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This study aims to assess what determines/improves the overall multidimensional nature of the financial development index and its sub-indices. For this purpose, we use data over the period 1998 to 2017 for 9 countries from the Asia-Pacific region. The hypothesis of no long-run relationship between variables is tested via the three-panel co-integration test i.e. Kao test, the Pedroni test, and the Johansen test. We also examine the impact of these variables on each index through long-run dynamic estimation. We utilize FMOLS and DOLS for this purpose. All the three-panel co-integration tests suggest a long-run relationship among variables. Findings from long-run dynamic estimation indicate that efficient regulation of financial services and control over prices by the government significantly influences the financial depth, financial efficiency, and financial access indices. The financial freedom index measured by regulation of financial services negatively influences the indices, suggest that too much government regulation could distort the market. Also, an increasing probability of default of the country's banking system adversely affects the sub-indices of financial development. These findings suggest that too much government regulation of financial services and control over prices along with default of country banking system could worsen the country's financial development situation and vice versa. The promulgation of prudent regulatory policies by financial regulatory institutions is the need of the time to ensure full access to financial services, soundness, and stability of the financial sector. [ABSTRACT FROM AUTHOR]

The aim of this study is to analyze, the link between import and economic growth in Turkey over the period of 1980-2017. In the study, fixed capital investments, labor force and financial development are included in economic growth model as other explanotary variables. The import-led growth hypothesis is tested for Turkish economy through the ARDL bounds test, FMOLS estimation technique and Granger causality method. According to the empirical results, there exists a cointegration between the variables. Empirical results also reveal that import negatively affects economic growt in the long run. There exists no causality between import and economic growth. All the results suggest that the import-led growth hypothesis is not valid for Turkish economy. It is possible to derive an important policy implication that the export-oriented growth approach is favorable for sustainable growth. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze and test the effects of capital market development on the per-capita GDP growth in Saudi Arabian economy covering the period of 1985-2018. An ARDL, FMOLS and Johansen tests are implemented. The stock market indicators: share price index, capitalization, liquidity, number of share transactions, and number of shares are employed using a log-linear eclectic model designed to fit the availability of data. Capitalization and liquidity came up with negative signs, contrary to the findings of lots of studies in economic literature. However, the share price index, number of shares traded, and the ratio of number of share transactions had the right signs as expected a priori. The findings raise serious questions about the size of the market, the steps and efforts that have been taken to deepen the capital market and their consequences on the function and potency of capital market in fostering per-capita GDP growth. Applying Granger causality test, share price index, market capitalization and number of shares traded do not granger cause per-capita GDP. They are significant at 5 percent level. Capital market authority (CMA) should draw a road map to accelerate deepening the capital market in order to serve economic growth. [ABSTRACT FROM AUTHOR]

During the current epoch, information and communication technology (ICT) is considered as one of the core drivers towards women empowerment. The principal concern of the underlying study is to evaluate dynamic linkage among ICT, women empowerment, fertility rate, labour force and trade openness for selected South Asian countries from 2000 to 2016 by mean-group and pooled mean-group estimators that are robust to endogeneity and heterogeneity. The outcomes infer that ICT enhances women empowerment in South Asian countries. However, fertility rate negatively contributes to women empowerment. Sensitivity analysis using fully modified ordinary least square (FMOLS) method is applied to check the validation, consistency, and robustness of the study for future policy implications. The analytics surmise future strategy for women empowerment with confined ICT expansion and discouraging fertility in South Asian countries.

It is well established in literature that the public debt and economic growth bear positive and non-linear relationship. However, in recent literature, evidence of no causal relationship is found when accounted for endogeneity in case of advanced economies (Panizza and Presbitero, 2014). Chudik, et al. (2017) analyse the data on forty countries and find no evidence of universally applicable threshold effect in the relationship between debt and growth. These advancements in the debt-growth literature provides the motivation to re-explore the relationship between public debt and economic growth under non-linearity and endogeneity in context of developing economies of South Asia including Pakistan, India, Bangladesh, and Sri-Lanka for the period 1980-2014. There exists a significant, positive but non-linear relationship between the public debt and economic growth for the selected set of developing countries when accounted for endogeneity and non-linearity. The negative association between the public debt and economic growth for the SAARC region is found when the debt level is higher than 61% of GDP, which is significantly lower than developed economies (90% of GDP). Individual threshold levels for debt-to-GDP ratio divulge that Sri Lanka, Pakistan, and India need to control their public borrowings as their current debt levels are higher and/or around the respective threshold levels.

Financial development and human capital’s crucial roles in economic growth have been widely recognized in the literature. However, a direct link between financial development and human capital, in the long run, has not been investigated, in particular in emerging markets in Asia. This study investigates the nexus between financial development and human capital for a group of nine emerging markets in the Southeast Asian region over the period 1990–2018. Econometric techniques allowing for cross-sectional dependence and panel co-integration, such as the dynamic least squares (DOLS) and fully modified least squares (FMOLS), are used. We also use three indicators as the proxies for financial development: broad money supply, bank credit, and private sector credit. Empirical findings from this paper indicate that financial development contributes positively and significantly to human capital accumulation. We also find that economic growth enhances the formation of human capital. Results from our Granger causality tests confirm a bi-directional relationship between financial development and human capital. Policymakers from the Southeast Asian emerging markets may need to enhance and extend financial development which is closely linked with human capital accumulation.

This paper aimed to examine the impact of climate change on wheat productivity in the five rains- fed districts: El-Negaila, Sidi Barrani, El-Daba'a, Marsa Matrouh, and EL-Alamain in the northern west coast of Egypt in which the cultivated wheat area represents about 41.4% of wheat area in Matrouh Governorate (1990-2019). The productivity is fluctuated between 1.167 to 13.38 Ardab/Fadden accompanied with the fluctuation in precipitation between 24.35 to 115.10 MM³ /Season, and fluctuation of average difference between Max. Min. temperature from 8.07 to 7 °C. Fully Modified Ordinary Least Square (FMOLS) technique was applied to investigate the relationship between wheat productivity and the independent variables (precipitation, temperature, cultivated area, labor and technology). OLS function showed that the model suffers from endogenity and heteroscedasticity. LLC and IPS statistics of panel unit root test proved that the included variables have unit root, i.e. they are non-stationary at level. Pedroni panel residual cointegration test confirmed the long run relationship between the first-order integrated variables [I (1)]. FMOLS function proved that natural climatic variables are the main determinants of wheat productivity, as a 1% increase in annual rainfall improves wheat productivity significantly by 3.3%, while temperature affects the wheat productivity negatively by 5.7%. The far west districts are the most affected by rainfall, as 1% increase of rainfall in EL-Negaila and SidiBarrani districts increase wheat productivity by 8.4%, 5.1% respectively. Results in all districts except EL-Negaila and Sidi Barrani showed the extent of labor intensification to enhance productivity, also all districts showed the importance of technical improvements. It is recommend adopting water policy as rain harvesting, building stone dykes and cisterns to provide: 355.5, 301.7, 287.9, 339.8, and 245.8 MM³ /Fadden in El-Negaila, Sidi Barrani, EL-Daba'a, Marsa Matrouh, and EL-Alamain districts respectively to improve wheat yield to 12 Ardab/Fadden under drought climate of north coast. [ABSTRACT FROM AUTHOR]

Environment, the main source of the welfare of societies, has become an important threat to welfare today. The effectiveness of the measures to be taken for "qualified environment", included in the list of basic needs, depends on the definition of the relationship between environmental pollution and macroeconomic variables. In this study, for the 1995-2016 period, the relationship between the environmental pollution and macroeconomic variables affecting the environmental pollution in Denmark, Hungary, Italy, Malta, Netherlands, Portugal, Slovakia, Switzerland, Britain and Turkey was analyzed by panel data method. The environmental pollution variable has been calculated through Principal Component Analysis (PCA) by considering gases (CO2, CH4, N2O, NH3, NMVOC, CO and NOx) causing air pollution. Explanatory variables are per capita income, foreign direct investments, human development index and environmental taxes. According to the Pedroni co-integration test, variables are co-integrated in the long run. Pedroni FMOLS and DOLS results show that the increase in human development index in the long term significantly reduces environmental pollution. While environmental taxes have no effect according to FMOLS, DOLS results indicate that environmental taxes increase environmental pollution. Therefore, it is possible to say that the development of environmental awareness in societies will have stronger effects on environmental pollution than authoritarian practices such as taxes. [ABSTRACT FROM AUTHOR]

This study investigates the long run equilibrium relationship among military expenditure, financial development, energy use, economic growth and environmental degradation in Turkey for the period of 1960–2014. Ecological footprint and carbon dioxide emissions are used as separate proxies for environmental degradation. Fully modified ordinary least squares (FMOLS) estimator results suggest that military expenditure, energy use and economic growth increase the environmental degradation while financial development improves the environmental quality in Turkey. Toda Yamamoto (1995) causality test results reveal that there is a unidirectional causality running from military expenditure to CO2 emissions and ecological footprint; and a bidirectional causality between military expenditure and economic growth. The findings of the study confirm the existence of destruction theory for the case of Turkey. [ABSTRACT FROM AUTHOR]

The Sustainable Development Goals (SDGs) reflect the shift in global economic conversation toward inclusive growth. The growth can promote inclusivity and widespread sharing of its advancements by concentrating on four key dimensions. (a) Equality of opportunity, (b) sharing prosperity, (3) environmental sustainability/climate adaptation, and (4) macroeconomic stability. We used the Kao cointegration test to study how certain variables are connected over a long period. The relationship between CO2 and GDP per capita, renewable energy and tourism, improved water and sanitation, and access to power all have a positive feedback effect on each other. Based on FMOLS's findings, a 1 % increase in Inclusive growth leads to a 0.342 % (Model 1) and 0.258 % (Model 3) increase in CO2 emissions. An increase of 1 percent in energy consumption per person resulted in a rise of 1.343 % in CO2 emissions in Case 1, 0.524 % in Case 2, and 0.618 % in Case 3. Increasing the tourism sector's proportion of total exports by just one percent will reduce CO2 emissions by 0.221 % (case 1) and 0.234 % (case 3). Based on CCR findings, a 1 % improvement in inclusive growth leads to a 0.403., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2024 The Authors.)

In the literature of economics, risk perception is an important issue and it is some hard to measure. In this study, we test the relationship between CDS premiums as a variable indicating risk perception in ‘fragile five’ economies and nominal exchange rates of each ‘fragile five’ economy after the global crisis. The possible interaction between variables would make possible to predict exchange rates change in the future. Results obtained from both time series co-integration tests and panel data co-integration tests indicate that CDS premiums are one of the most important factor affecting nominal exchange rates in fragile five countries and it is concluded that the causation linkage between CDS premiums and exchange rate for Turkish, Brazilian, South African, Indonesian and Indian national currencies is valid in the longer time periods.

Amaç: İçsel büyüme modellerinin geliştirilmesi ile birlikte beşeri sermaye kavramı ekonomiler için önemli bir faktör halini almıştır. Beşeri sermaye unsuru ise bireyler için yapılan eğitim ve sağlık harcamaları ile doğrudan ilişkilidir. Literatürde beşeri sermayenin ekonomilerde büyüme üzerindeki etkilerinin araştırıldığı bir çok çalışma söz konusudur. Bu çalışmada ise Türkiye’nin de dahil olduğu 34 OECD ülkesinde beşeri sermayenin oluşumunda önemli bir faktör olan sağlık harcamalarının ekonomik büyüme üzerindeki etkileri incelenmeye çalışılmıştır. Çalışmanın temel amacı ise OECD ülkelerinde yapılan toplam sağlık harcamalarının bu ekonomilerde büyüme üzerindeki etkilerinin analiz edilmesidir.Yöntem: Çalışmanın amacına uygun olarak öncelikle Panel Birim Kök testleri ve Panel Eşbütünleşme yapılmış daha sonra ise Panel Tam Uyarlanmış En Küçük Kareler Tahmini ve Vektör Hata Düzeltme Modeli kullanılmıştır. Bulgular: Çalışmanın analiz kısmında elde edilen bulgulara göre OECD ülkeleri için sağlık harcamaları ile Gayrisafi Yurtiçi Hasıla arasında doğrusal bir ilişki söz konusudur. Bu ekonomilerde sağlık harcamalarında meydana gelen artışlar milli geliri de arttırmaktadır. Ayrıca Vektör Hata Düzeltme Modeli sonuçlarına göre ele alınan değişkenler arasında çift yönlü nedensellik ilişkisi de söz konusudur.

Copyright of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekonomik Yorumlar is the property of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekomomik Yorumlar 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.)

The focus on the human development indicators has been increasing. A number of studies focusing on the institutional and economic effects of immigration, brain drain and development of human capital through increased investments has been performed. However, the present study evaluates the effects of these variables on the environmental sustainability of the ASEAN countries for the period ranging 1990-2019. The study evaluates the causal and magnitude of these indicators on the environmental sustainability. The study focuses on the evaluation of the data by means of a unit root test, panel cointegration test, estimation procedure and the causality analysis. The results show that the variables are integrated at the first order and are stationary, also the variables showed cointegration and long run relationships. The FMOLS estimation process using the grouped and pooled estimation technique has been used. The results show that the effects of immigration are insignificant on environmental sustainability, brain drain has an inverse relation and the human capital investments show positive associations with environmental sustainability. Moreover, the causality analysis also shows positive causal associations to be present between the dependent, independent and control variables. The study has important theoretical and practical implications as well. [ABSTRACT FROM AUTHOR]

Transport sustainability is an important foundation for achieving sustainable development in an economy. Particularly, environmental policies cannot overlook the growing importance in the transport sector as the economy expands. In this context, it is necessary to investigate the relationship between transport energy consumption (TEN), transport economic growth (TGDP), and transport CO2 emissions (TCE) to formulate the reasonable and specific transport policies. This paper investigated the long-run elasticity and causality between TEN, TGDP, and TCE for the case of China using the panel data covering 30 provincial regions during the period 2004–2016. Firstly, the stationary of each variable series was examined using the panel unit root test. Secondly, the cointegrating relationship in bivariate models was investigated by employing the panel Pedroni cointegration test. Thirdly, based on the fully modified ordinary least squares (FMOLS), the long-run elasticity coefficients in bivariate models were estimated. Finally, the panel Granger causality test based on the vector error correction model was utilized to determine whether the causality existed between the variables. The empirical results indicated that: (1) each variable was found to be integrated of order one, and the cointegrating relationship existed in all bivariate modes. (2) The panel FMOLS tests revealed that the long-run elasticity of TCE to TEN was almost equal to the long-run elasticity of TEN to TCE; the long-run elasticity of TCE to TGDP was significantly higher than the long-run elasticity of TGDP to TCE; and the long-run elasticity of TEN to TGDP was significantly higher than the long-run elasticity of TGDP to TEN. (3) Importantly, the bidirectional causal relationships existed between the TEN, TGDP, and TCE both in the short-run and in the long-run. [ABSTRACT FROM AUTHOR]

Copyright of Bartin University Journal of Faculty of Economics & Administrative Sciences / Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi is the property of Bartin University, Faculty of Economics & Administrative Sciences 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.)

Purpose: This study aims to fill the gap in income-environment literature by adding agricultural contribution to the nexus. The authors investigate the short-run and long-run impact of agricultural contribution, renewable energy consumption, real income, trade liberalisation and urbanisation on carbon emissions for a balanced panel of five South Asian Association for Regional Cooperation (SAARC) countries spanning the period 1990-2013. Design/methodology/approach: Pedroni and Kao cointegration techniques have been used to test the existence of long-run relationship between the variables. The directions of causal relationships have been verified using Granger causality tests. Further, the long-run parameters of the baseline equation have been estimated by using the fully modified ordinary least squares, the technique developed by Pedroni, (2001a) for heterogeneous cointegrated panels. Findings: The result reveals that agricultural contribution and renewable energy consumption improve environmental quality in the long run, while urbanisation and per capita real income degrade it. The study did not find any evidence of "pollution heaven hypothesis" in the selected countries. The Granger causality tests confirm bidirectional causality between carbon emissions and income and between carbon emissions and urbanisation. In addition, there is unidirectional causality running from agricultural contribution to renewable energy consumption. Originality/value: This is the only study to investigate the role of agriculture sector in carbon mitigation from a panel of South Asian economies. To the best of the authors' knowledge, it is also the first study to test the applicability of "pollution heaven hypothesis" for SAARC countries. [ABSTRACT FROM AUTHOR]

Copyright of Çankırı Karatekin University Journal of the Faculty of Economics & Administrative Sciences is the property of Cankiri Karatekin University, Faculty of Economics & Administrative Sciences 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.)

This study explores the long-run equilibrium relationship between CO2 emissions, economic growth, and industrial production. In parallel, the energy-led growth hypothesis has been investigated for a selected group of 23 small island states globally chosen from different continents. Data used in the analysis covers the period 1977–2017 on an annual basis and is retrieved from the World Bank open data and national statistical authorities. FMOLS and DOLS panel estimation techniques have been implemented throughout the study, and FMOLS cointegration results reveal that there is a significant and economically sound relationship between industrial production, economic growth, and carbon dioxide emissions among the selected small island nations. Dynamic OLS panel estimation results also provide empirical evidence that industrial production is a significant determining factor for carbon dioxide emissions for the so-called small island states. Vector error correction estimations also provide strong empirical evidence that economic growth causes carbon dioxide emissions with a significant coefficient in the short-run. Panel Granger causality results also indicate that there is a significant bidirectional causal relationship between industrial growth and carbon dioxide emissions among the selected 23 small island states. As a result, the energy-led growth hypothesis for small island states has been validated in this study. [ABSTRACT FROM AUTHOR]

Energy is an important production factor for the continuation of economic activities and sustainable development. With the innovations brought by industrialization and technology, the increasing use of energy in the last century brings with it the energy supply security problem. In this regard, the production and consumption of renewable energy is extremely important in the world. The aim of this study is to investigate the relationship between renewable energy production and economic growth for the 2000- 2016 period, 19 G20 member countries. In this context, firstly, horizontal cross-section dependency and homogeneity tests were applied for the countries in the panel data set. The stationarity of the series was examined by ADF and PP Fisher unit root tests. After obtaining stable series, the relationship between renewable energy production and economic growth was investigated by Kao and Johansen Fisher panel cointegration tests and the direction of the relationship was determined with FMOLS and DOLS test results. Empirical findings show that there is a positive relationship between edible energy production and economic growth. [ABSTRACT FROM AUTHOR]

In this paper, we have explored the relationship between three key indicators of the health of any economy, namely, human development index (HDI), foreign direct investment (FDI) and gross domestic product (GDP). Three alternative models were assessed in the study to investigate the dynamics of the cause and effect relationship between the three variables. Thirty countries were selected for the purpose of the study on the basis of a positive change in their HDI ranks from 2012 to 2017. Further, the countries were categorized into countries with very high, high, medium and low HDI ranks. Annual FDI, HDI and GDP data for the period from 1990 through 2016 were used to investigate the nature of the relationship among the selected variables. The proposed models testing the outcome-explanatory variable relationship between FDI, HDI, and GDP were tested using cointegrating regression with panel dynamic least square model (DOLS) and panel fully modified least square model (FMOLS). The findings of the study show that HDI and FDI are the statistically significant variables that positively impact the changes in GDP. Further, the impact of HDI is of larger magnitude than FDI. However, GDP and FDI were not found to exert any statistically significant impact on HDI for the period under the study. Similarly, HDI and GDP were also not found to exert any significant impact on FDI. Before applying DOLS and FMOLS, stationarity was confirmed using five panel unit root tests, namely, LLC, IPS, Fisher-type tests using ADF and PP and Hadri. Thereafter, Pedroni residual cointegration test and Kao residual cointegration test were used to confirm the existence of cointegration among the variables, which is a necessary condition for applying DOLS and FMOLS. The study has key implications for the policymakers in search of models and plans to boost GDPs of their respective countries. Since HDI exerts more than proportionate positive impact on GDP, governments can focus on improving the three components of HDI, namely, life expectancy, adult literacy and education enrolment to promote economic growth. Further, since FDI exerts a positive impact on GDP, policymakers can strategize to make more friendly policies to attract foreign investors. [ABSTRACT FROM AUTHOR]

Copyright of Al Bashaer Economic Journal is the property of Al Bashaer Economic Journal 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.)

Achieving the seventh Sustainable Development Goal which is clean energy at affordable prices depending on technological innovation is one of the most strategic objectives of Egypt, aiming at mitigating carbon dioxide emissions and enhancing sustainable economic growth (IRENA 2018b). Based upon this goal, the study explores the relationships among carbon dioxide emissions, technological innovation, alternative energy resources, economic growth, and financial development in Egypt over the period 1971–2014. Auto-regressive distributed lag (ARDL), fully modified ordinary least square (FMOLS), Stock and Watson dynamic ordinary least square (DOLS), and Toda-Yamamoto approaches are employed. The results show the existence of cointegration among the variables. Moreover, empirical results show that while technological innovation and alternative energy resources improve environmental quality, financial development and economic growth deteriorate it. The findings obtained from Toda-Yamamoto approach reveal the existence of bi-directional causal relation between environmental degradation and economic growth. Also, environmental degradation causes technological innovation and financial development causes environmental degradation and economic growth. Thus, several policy implications should be suggested to policymakers as enhancing the development of technological innovation especially in renewable energy sector to improve environmental quality. [ABSTRACT FROM AUTHOR]

Although there are many empirical studies examining the effects of financial development on economic growth performance of countries, the effects of the increased national income as a result of financial development on the low-income segments of society and income distribution is mostly ignored. In addition, it is also well-known fact that there are contradictory arguments about the impact of financial development on income distribution. To this end, this study aims to examine the validity of the financial Kuznets hypothesis for the period of 1990-2013 for 23 developing countries. In this direction, it is aimed to examine the effects of economic growth, democracy, human capital and financial development on income inequality. For this purpose, panel unit root, panel cointegration, panel FMOLS long-run coefficient estimator and panel causality tests are used to examine the relationship between mentioned variables. As a result of the empirical analyses, it was observed that when the findings are evaluated on the basis of the panel, increasing national income, democracy level and human capital accumulation reduces income inequality. Furthermore, it was determined that there is U-shaped relationship between financial development and income inequality, and therefore the existence of financial Kuznets hypothesis was not confirmed. [ABSTRACT FROM AUTHOR]

Electricity energy as a production factor due to natural and clean efficiency, plays effective role in the sustainable growth and development each country. This study investigates the effect of electricity consumption on economic growth in provinces of the country and during the period 2004-2016. To achieve this goal is used of panel cointegration analysis and Fully Modified Ordinary Least Squares (FMOLS), Dynamic Least Squares (DOLS) and Pooled Mean Group (PMG) and Mean Group (MG) are used to estimate long-term coefficients and to determine the short and long term causality relationship, are used Panel Vector Error Correction Model (VECM). The empirical results indicate a significant effect of electricity consumption on economic growth in provinces of the country in all estimated models. Also, in models have been used the variables of labor force, investment, urbanization rate and literacy rate and their results indicate that there are positive and significant effects on economic growth. Also results of panel causality test shows that there is a bilateral relationship and long-term of electricity consumption to economic growth and vice versa. In addition, patterns results without regard to the Tehran indicate that this has dominant role in increasing electricity consumption.

Shareholders' wealth maximization is the ultimate objective of firms. Economic value added (EVA) is a financial metric linked to shareholders' wealth maximization. Prior studies revealing the efficacy of value-based and accounting-based performance measures are inconclusive. Moreover, all prior research ignored long-run and short-run co-integration of traditional as well as value-based financial performance measures with share prices. This research found EVA has a negative weak but significant relation with stock return in long run by employing panel co-integration, panel FMOLS and panel DOLS for 70 nonfinancial Pakistan Stock Exchange listed firms from 13 industries for a study period of 2006–2015.

The dynamic causal relationship between bank competition, financial access, and economic growth has been widely studied in many countries both developed and developing countries. However, the results of a lot of studies demonstrate a controversial point of view and diverse conclusions. This study aims, firstly to investigate the short-run dynamic causal relationship between bank competition, access to finance and economic growth. Secondly, to examine the long-run effect and causality relationship between bank competition, financial access, and economic growth. This study applied the quantitative method approach by employing PVECM, FMOLS, and DOLS. All data was collected from the Asia Development Bank (ADB) and World Development Indicators (World Bank) in the panel data set of 25 selected Asian countries during the period 1995-2018. This empirical study found strong evidence of the long-run effect that supports the market power hypothesis, which predicts that low competition adversely affects access to finance which consequently reduces economic growth. In addition, this study revealed that there was a long-run feedback causal relationship between access to finance and economic growth. Hence the financial access is one of the long-run engines of growth, in turn, economic growth also has a long-term significant effect and positively related to financial access. [ABSTRACT FROM AUTHOR]

Financial development has been considered an efficient and effective mechanism for the sustainable economic growth and development of emerging markets in past decades. However, various concerns have emerged in relation to the influences of financial sector development on income inequality. It is the claim of this paper that findings from the current literature are incomplete. This is because various proxies have been utilized inconsistently for both financial development and income inequality in previous empirical studies. This study extends the current literature on this important finance--inequality nexus by examining a sample of 21 emerging countries for the period of 1961-2017. Various estimation techniques were employed with the aim of ensuring robust findings. Findings from this paper confirm the existence of an inverted U-curve relationship between financial development and income inequality, implying that income inequality may rise at the early stage of financial development and fall after a certain level is achieved. Policy implications have emerged from the findings of this study. [ABSTRACT FROM AUTHOR]

The problem of unemployment has special importance because of its economic and social dimensions. That also has become a chronic economic problems for Turkey's economy and continuing the fight against unemployment for special measures to be taken, it reveals the importance of the unemployment problem for Turkey's economy. In this study, the macroeconomic determinants of unemployment in Turkey has tried to be analyzed for 2005.1- 2018.11 period. In the study, the determinants of the number of unemployed were analyzed by using the ARDL model as well as DOLS, FMOLS and Threshold regression models. According to the findings of the ARDL model, industrial production affets negatively the number of unemployed people in line with expectations, and the CPI and interest rate affects positively. The real effective exchange rate affects the number of unemployed positively, but its coefficient is statistically insignificant. FMOLS, DOLS and Threshold Regression models have also similar results with the ARDL model for Turkish Economy. [ABSTRACT FROM AUTHOR]

The environmental impact of information and communication technology (ICT) has drawn increasing attention for two decades. The behaviour of ICT is positive towards economic growth; however, its environmental implications cannot be ignored. This empirical research explores the roles of ICT, economic growth, and energy consumption in environmental pollution across different regions from 1990 to 2015. Robust long‐run panel data estimation methods fully modified ordinary least square and dynamic ordinary least square and Driscoll–Kraay regression are applied. To summarise the results, ICT reduces the level of CO2 emissions across high‐ and middle‐income countries; however, contrary to this, ICT increases CO2 emissions in low‐income countries. Also, energy consumption is responsible for the increase in CO2 emissions in all income groups as expected. Finally, the environmental Kuznets curve is proved in all income groups. It is inferred that high‐ and middle‐income regions of the world have achieved a level of environmental sustainability in the significance of ICT, but this is not the case in low‐income countries. [ABSTRACT FROM AUTHOR]

In the context of remarkable economic growth and financial development in the emerging economies of East Asia, this paper attempts to shed light on the ecological consequences (CO2 emission) of economic growth, foreign direct investment and financial development in the selected ASEAN-5 economies. Drawing on the data from 1982 to 2014, we employed a set of quantitative techniques for panel data analysis which entailed Dynamic Ordinary Least Squares (DOLS) and Fully Modified OLS (FMOLS) approaches. Our findings indicate that financial and economic development, as well as FDI, have a statistically significant long-run co-integrating relationship with environmental degradation (CO2 emissions) in the under analysis economies. It showed that in ASEAN-5 countries, economic growth, financial development and FDI leads to an increase in environmental degradation. The quadratic term for economic growth showed a negative impact on environmental degradation i.e. Environmental Kuznets Curve (EKC). Our key findings manifest and emphasise the importance of appropriate policies for more inclusive economic and financial development and sustainable foreign direct investment which does not impede on the environment. Image 1 • Remarkable economic growth, financial development and FDI Influx weighs on the environmental quality in ASEAN. • Financial and economic development and FDI have a significant long-run relationship with environmental degradation. • Weak evidence of Environmental Kuznets Curve (EKC). • FDI leads to environmental degradation in ASEAN i.e. support for Pollution Heavens Hypothesis (PHH) in ASEAN. • Different aspect of financial development has varying impact on the Environmental degradation. [ABSTRACT FROM AUTHOR]

We investigate the relationship between corruption and infant mortality in Turkey. Our study contributes to the literature in a couple of ways in terms of data and estimation method. First, we construct a novel index of corruption in Turkey based on the stories covered in a major newspaper between the years 1960 and 2010. Second, because we now annual data on corruption covering a period long enough, we investigate the integration properties of the data and estimate the cointegrating relationship between corruption and infant mortality using Fully Modified OLS (FMOLS) and Canonical Cointegrating Regression (CCR). We find that corruption increases infant mortality in the long-run. Our results are robust to different specifications and estimation methods. • We construct an index of corruption in Turkey between 1960 and 2010. • We estimate the cointegrating relationship between corruption and infant mortality. • We find that corruption causes infant mortality to increase in the long-run. [ABSTRACT FROM AUTHOR]

This study examines the causal relationship between financial development, liberalization and economic growth through technological innovation channel in five South East Asia countries during the period 1980–2012, using a fully modified ordinary least square estimation technique. We find that technological deepening is driven by deepening in the financial system and financial liberalization rather than changes in a country's market capitalization. We also find a negative effect from the financial openness, and a positive effect from financial deregulation. [ABSTRACT FROM AUTHOR]

We examine the relationship between economic policy uncertainty (EPU) and patterns of two major household financial assets. Using data from a set of OECD countries from 1995 to 2016 and applying cointegrating regressions, we find evidence that escalations in EPU shift households' portfolios away from shares and towards currency and deposits. Our results have important implications for macroeconomic policymakers and corporate finance managers. [ABSTRACT FROM AUTHOR]

Over the past three decades, China and India have attained economic power close to that of Japan and the U.S. During this period, the importance of the derivatives market within the financial market has been widely recognized. However, little supporting evidence is available on its economic effects. This paper investigates the dynamic relationship between the derivatives markets and economic development in these four large economies, which we consider together as the CIJU (China, India, Japan, and the U.S.) group. We use a Granger-causality test in the framework of a vector error correction model (VECM) to examine this causal and dynamic relation with data for the period 1998Q1 to 2017Q4. Derivative markets are found to positively contribute to economic development in the short run in the U.S., Japan, and India, but the effect disappears in the long run. In China, the derivatives market has a negative effect on economic development in the short run. However, in the long run, we observe a positive effect from the derivatives market on economic development based on two long-run estimation techniques, namely, dynamic ordinary least squares and fully modified ordinary least squares. Also, the development of derivative markets causes growth volatility in India, both in the short run and long run. [ABSTRACT FROM AUTHOR]

Highlights • The research analyses energy-mix and economic growth for G20 countries. • Cross-sectional dependence is established for heterogeneous panel. • Role of energy-mix is found to be different across countries. • Trade and research and development play a significant role. Abstract This research examines the long-run effects of energy-mix, trade openness and research and development on the economic output of G20 countries. We employ panel estimation techniques that account for heterogeneity and cross-sectional dependence across countries. The presence of a long-run relationship is established for almost all variables across countries. The findings are mixed with respect to long-run elasticities across countries. Trade openness and research and development are found to be the contributing factors in enhancing economic output for most of the countries. The increasing roles of renewable sources are prominent in Argentina, Germany, Indonesia, Italy, the Russian Federation, and the United States; while in Australia, Brazil, Canada, France, Japan, South Korea and Mexico, we find a negative relationship with output. Our findings suggest that the G20 group should continue promoting investment in research and development in energy sector, along with trade integration for sustainable development. The role of changing energy-mix is found to be different across the group. [ABSTRACT FROM AUTHOR]

Abstract This paper investigates the relationship among stock markets from the perspective of colonialism in sub-Saharan Africa. I posit that colonialism ties may induce former colonizers to invest more in their former colonies' stock markets, as they have similar legal systems, accounting standards, and economic systems, among other factors. Using monthly data from 1999 to 2016, I use the cointegration and error-correction model techniques and show that there is a stable, long-run relationship between colonizer and colony stock markets. I also find a long-run relationship between colonizer and non-colony stock markets. This mixed evidence suggests that there may be other motives for investment in Africa. [ABSTRACT FROM AUTHOR]