumé: L'objectif de ce papier est d'analyser l'effet des investissements en santé sur l'état de santé dans l'UEMOA. A cet effet, un modèle de panel dynamique a été utilisé pour un échantillon de 8 pays couvrant la période 2000 à 2014. L'estimateur LSDV‐Corrigé a été utilisé pour obtenir les résultats sans biais. Les résultats montrent que les dépenses de santé influencent considérablement l'état de santé en améliorant l'espérance de vie à la naissance et en réduisant le taux de mortalité infanto‐juvénile. En outre, les dépenses de santé publiques et privées ont montré une forte association positive avec l'état de santé. Cependant l'influence des dépenses privées de santé est plus importante. Ces résultats impliquent que les dépenses de santé sont indispensables à l'amélioration de l'état de santé dans l'UEMOA. Ainsi, les décideurs publics doivent augmenter les dépenses publiques de santé pour réaliser les objectifs de santé et améliorer le partenariat public‐privé pour la répartition des dépenses de santé. [ABSTRACT FROM AUTHOR]

This study first investigates different types of sanctions on energy security by employing data from a panel of target countries covering the period 1996–2014 and using the panel fixed effect model. Our evidence indicates that international sanctions do significantly negatively influence the energy security of target countries in some cases. Specifically, unilateral sanctions, U.S. sanctions, economic sanctions, and the intensity of sanctions have a significantly negative impact on energy security. However, plurilateral sanctions, EU sanctions, UN sanctions, and non-economic sanctions have no significant impact on the energy security of target countries. The results of endogeneity concerns are also consistent with the results of the basic regression analysis. Overall, our empirical findings merit particular attention from policy makers of target countries to ensure their energy security when facing international sanctions. [ABSTRACT FROM AUTHOR]

A rapid increase in household debt is undeniably a main concern among policymakers. Studies indicating the damaging effect of rapid rise in household debt towards economic growth attracted many researchers to determine its reasons. The risk from high household debt is not only applicable to advanced economies, but also inherent in emerging economies. Thus, the present study examines the leading causes of household debt in emerging economies. The study employs a bias-corrected least square dummy variable for the period of 1995–2018. The results show positive and significant effects of financial development, house prices, and lending interest rate. Meanwhile, unemployment rate and inflation are negatively associated with household debt. The study therefore urges policymakers, relevant authority and financial institutions to employ suitable and effective policy to mitigate the factors identified in the rise of household debt.

This research investigates the impacts of income inequality (proxied by the Gini index) on environmental governance (proxied by per capita government investments on industrial pollution prevention) by employing the panel fixed effect model, system generalized method of moments and bias-corrected least-squares dummy variables model for 23 provinces from 1995 to 2014. The results indicate that income inequality exhibits significantly positive impacts on government environmental governance investment in China, which reveals that an increase in income inequality may help to improve environmental governance in China; we thus offer several remittable implications for those policy makers in Chinese provinces as well as governments of emergent economies like China. [ABSTRACT FROM AUTHOR]

• Agricultural carbon emissions were calculated during 2006 to 2020 in Jiangsu China. • Dynamic spatial autoregressive model (SAR) was used to investigate the mechanism. • GTI inhibits ACEI directly, and the spatial spillover effect is also significant. • Energy structural optimization positively regulates GTI on ACEI reduction. • Agricultural industrial agglomeration positively regulates GTI on ACEI reduction. Green technology innovation (GTI) is one of the most important factors influencing agricultural carbon emission intensity (ACEI). Various studies have explored the impact of GTI on ACEI, but the path mechanism has not been fully explained. This study incorporates GTI and ACEI into the constant elasticity of substitution (CES) production function and constructs a theoretical model to analyse their direct impact mechanisms. Drawing on the substitution effect theory and the Marshall–Arrow–Romer (MAR) externalities theory, this study introduces two regulatory mechanisms: optimization of energy structure and agricultural industry agglomeration (AIG). Additionally, it explores the pathway mechanisms under the influence of spatial spillover effects based on Tobler's first law of geography. Then, taking Jiangsu Province in China as a case study, empirical tests are conducted using LSDVC and dynamic spatial SAR models. The results are as follows. (1) GTI effectively inhibits ACEI directly, and has significantly positive spatial spillover effects on ACEI reduction in the short and long terms. (2) Energy structure optimization positively regulates the effect of GTI on ACEI reduction, and energy structure optimization in nearby cities may help GTI restrain ACEI in the local city in the short term. (3) AIG has a positive regulating effect on GTI reducing ACEI, and the moderating effect of AIG has positive spillover effects in the short term. (4) When both regulatory pathways are employed simultaneously, the moderating effect of AIG in local or neighbouring areas is expected to become ineffective. These findings are useful for solving the problem of ACEI reduction by managing the transfer and distribution of GTI between different regions, considering spatial spillover and moderating effects. [ABSTRACT FROM AUTHOR]

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