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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.)

Despite numerous studies about the housing sector, the connection between the performance of residential real estate investment trusts (REITs) investment and direct investment in the housing market is still under-researched. To help fill this gap, we used quarterly data of the Australian Securities Exchange (ASX) residential REITs index and direct housing returns of Australia and its major cities, spanning March 1983 to June 2021, and adopted a suite of econometric methods to document the following findings. First, publicly listed housing (residential REITs) and private housing markets are not separated, but both are closely related in terms of their investment performance. Second, the performance of direct investment in the housing market of Adelaide, Brisbane, Melbourne and Sydney could lead to positive investment performances for residential REITs over time, while no comparable evidence is found for Canberra, Darwin, Hobart and Perth. Third, further analyses revealed a one-way direction of performance, flowing from the housing market of Brisbane, Melbourne and Sydney to residential REITs, while no similar evidence of performance flow was found for Adelaide. Our study has provided new evidence that could contribute to the discussion on the expansion of residential properties in the portfolio of institutional investors. [ABSTRACT FROM AUTHOR]

It is well established that financial development and innovation promote economic growth through improving the allocation of capital, enhancing risk management, contributing to price discovery, and increasing market efficiencies. While a vast empirical literature is devoted to the nexus between financial development and economic growth, however, substantially less research has been done on the relationship between derivatives and growth, especially in the emerging-market context. Derivatives can be viewed as a specific category of financial innovation, which may advance economic growth through its specialised functions of risk management and price discovery. This paper contributes to bridging this gap in the literature by exploring the impact of exchange-traded futures derivatives on South African economic growth, output, and economic growth volatility. It employs ARDL bounds tests, Granger causality tests and GARCH volatility modeling to analyse the effects of exchange-traded futures derivatives on various measures of South African economic activity. The main result is that exchange-traded futures derivatives contribute positively to South African economic growth and economic activity. This may suggest that opportunities might exist in other emerging economies, with financial structures comparable to that of South Africa, to encourage the development of organised and well-regulated derivatives markets to unlock economic growth in these economies. [ABSTRACT FROM AUTHOR]

Inward Foreign Direct Investment (FDI) and economic growth possess a very central and pivotal importance in the economic development of any country. Keeping this in view, Saudi Arabia is also trying to attract more FDI like other transition economies. By the end of 2023, over 200 international firms have shifted their headquarters to Riyadh as the Kingdom had announced previously that foreign firms with their Middle Eastern bases outside of Saudi Arabia would not be able to bid for Saudi Government contracts. This smart move surely would help the Saudi economy to attract more FDI as compared to the other gulf neighboring countries. In this article, we have examined the impact of FDI on the economic growth of thriving Saudi Arabia. We took the annual time series data for the dependent variable and the explanatory variables for the period ranging from 1991 to 2022. To explore the long-run relationship among the variables we used Auto regressive distributed lags (ARDL) Bounds test. The empirical findings revealed the existence of a long-run relationship among the variables of the model, but we found an insignificant impact of FDI on economic growth. These insights offer valuable implications for policymakers aiming to optimize the economic impact of FDI in Saudi Arabia. [ABSTRACT FROM AUTHOR]

This study aims to test hypothesis of Environmental Kuznets Curve (EKC) in Algeria using the Autoregressive Distributed Lag (ARDL) bounds testing methodology. The objectives include examining the long-term relationship between economic growth and CO2 emissions, investigating the impact of structural breaks on this relationship’s stability, and offering policy recommendations informed by the findings. The research utilizes annual data related CO2 emissions and GDP per capita from 1962 to 2014 in Algeria. The data are analyzed through the ARDL bounds test to ascertain the existence of a long-term equilibrium relationship. The study incorporates structural breaks to account for potential changes in the economic-environmental relationship over time. The findings confirm the presence of an EKC pattern in Algeria, showing a reverse U-shaped nexus between economic growth and CO2 emissions. The Inclusion of structural breaks in the analysis led to the stability of the model compared to the case of their absence that led to a variability in the model coefficients. Thus, it provides a more accurate and reliable understanding of this relationship. The threshold at which economic growth starts to decrease CO2 emissions, is identified at a GDP per capita of approximately $4125.58 (constant 2010 $), which Algeria reached in 2005. Furthermore, if disequilibrium between CO2 emissions and economic growth is occurred due to a possible short-term shock, the return toward the steady state requires three years approximately. While the results validate the EKC hypothesis for Algeria, the paper is limited to the period from 1962 to 2014 and may not capture more recent economic and environmental changes. Furthermore, the study aims to enrich the EKC literature in Algeria, which is characterized by scarcity, by using the recent ARDL bounds test methodology and addressing basic assumptions that were violated in previous studies. This study highlights the importance of considering structural breaks in environmental- economic analyses to avoid biased estimations and incorrect policy recommendations. Future research should explore additional determinants of CO2 emissions, such as biofuel use, advanced technologies, environmental awareness, urbanization, foreign direct investment, and employment. Policymakers should promote clean energy and sustainable economic practices to ensure continued environmental improvements alongside economic growth.

Copyright of Journal of Administrative Sciences / Yonetim Bilimleri Dergisi is the property of Canakkale Onsekiz Mart Universitesi, Terzioglu Kampusu 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.)

Copyright of International Journal of Economic & Social Research is the property of Abant Izzet Baysal 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 investigated the interplay between exchange rate volatility, inflation rates, and real interest rates on Zambia's economic growth from 1992 to 2022, utilizing annualized time series data. The study was necessitated by the limited published literature and relatively varying findings on the variables' relationships in resource-dependent countries, such as Zambia. Diagnostic tests, including stationarity and co-integration analyses, were employed to determine integration orders and potential long-run relationships. The linear and nonlinear autoregressive distributed lag models were employed to assess short- and long-run dynamics of the variables on economic growth. The results established a positive short-run relationship between inflation rates and Gross Domestic Product (GDP) growth in the linear autoregressive distributive lag model, while an inverse relationship was observed in the nonlinear autoregressive distributive lag model, suggesting that negative shocks in inflation rates had a highly significant positive impact on economic growth. Furthermore, interest rates exhibited a positive relationship with economic growth, further suggesting that positive shocks had a greater significant direct effect on economic growth in comparison to negative shocks in the short and long run, respectively. Finally, exchange rates in both models exhibited an inverse relationship with economic growth irrespective of positive or negative shocks in the long run, highlighting the adverse effect of exchange rate volatility on economic growth prospects in developing countries, such as Zambia. The speed of adjustment to convergence following any disruptions was determined to be 75.18% (ARDL) and 89.19% (NARDL), highlighting relatively fast speeds of adjustments from any short-run disruptions. Notably, some of the policy recommendations included regular assessments of exchange rate volatility influences on import prices, domestic inflation, and production costs in key sectors. Additionally, the implementation of currency hedging options and forwards as well as bulking of foreign exchange reserves will ensure the stability of exchange rates against other major currencies in various economic conditions. [ABSTRACT FROM AUTHOR]

Abstract In 2020, the world experienced several significant events, including the coronavirus (COVID-19) pandemic and the collapse of international crude oil prices. The rapid spread of this pandemic has dramatic impacts on financial markets all over the world, thereby increasing market risk aversion in an unprecedented way since the subprime financial crisis. The decline in stock markets implied volatilities of equity and oil prices, thereby heightening turmoil in global financial markets despite comprehensive and substantial financial reforms. To this end, we investigated the likely effects of this pandemic on the Saudi stock market while controlling for oil prices based on daily data for a period from 1/1/2020 to 19/9/2022. To ascertain the existence of a long-run equilibrium relationship between the variables, we applied autoregressive distributed lag (ARDL) modeling and the error correction model, with this ultimately revealing the existence of strong cointegration in the long run. The ARDL bounds test was found to be robust by combined cointegration tests, thus providing further evidence of a strong relationship in the long run. Granger causality tests also yielded evidence of causality between the variables in both directions. The total COVID-19 confirmed cases and oil prices also caused movements in stock returns in the short run. Our findings have some prominent implications for asset managers and policymakers to improve stock market efficiency and boost global economic activity. Saudi authorities can consequently remove the regulatory and legal obstacles to develop their stock market and better improve the risk management, which will allow to make quick decisions in response to any oil price volatilities. Policymakers should also adopt proactive strategies that can comfort stock investors’ anxieties over the increasing oil price volatilities. Finally, the findings should be treated with some cautions because of the limited sample size and the tests’ statistical inference. Nevertheless, they do open opportunities for further studies to look in more detail at how the COVID-19 pandemic affected, over the short and long run, monetary and fiscal policy coordination, financial stability, and various other macroeconomic indicators in Saudi Arabia.

Until the Augmented Neo-Classical Growth Model developed by Mankiw, Romer and Weil, growth theories have ignored the human capital factor. This study aims to investigate the impact of health on economic growth in Turkey between 1960-2014 through a production function that includes human capital. Health and education are included in the production function as the two main components of human capital. The Multivariate Auto-Regressive Distributed Lag (ARDL) Bounds Test was conducted for empirical analysis. As a result, a significant long-term cointegration relationship was found between the variables. The results also indicate that a 1% increase in life expectancy at birth leads to a 0.67% increase in GDP, a 1% increase in the number of students per teacher in vocational and technical secondary education leads to a 0.21% decrease in GDP, and a 1% increase in the number of students per teacher in tertiary education leads to a 0.21% increase in GDP. [ABSTRACT FROM AUTHOR]

By using annual time series data spanning 1995 to 2021, this study examines the key factors that influence foreign direct investment (FDI) inflows to Malaysia. This study employed the conventional determinants of FDI and incorporated an under-studied corruption variable to capture the political impact on FDI inflows to Malaysia. The ARDL bounds test results identified short- and long-run positive relationships between FDI inflows and two tested variables: market size and education. A positive long-run relationship was also found between inflation rates and FDI inflows. By contrast, infrastructure facilities were found to be negatively related to FDI inflows in the long run. More importantly, the results ascertained that higher corruption levels hamper FDI inflows to Malaysia in the long term. Moreover, the Granger causality test revealed that market size, inflation rate, and infrastructure facilities are critical causal factors that explain the fluctuations in FDI inflows to Malaysia. In light of the results obtained, some policy recommendations are highlighted to help enhance the attractiveness of FDI, thereby stimulating economic growth in Malaysia. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economic Policy Researches / İktisat Politikası Araştırmaları Dergisi is the property of Journal of Economic Policy Researches / Iktisat Politikasi Arastirmalari Dergisi 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.)

In this research, we reassess the interplay between renewable energy consumption and key economic indicators in Fiji, using data spanning 1991 to 2020. Applying the ARDL bounds test for cointegration, we detect a long-run correlation among renewable energy use, service sector labor productivity, urbanization, ICT exports, and unemployment. Our analysis reveals significant long-term effects: higher labor productivity and unemployment rates encourage renewable energy consumption, whereas urbanization and ICT exports tend to decrease it. At the same time, short-term observations indicate that unemployment is negatively correlated with renewable energy adoption. Our study contributes fresh perspectives on sustainable growth amidst climate change for island countries like Fiji. [ABSTRACT FROM AUTHOR]

In 2020, the world experienced several significant events, including the coronavirus (COVID-19) pandemic and the collapse of international crude oil prices. The rapid spread of this pandemic has dramatic impacts on financial markets all over the world, thereby increasing market risk aversion in an unprecedented way since the subprime financial crisis. The decline in stock markets implied volatilities of equity and oil prices, thereby heightening turmoil in global financial markets despite comprehensive and substantial financial reforms. To this end, we investigated the likely effects of this pandemic on the Saudi stock market while controlling for oil prices based on daily data for a period from 1/1/2020 to 19/9/2022. To ascertain the existence of a long-run equilibrium relationship between the variables, we applied autoregressive distributed lag (ARDL) modeling and the error correction model, with this ultimately revealing the existence of strong cointegration in the long run. The ARDL bounds test was found to be robust by combined cointegration tests, thus providing further evidence of a strong relationship in the long run. Granger causality tests also yielded evidence of causality between the variables in both directions. The total COVID-19 confirmed cases and oil prices also caused movements in stock returns in the short run. Our findings have some prominent implications for asset managers and policymakers to improve stock market efficiency and boost global economic activity. Saudi authorities can consequently remove the regulatory and legal obstacles to develop their stock market and better improve the risk management, which will allow to make quick decisions in response to any oil price volatilities. Policymakers should also adopt proactive strategies that can comfort stock investors' anxieties over the increasing oil price volatilities. Finally, the findings should be treated with some cautions because of the limited sample size and the tests' statistical inference. Nevertheless, they do open opportunities for further studies to look in more detail at how the COVID-19 pandemic affected, over the short and long run, monetary and fiscal policy coordination, financial stability, and various other macroeconomic indicators in Saudi Arabia. [ABSTRACT FROM AUTHOR]

Copyright of Turkish Studies - Economics, Finance, Politics is the property of Electronic Turkish Studies 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.)

Copyright of Bingol University Journal of Economics & Administrative Science is the property of Bingol University Journal of Economics & Administrative Science 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 investigate the impact of foreign aid on economic growth in Afghanistan. Design/methodology/approach The study employs various econometric techniques, including time series analysis. Data for the study are sourced from the country economy and world development indicators of the World Bank, covering the period from 1980 to 2021. The analysis includes Augmented Dicky Fuller and Phillips Perron unit root tests, the ARDL model, the Breusch-Godfrey Serial Correlation LM Test, and the ARDL bounds test. Findings The economic growth series is found to be level stationary, while the net official development assistance series is first difference stationary. Net official development assistance exhibits a significant positive short-run relationship with economic growth. No serial correlation is observed between net official development assistance and economic growth. Net official development assistance demonstrates a significant positive long-run relationship with economic growth. Research limitations/implications The study is based on data up to 2021, which may not capture recent developments or changes in the relationship between foreign aid and economic growth. The analysis relies on the accuracy and reliability of the data provided by the World Bank and other sources. Originality/value This study contributes empirical evidence on foreign aid's impact on economic growth in Afghanistan, using a range of econometric techniques. The findings highlight the importance of donor-friendly policies to increase development assistance to Afghanistan.

It is well established that financial development and innovation promote economic growth through improving the allocation of capital, enhancing risk management, contributing to price discovery, and increasing market efficiencies. While a vast empirical literature is devoted to the nexus between financial development and economic growth, however, substantially less research has been done on the relationship between derivatives and growth, especially in the emerging-market context. Derivatives can be viewed as a specific category of financial innovation, which may advance economic growth through its specialised functions of risk management and price discovery. This paper contributes to bridging this gap in the literature by exploring the impact of exchange-traded futures derivatives on South African economic growth, output, and economic growth volatility. It employs ARDL bounds tests, Granger causality tests and GARCH volatility modeling to analyse the effects of exchange-traded futures derivatives on various measures of South African economic activity. The main result is that exchange-traded futures derivatives contribute positively to South African economic growth and economic activity. This may suggest that opportunities might exist in other emerging economies, with financial structures comparable to that of South Africa, to encourage the development of organised and well-regulated derivatives markets to unlock economic growth in these economies.

To date, no empirical study has examined the impact of negative gearing and other factors on residential investors' decisions using quantitative analysis. We applied a structural vector autoregression framework to trace the response of residential investors in Greater Sydney to shocks in its key drivers over the period 1991–2018. We discovered a residential investors' profile in which negative gearing is being used to cushion any net rental loss during periods of low yield while expecting capital growth over their holding period. This supports the hypotheses of the study which posit that capital gains and negative gearing have a positive and negative relationship, respectively, with the number of residential investors. Additionally, a negative relationship between mortgage lending rate and number of investors is found, indicating a rising lending rate will increase expenses and contribute to low yield. We also found population growth and increased housing supply could increase the number of residential investors. These results could be used by tax and housing policy makers to recalibrate tax laws relating to negative gearing, especially for residential investment. Residential investors could potentially use this information for more informed decision making, particularly during periods of low yields. [ABSTRACT FROM AUTHOR]

Purpose This study aims to investigate the impact of foreign aid on economic growth in Afghanistan. Design/methodology/approach The study employs various econometric techniques, including time series analysis. Data for the study are sourced from the country economy and world development indicators of the World Bank, covering the period from 1980 to 2021. The analysis includes Augmented Dicky Fuller and Phillips Perron unit root tests, the ARDL model, the Breusch-Godfrey Serial Correlation LM Test, and the ARDL bounds test. Findings The economic growth series is found to be level stationary, while the net official development assistance series is first difference stationary. Net official development assistance exhibits a significant positive short-run relationship with economic growth. No serial correlation is observed between net official development assistance and economic growth. Net official development assistance demonstrates a significant positive long-run relationship with economic growth. Research limitations/implications The study is based on data up to 2021, which may not capture recent developments or changes in the relationship between foreign aid and economic growth. The analysis relies on the accuracy and reliability of the data provided by the World Bank and other sources. Originality/value This study contributes empirical evidence on foreign aid's impact on economic growth in Afghanistan, using a range of econometric techniques. The findings highlight the importance of donor-friendly policies to increase development assistance to Afghanistan. [ABSTRACT FROM AUTHOR]

This study investigated the interplay between exchange rate volatility, inflation rates, and real interest rates on Zambia’s economic growth from 1992 to 2022, utilizing annualized time series data. The study was necessitated by the limited published literature and relatively varying findings on the variables’ relationships in resource-dependent countries, such as Zambia. Diagnostic tests, including stationarity and co-integration analyses, were employed to determine integration orders and potential long-run relationships. The linear and nonlinear autoregressive distributed lag models were employed to assess short- and long-run dynamics of the variables on economic growth. The results established a positive short-run relationship between inflation rates and Gross Domestic Product (GDP) growth in the linear autoregressive distributive lag model, while an inverse relationship was observed in the nonlinear autoregressive distributive lag model, suggesting that negative shocks in inflation rates had a highly significant positive impact on economic growth. Furthermore, interest rates exhibited a positive relationship with economic growth, further suggesting that positive shocks had a greater significant direct effect on economic growth in comparison to negative shocks in the short and long run, respectively. Finally, exchange rates in both models exhibited an inverse relationship with economic growth irrespective of positive or negative shocks in the long run, highlighting the adverse effect of exchange rate volatility on economic growth prospects in developing countries, such as Zambia. The speed of adjustment to convergence following any disruptions was determined to be 75.18% (ARDL) and 89.19% (NARDL), highlighting relatively fast speeds of adjustments from any short-run disruptions. Notably, some of the policy recommendations included regular assessments of exchange rate volatility influences on import prices, domestic inflation, and production costs in key sectors. Additionally, the implementation of currency hedging options and forwards as well as bulking of foreign exchange reserves will ensure the stability of exchange rates against other major currencies in various economic conditions.

The economic policies implemented in a country can directly or indirectly affect many macroeconomic indicators. One of these macroeconomic indicators is the unemployment rate. The government's aim to reduce unemployment with the economic policies they implement. Especially in times of crisis, fiscal policies come to the fore, find a wider application area and support employment. The effects of fiscal policies may differ between expansionary and contractionary policies. The aim of this study is to investigate the effect of fiscal policies implemented in Türkiye on unemployment. For this purpose, monthly data for the period 2014:1-2022:12 were used in the study. In the study, public expenditures, direct and indirect tax revenues are used to represent fiscal policy. The ARDL bounds test was used in the analysis. In addition, the frequency domain causality test developed by Breitung and Candelon (2006) was used to the robustness check of the findings. The findings show that increases in government expenditures increase unemployment in the long run. On the other hand, while increases in indirect taxes reduce unemployment, increases in direct taxes have no effect on unemployment. The findings obtained from the causality test also support this situation.

The food sector is one of the areas that causes a continuous increase in the general price level in the economy. Therefore, it is important to determine the reasons for food inflation, which lead to such increases. The aim of this study is to identify the determinants of food inflation for the Turkish economy. According to the results obtained from the Autoregressive Distributed Lag (ARDL)model using monthly data for the period 2016:M1-2022:M8, the Consumer Price Index for Food and Non-Alcoholic Beverages, which is the dependent variable, is positively affected by the Domestic Producer Price Index for Agriculture, Forestry and, Fishing and the Consumer Price Index for Electricity, Gas, and Other Fuels on the other hand, the Consumer Price Index-Based Real Effective Exchange Rate has a negative impact. Moreover, according to the results of the ARDL Error Correction Model, which analyzes the short-run relationship between the variables, the imbalance that occurs in the short run disappears in the long run. [ABSTRACT FROM AUTHOR]

The main objective of this study was to examine the relationship between insurance (proxied by insurance penetration) and economic growth in Tanzania. The study employed the annual time series data covering the period from 1995 to 2021 based on 33 registered insurance companies. The autoregressive distributed lag (ARDL) bounds approach to cointegration was employed to test the nexus between insurance and economic growth among the variables of interest based on the conventional error correction model. Granger causality was also employed to test the direction of causality among the variables under study. However, neither demand-following nor supply-leading hypothesis was found to be valid. The evidence of insignificant relationship between insurance and economic growth in Tanzania indicates a low insurance activities and economic development in Tanzania. The possible reason for this explanation perhaps could be that the insurance sector is not fully capture untapped potentials in the market. Thus, the study recommends the fully embracing of insurance activities in order to promote economic growth. Life insurance penetration indicated to be significant in the short-run. the results imply that savings mobilization, which is the main function of life insurance, is significant aspect in insurance development in Tanzania. Hence, as a country, efforts should be made to encourage investment in life insurance. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Business Economics & Management Research is the property of Bayburt University 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 aims to empirically investigate the short- and long-term effects of climate policy uncertainty on economic growth in the U.S. for the years 1990-2020. In the study, total workforce, foreign direct investments, and financial development variables were also selected as control variables, and the effects of these variables on economic growth were examined. The study used the ARDL bounds test approach to investigate the cointegration between the variables. The findings confirm the existence of a positive and statistically significant relationship between climate policy uncertainty and economic growth in the sample period in the U.S. In addition, the effects of total labor force, foreign direct investments, and financial development on economic growth were found to be positive and statistically significant in the study. [ABSTRACT FROM AUTHOR]

Copyright of Afyon Kocatepe University Journal of Social Sciences / Afyon Kocatepe Üniversitesi Sosyal Bilimler Dergisi is the property of Afyon Kocatepe University (AKU) Sosyal Bilimler Enstitusu 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 examines the association between fiscal sustainability indicators and Egypt's economic growth from 1980 to 2018. Fiscal sustainability refers to a government's ability to generate sufficient revenue to cover its costs and debt obligations in the long run without excessive borrowing or money creation. Egypt's economic growth has slowed, raising questions about fiscal sustainability. This study aimed to analyze the dynamic relationship between fiscal sustainability indicators (government revenue, expenditure, external debt) and economic growth in Egypt. The autoregressive distributed lag (ARDL) bounds testing approach and unrestricted error correction model were applied to annual data from 1980 to 2018. A dynamic link was found between fiscal sustainability indicators and economic growth. Government expenditure and external debt significantly impacted economic expansion in the long term, while government revenue did not. Fiscal sustainability, measured by growth in total government expenses, external debt obligations, and revenue, significantly influences Egypt's economic growth. Prudent fiscal management is crucial for sustained economic development. Policymakers should focus on controlling government spending, limiting external debt, and improving revenue generation to promote long-term economic growth in Egypt. Fiscal sustainability must balance critical investments in public services. Carefully managing fiscal deficits is key to unleashing Egypt's economic potential. This study provides valuable insights into the connection between fiscal policy and economic growth in Egypt, informing policymakers' decisions. Plain Language Summary: Economic development potential in Egypt The research examines the relationship between long-term fiscal policy and economic growth. We used data from 1980 until 2018 to determine Egypt's capacity to cover its spending. The slowdown of economic development is a major reason for this research. The development trend of a country is an important signal of its further potential of being sustainable. Added value is crucial for ensuring equitable behavior across generations. Multiplying debts instead will diminish the capacity of the next generation to benefit from the same conditions as the generation before. Policymakers should decide on the implementation of strategic goals for this to happen. Our results highlight a dynamic link between fiscal sustainability indicators and economic growth. In the long term, government expenditure and external debt significantly impact economic expansion. Government revenue has a different impact. Prudent fiscal management is crucial for sustained development. Policymakers should focus on controlling government spending, limiting external debt, and improving revenue generation to promote long-term economic growth in Egypt. Additionally, fiscal sustainability must balance critical investments in public services. Carefully managing fiscal deficits is key to unleashing Egypt's economic potential. [ABSTRACT FROM AUTHOR]

Increasing carbon emissions (CO2) due to factors such as energy consumption (enco), industrialization, increase in world population, and decrease in green areas with the industrial revolution is one of the main causes of both climate change and global warming. In this context, due to the increasing commercial activities in Turkiye, the rapid growth of energy consumption and greenhouse gas (GHG) emissions in the logistics sector alert the government. However, there is a lack of standard measures for evaluating GHG emissions generated from freight transport operations. To improve this situation, Turkiye's policymakers need to evaluate GHG emissions for energy saving and pollution reduction. This background leads us to examine the GHG emission trajectories and features of Turkiye's freight transport patterns in the last three decades. In this context, it is aimed to determine the impacts of financial development (findev), GDP per capita, energy consumption, and amount of freight carried by rail and road on CO2 emissions within the framework of 1990–2021 time-series data for Turkiye. By doing so, the ARDL bound testing cointegration test is employed and observes that independent variables have similar and different effects on CO2 emissions. Energy consumption, findev, and per capita income variables have a positive effect on CO2 emissions in Turkiye. According to these results, it is seen that the environmental Kuznets curve (EKC) is valid in Turkiye. However, the effect of rail and road freight transport (FT) on CO2 emissions is negative. The unexpected finding is related to road FT. The amount of freight transported by road has a decreasing effect on CO2 emissions in Turkiye. This paradoxical situation in Turkiye may be due to the developments in the transportation infrastructure, which has enabled the convergence of space and time in recent years, young and modern vehicle fleets, and the efficiency provided through logistics companies. The findings will assist in formulating specific and effective policies for Turkiye's transport sector. [ABSTRACT FROM AUTHOR]

Amaç: Bu çalışma Türkiye ekonomisinde 1971-2019 yıllarını kapsayan dönem için ekonomik büyüme ile toplam faktör verimliliği arasındaki ilişkiyi zaman serisi analiz yöntemleriyle araştırmaktadır.Yöntem: Birim kök test sonuçlarına göre durağan olmayan değişkenler arasındaki uzun dönemli ilişkiler ARDL sınır testi yaklaşımıyla incelenmektedir. Ayrıca çalışmada seriler arasındaki dinamik ilişkiler Toda-Yamamoto (1995) nedensellik testiyle sınanmaktadır. Bulgular: Eş bütünleşme test sonucuna göre değişkenlerin uzun dönemde eş bütünleşik olduğu ortaya çıkmaktadır. Uzun dönem katsayı sonuçlarına göre Türkiye ekonomisinde toplam faktör verimliliğindeki %1’lik artış büyümeyi %3 oranında arttırmaktadır. Nedensellik test sonuçları toplam faktör verimliliğinden büyümeye doğru tek yönlü nedensellik ilişkisini ortaya koymaktadır. Bulgular Türkiye ekonomisinde incelen dönem için toplam faktör verimliliğinin ekonomik büyüme üzerinde olumlu etkilerinin olduğunu göstermektedir. Özgünlük: İncelenen dönemde ortaya çıkan ekonomik ve politik krizlerin oluşturduğu yapısal kırılmalar, bu kırılmaları modelleyen ekonomik yöntemlerle incelenmiştir. Çalışma Türkiye ekonomisinde büyüme ve toplam faktör verimliliği arasındaki dinamik ilişkileri kapsamlı bir şekilde ele alarak literatüre katkı vermesi beklenmektedir.

Dünya Bankası’nın kişi başına GSYH ülke sınıflandırmasına göre Türkiye 1955 yılından araştırmanın yapıldığı 2021’e kadar geçen dönemde orta gelirli ülkeler grubunda yer almıştır. Bu çalışmada öncelikle Türkiye ekonomisinin karşılaştığı durumun orta gelir tuzağı olup olmadığı Türkiye ve referans ülke olarak alınan ABD GSYH’lerinin 1960 – 2021 dönemindeki yıllık farklarına bir geleneksel ve üç farklı yapısal kırılmalı birim kök test uygulanmak suretiyle araştırılmıştır. Bir yapısal kırılmalı test dışındaki tüm birim kök sınamalarının bulguları serinin durağan olmadığını göstermiştir. Diğer taraftan Türkiye’nin kişi başına GSYH’sinin referans ülke ABD GSYH’sine oranı ilgili dönem için nispi eşik olarak belirlenen 0,08 – 0,36 aralığında kalmıştır. Bulgular Türkiye’nin orta gelir tuzağına takıldığına dair kesin kanıtlar sağlamamakla birlikte bu riskin söz konusu olduğuna işaret etmektedir. Daha sonra Türkiye ve ABD GSYH’leri yakınsaması ile ticari açıklık, imalat sanayi ürünleri ithalatı ve ihracatı, tarımsal ürünler ithalatı ve ihracatı, ihracatın ithalatı karşılama oranı, reel efektif döviz kuru arasındaki uzun ve kısa dönem ilişkiler 1990–2021 dönemi yıllık verileri kullanılmak suretiyle araştırılmıştır. Uygulanan ARDL sınır testinin bulguları ticari açıklık düzeyindeki artışların uzun dönemde Türkiye ile ABD kişi başına GSYH’lerinin yakınsamasına neden olduğunu göstermektedir. İmalat sanayi ürünleri ithalatının toplam GSYH içindeki payındaki artışlar hem uzun hem de kısa dönemde, tarımsal ürünler ithalatının payındaki artışlar ise uzun dönemde ıraksamaya yol açmaktadır.

Terrorism increases the national risk on an economic, political, and social scale. It has a negative impact on individual well-being and quality of life. Defense spending is important to countries' stability, protection from internal and external risks, and confidence. Countries spend more on defense to reduce risks and increase welfare. This study examines the relationship between 1996-2019 data and Turkey's terror and defense spending. According to the results of the Lee-Strazicich test, the variables are sensitive to structural rupture and contain a unit root with structural breaks. According to ARDL results, the long-run association between terrorism and defense spending is negative and statistically significant. A short-run analysis of the variables did not yield any meaningful results. Our research shows that defense spending reduces terror attacks and is effective. However, political or military measures alone are not enough to solve the phenomenon of terrorism. Stability is an essential part of the fight against terrorism. The effectiveness of the precaution to be taken within the framework of social, political, and economic policies in the fight against terrorism is crucial in terms of solving the problem. It is seen that one of the biggest obstacles to the economic development of developing countries such as Turkey is terrorist incidents and the negative effects of terrorism on the economies of the country. Also, as a result of the research, it was concluded that Turkey's fight against terrorism suffered economically and socially and had to invest in defense expenditures the fight terrorism. This research concludes that the relationship between terrorism and defense spending in Turkey needs to be further examined. [ABSTRACT FROM AUTHOR]

The relationship between investments and savings is among the topics that attract the attention of economists in every period. This, one of the studies on investment and saving was made by Feldstein and Horioka (1980). This research suggests that there is a close relationship between domestic investments and domestic savings when there is capital mobility in the economy. This situation, which is contrary to the general economic theory, is expressed as the Feldstein-Horioka Paradox (Puzzle-Hypothesis). The Feldstein-Horioka Paradox (FHP) has been among the most important paradoxes of international macroeconomics. In order to reveal whether the FHP is valid for Türkiye, the relationship between the variables handled using the annual data of the 1980-2021 period was tested with ARDL Boundary Test and Toda-Yamamoto Granger Causality Analysis. As a result of the ARDL boundary test, the hypothesis of "there is no co-integration relationship between the variables" was accepted, and it was concluded that there was no long-term cointegration relationship between the variables. On the other hand, the result of the Toda-Yamamoto Granger causality analysis supports the ARDL boundary test result and shows that there is no causality relationship from both investment to savings and from savings to investment. According to the tests conducted in this regard, it was concluded that the FHP was not valid for Türkiye in the period mentioned. This result reveals that investments in Türkiye are mostly financed by foreign savings. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Business Economics & Management Research is the property of Bayburt University 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.)

Copyright of Journal of Emerging Economies & Policy is the property of JOEEP: Journal of Emerging Economies & Policy 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 examines the relationship between income inequality and economic growth in South Africa for the period 1989 to 2018. The study is motivated by the high disparity in income inequality and stagnant economic growth that South Africa is experiencing. Using the autoregressive distributed lag (ARDL) bounds testing technique, we established a long-run relationship between economic growth and income inequality. The results revealed that income inequality has a negative impact on economic growth in the long run, and no effect in the short run. These results are robust with an estimation of the ARDL procedure that considers structural breaks. Therefore, policymakers should employ strategies that entail a double effect of growth in national income and consider the distribution of income in the long run. These policies include human capital accumulation, easily accessible education, and reduction in labour market dualism. [ABSTRACT FROM AUTHOR]

Copyright of Yüzüncü Yil Üniversitesi Sosyal Bilimler Enstitüsü Dergisi is the property of Van Yuzuncu Yil University 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.)

As a multi-dimensional concept that affects many other factors, globalization has a profound impact on the economy as well. It is possible to argue that developing countries are more affected by globalization than others. In this study, the impact of globalization on the various aspects of economic growth is analyzed empirically for Turkey, a developing country. The ARDL Bounds Test was applied as an econometric methodology, using the dataset period between 1970-2018 for Turkey. This study used economic, social, political, and overall globalization indices to measure globalization. The results show that social, economic, and political globalization affect economic growth positively, whereas the overall globalization index affects it negatively in the long run. The ARDL Bounds Test results show that the utilized variables in the study are co-integrated in the long run. In fact, there is an economic relationship between the variables. [ABSTRACT FROM AUTHOR]

This paper empirically investigates how government consumption impacts upon economic growth in Tanzania for the period 1967 – 2020. Autoregressive Distributed Lag (ARDL) bounds cointegration test revealed economic growth and government expenditure were cointegrated, given the conditioning factors; and, revealed a small but statistically significant positive long run effect of government size on economic growth. The pairwise Granger causality test rejected the null hypothesis of no uni-directional or bi-directional causality between the government size and economic growth. The study also established the long run effect of inflation on economic growth was negative and statistically significant. The ECM results reveal the short run effect of government size on economic growth was negative and statistically insignificant; and, the effect of private investment on economic growth was positive and statistically insignificant. Besides, the short run effect of human capital on economic growth was negative and weakly significant. The results revealed a high speed of adjustment from disequilibrium to long run equilibrium. The findings support the conventional view: government consumption lacks significant positive effect on growth over the long run. This finding reveals the limit to the use of fiscal policy especially recourse to government expenditure to prime or stabilize the economy as maintained in Keynesian macroeconomic theory. The gestation period of government consumption is long. Furthermore, the finding underscore importance of price stability and, other things being constant, need for more proactive policies and strategies to avail business and macroeconomic environment that would increase private investment. [ABSTRACT FROM AUTHOR]

Copyright of Kastamonu University Journal of Economics & Administrative Sciences Faculty / Kastamonu Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Kastamonu University 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 research work analyzes the relationship between environmental degradation, economic growth, trade openness, primary energy consumption, coal consumption, and hydroelectricity consumption in Turkey from 1971 to 2015 using the autoregressive distributed lag (ARDL) time series approach through the hypothesis of the environmental Kuznets curve (EKC). Carbon dioxide (CO2) emissions and ecological footprint are both used as indicators of environmental degradation, which employs six different models. According to the results found in this study, while trade openness increases CO2 emissions, it decreases ecological footprint in the long-run. Coal consumption raises both CO2 emissions and ecological footprint. While hydroelectric energy reduces CO2 emissions, it has no effect on the environment. The results demonstrate that the EKC hypothesis is correct for both CO2 emissions and Turkey's ecological footprint. The threshold points are investigated as $18,704, $16,361, and $13,571 in models, where CO2 emissions are the dependent variable. In models where the ecological footprint is the dependent variable, the investigated threshold points of $11,824, $11,821, and $15,476 are higher than the gross domestic product (GDP) per capita during the analysis periods. Furthermore, the findings highlight the importance of renewable energy use in reducing environmental degradation and coal use in increasing environmental degradation. These findings can shed light on the importance of transition to renewable energy sources (i.e., hydroelectricity consumption), from fossil fuels (i.e., coal consumption), related to future planning in energy diversification for Turkey. [ABSTRACT FROM AUTHOR]

The present study tries to understand “the effect of socio-economic phenomena observed in a certain time interval on the organization-founding behaviors of entrepreneurs in an organization population in the tourism sector.” In this framework, we focus on the tourism sector in Türkiye and use the data of the organizations under the title of “Accommodation and Food Service Activities” in the NACE-2 classification. To see the effects of economic, political, and social phenomena at the macro level, we use the number of tourists (TUR); Hotel, Cafe, and Restaurant Consumer Price Index (HCRCPI); Transportation Services Consumer Price Index (TSCPI); the weighted average of commercial loan rates applied by banks (CLI) and the CPI-based real effective exchange rate (REER) as data. In addition to these variables, we also include two dummy variables, DCov-19 and DTrvl, for the period of the coronavirus pandemic and the period of restricted domestic and international travel, respectively. We use the Autoregressive Distributed Lag (ARDL) approach designed by Pesaran and Shin (1999) and Pesaran et al. (2001) in data analysis. The results, which are expected to contribute to organizational theories and business economics, studies on the tourism sector, knowledge of the evaluation of socioeconomic effects of the COVID-19 pandemic, and future studies, were obtained in the study.

AbstractThis study examines the relationship between income inequality and economic growth in South Africa for the period 1989 to 2018. The study is motivated by the high disparity in income inequality and stagnant economic growth that South Africa is experiencing. Using the autoregressive distributed lag (ARDL) bounds testing technique, we established a long-run relationship between economic growth and income inequality. The results revealed that income inequality has a negative impact on economic growth in the long run, and no effect in the short run. These results are robust with an estimation of the ARDL procedure that considers structural breaks. Therefore, policymakers should employ strategies that entail a double effect of growth in national income and consider the distribution of income in the long run. These policies include human capital accumulation, easily accessible education, and reduction in labour market dualism.

This empirical study investigates the dynamic interconnection between fossil fuel consumption, alternative energy consumption, economic growth and carbon emissions in China over the 1981 to 2020 time period within a multivariate framework. The long-term relationships between the sequences are determined through the application of the Autoregressive Distributed Lag (ARDL) bounds test and augmented by the Johansen maximum likelihood procedure. The causal relationships between the variables are tested with the Granger causality technique based on the Vector Error Correction Model (VECM). Empirical results reveal the existence of a statistically significant negative relationship between alternative energy consumption and carbon emissions in the long-term equilibrium. Furthermore, the VECM results demonstrate that both carbon emissions and fossil fuel consumption have unidirectional effects on economic growth. Additionally, the study highlights a short-term unidirectional causal relationship from economic growth to alternative energy consumption. These findings suggest that a reduction in fossil fuel consumption in the short run may indirectly impede the development of alternative energy. The study proposes that China should expedite the development of alternative energy and control the expansion of fossil fuel consumption to attain its carbon reduction target without hindering economic growth. [ABSTRACT FROM AUTHOR]

The exchange rate, which is defined as the value of one unit of foreign currency against the national currency or the value of one unit of national currency against foreign currency, has an impact on the inflation of countries that depend on foreign inputs in their domestic production, especially since it interacts with foreign trade. As a result of the fragilities created by the policies implemented in the country or external shocks, the five countries that lost the most value against the US dollar among the currencies of the developing countries were defined as the Fragile Five by Morgan Stanley. In this context, in this study, it is aimed to determine the longterm and short-term relationship (the existence of cointegration) between the exchange rate and inflation with the monthly data of the 1990:M1-2020:M12 period obtained from the IMF online database for the countries defined as the Fragile Five. After determining the existence of cointegration, ARDL test was applied to determine the effect of exchange rate on inflation. The findings show that there is cointegration between the exchange rate and the inflation rate in the countries included in the study. In addition, it has been determined that the exchange rate has no significant effect on inflation in the long run for Brazil, Türkiye and India, while it has significant effect on in Indonesia and South Africa. [ABSTRACT FROM AUTHOR]