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The study reinvestigates the 'Ricardian Equivalence hypothesis in India by taking private consumption as the dependent variable. The study aims to empirically study the impact of debt financing versus tax of fiscal deficit in the Indian context, as Indian policymakers primarily rely on fiscal policy as a tool for economic stability and growth. ARDL, FMOLS and DOLS approach was used by taking annual time series data from 1988 to 2023. The study reinvestigates the 'Ricardian Equivalence hypothesis in India by taking private consumption as the dependent variable. Government expenditure, public debt, tax, domestic income, and liquidity constrain as independent variables. The estimates confirm a significant symmetric as well as symmetric long-run and short-run relationship between the variables; the results reject the Ricardian Equivalence and propound the Keynesian approach that financing the fiscal deficit (debt vs tax) does matter to the private consumption expenditure. The positive and significant coefficient shows that the increase in liquidity will lead increase in private consumption expenditure. Over-reliance on debt financing strategies has a significant influence on domestic private consumption. The liquidity constraints, fiscal policies will be able to reallocate resources from the future to the present. Since debt financing of deficits and liquidity substantially influence India's consumer spending, expansionary fiscal policies should be carefully devised and supported. This study contributes to the existing literature on deficit financing and 'Ricardian Equivalence' by giving new evidence on designing sustainable fiscal policy by spending wisely without imperilling the country's consumption expenditure. [ABSTRACT FROM AUTHOR]

In this article, we apply dynamic panel techniques-specifically, Panel FMOLS, DOLS, and Panel ARDL-to analyze the effects of energy consumption, foreign direct investment, openness to trade, and consumption of renewable energy on economic development in the Commonwealth Independent States from 1992 to 2022. Results from using panel FMOLS, DOLS, and CCR models show that FDI, energy consumption, and renewable energy consumption all contribute favorably to economic development over the long term. However, there is a detrimental connection between the extent of trade openness and economic growth. Outcomes obtained by applying dynamic panel estimating approaches have also been validated by results from Quantile regression using the Method of Moments. In order to stimulate economic development, the empirical evidence suggests that the government should promote and support alternative sources of energy. Further policy consequences are investigated more thoroughly in the paper. [ABSTRACT FROM AUTHOR]

Purpose – This study aims to empirically examine the effects of smart cities on sustainable development for the period 1990–2019 for Türkiye. Design/methodology/approach – The relationship between smart cities and sustainable development was analyzed with the help of the ARDL Bounds Test. In addition, the consistency of the model was tested with the FMOLS estimator. The indicators of the smart city were selected following the literature to represent smart cities, and the author created the smart city index. The study used other variables thought to impact sustainable development as secondary data. Findings – The results show that smart cities positively and significantly impact sustainable development in Turkiye in both models during the sampling period. In addition, while real GDP, population density, and financial development variables positively affect sustainable development, population density has a negative effect on sustainable development, according to the results obtained from FMOLS estimators. Originality/value – The first novelty of this study is the creation of the smart city index. The second novelty is that there are almost no studies on the effects of smart cities on sustainable development, especially for Türkiye.

Abstract Climate change affects the world economy, environment, and human well-being, jeopardizing overall sustainability. The escalating impacts of climate change emphasize the necessity to assess the moderating influence of environmental policy stringency (EPS) on the association of energy transition (ET) and GHG emissions from 1990 to 2020 across 36 OECD countries. Further, this study incorporates the direct impact of energy transition (ET), environmental-related technology (ERTs), green innovation (INV), and Gross Domestic Product (GDP) on GHG emission. For this purpose, study employs an extensive range of econometric techniques, including DOLS, FMOLS, CCR, and MMQR approaches to evaluate data attributes. The findings of MMQR demonstrate that interaction of ET*EPS contributes to lower GHG emissions from −0.271% to −0.300% across all quantiles (20th to 80th). This indicates that the implementation of environmental policies fosters adoption of energy transitions to mitigate the negative effects of climate change, particularly to reduce GHG emissions. Further, environmental-related technologies (ERTs) and green innovation (INV) decrease GHG emissions by 0.15%–0.13% and 0.967%–2.049%, respectively, across all quantiles, thus encouraging environmental sustainability. The heterogeneous effect of ERTs is due to varying levels of adoption of environmental technologies in sample countries. The findings highlight the crucial need for integrating environmental policy strictness and energy transition measures to effectively mitigate GHG emissions. It highlights the significance of adaptive, responsive policies that are in line with SDGs 7 & 13, which concentrate on sustainable energy practices and integrated climate action in OECD economies. Graphical Abstract

Abstract Against the backdrop of the dismal performance of BRICS nations in terms of governance, this study examines the relationship between governance indicators and carbon emissions. By employing DOLS and FMOLS cointegration techniques from 1996 to 2022, we find that effective governance helps in reducing environmental pollution. Specifically, indicators namely government effectiveness, political stability, the rule of law, voice and accountability, regulatory quality, and control of corruption show a favourable impact in mitigating carbon emissions. Additionally, our findings reveal that both foreign direct investments and trade openness contribute positively in lowering carbon emissions by introducing advanced technologies and sustainable practices. Conversely, rapid industrialization and population growth exacerbate carbon emissions due to increased reliance on fossil fuels and higher energy demand. Our study underscores the need for enhanced governance, green investments, and stringent environmental regulations to balance economic growth with environmental sustainability in BRICS nations.

Climate change affects the world economy, environment, and human well-being, jeopardizing overall sustainability. The escalating impacts of climate change emphasize the necessity to assess the moderating influence of environmental policy stringency (EPS) on the association of energy transition (ET) and GHG emissions from 1990 to 2020 across 36 OECD countries. Further, this study incorporates the direct impact of energy transition (ET), environmental-related technology (ERTs), green innovation (INV), and Gross Domestic Product (GDP) on GHG emission. For this purpose, study employs an extensive range of econometric techniques, including DOLS, FMOLS, CCR, and MMQR approaches to evaluate data attributes. The findings of MMQR demonstrate that interaction of ET*EPS contributes to lower GHG emissions from −0.271% to −0.300% across all quantiles (20th to 80th). This indicates that the implementation of environmental policies fosters adoption of energy transitions to mitigate the negative effects of climate change, particularly to reduce GHG emissions. Further, environmental-related technologies (ERTs) and green innovation (INV) decrease GHG emissions by 0.15%–0.13% and 0.967%–2.049%, respectively, across all quantiles, thus encouraging environmental sustainability. The heterogeneous effect of ERTs is due to varying levels of adoption of environmental technologies in sample countries. The findings highlight the crucial need for integrating environmental policy strictness and energy transition measures to effectively mitigate GHG emissions. It highlights the significance of adaptive, responsive policies that are in line with SDGs 7 & 13, which concentrate on sustainable energy practices and integrated climate action in OECD economies. [ABSTRACT FROM AUTHOR]

A plethora of empirical work has aimed to investigate the determinants of the shadow economy over the last few years. The impacts of government spending on the shadow economy have been explored. However, the effect of a moderating factor that affects this nexus has been largely ignored in the existing literature. Hence, the purpose of this paper is to explore the moderating role of government effectiveness on public spending on the education–shadow economy nexus, in eight Southeast Asian countries from 2001 to 2017. This paper uses the dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), and the panel causality approach to analyze the data. Empirical findings from this paper indicate that public spending on education and government effectiveness negatively impacts the size of the shadow economy. Interestingly, government effectiveness serves as a critical catalyst in shaping the effect of government spending on education. We also observed that economic growth and foreign direct investment have significant negative effects, while unemployment and inflation have significant positive effects on the shadow economy. Additionally, the causality results confirmed the presence of bidirectional causality in public spending education, government effectiveness, economic growth, foreign direct investment, and unemployment in the shadow economy. This study recommends that governments and policymakers pursue policies and programs that invest more in education and enhance government effectiveness. [ABSTRACT FROM AUTHOR]

This research examines the long-term causation between financial deepening and economic growth in African-emerging economies. The fully modified and dynamic ordinary least square methods are used. Bidirectional causality exists between domestic credit to the private sector, money supply ratio, trade openness and gross domestic product per capita. Unidirectional causality flows from capital formation to gross domestic product per capita. The central banks should apply policies which encourage credit flow to private enterprises via banks' intermediation and eliminate the bottlenecks undermining credit flow. The governments should establish an investment friendly environment in all sectors and upgrade the productive capacity. Studies have been conducted on the nexus of financial deepening and economic growth with debatable outcomes. Some studies illustrate a positive alliance between financial deepening and economic growth, supporting the supply-leading model. Other findings support the demand-following theory, while some demonstrate mutuality in the nexus between financial deepening and economic growth. Nevertheless, limited studies have been conducted on the nexus between financial deepening and economic growth to ascertain if the supply-leading or demand-following hypotheses hold. [ABSTRACT FROM AUTHOR]

Against the backdrop of the dismal performance of BRICS nations in terms of governance, this study examines the relationship between governance indicators and carbon emissions. By employing DOLS and FMOLS cointegration techniques from 1996 to 2022, we find that effective governance helps in reducing environmental pollution. Specifically, indicators namely government effectiveness, political stability, the rule of law, voice and accountability, regulatory quality, and control of corruption show a favourable impact in mitigating carbon emissions. Additionally, our findings reveal that both foreign direct investments and trade openness contribute positively in lowering carbon emissions by introducing advanced technologies and sustainable practices. Conversely, rapid industrialization and population growth exacerbate carbon emissions due to increased reliance on fossil fuels and higher energy demand. Our study underscores the need for enhanced governance, green investments, and stringent environmental regulations to balance economic growth with environmental sustainability in BRICS nations. [ABSTRACT FROM AUTHOR]

The surge in economic growth and increased agricultural output can augment societal well-being whilst proliferating environmental stressors. So, the study tests the validity of the "agriculture-induced Environmental Kuznets Curve hypothesis" (AEKC) by assessing the varied environmental proxies that have yet to be accounted for earlier in the case of BRICS economies. Furthermore, most studies have utilised "first-generation econometric approaches" as the "cross-sectional dependency" has not been deemed in estimation. On account of this, the research employed "second-generation CIPS and CADF unit root test", "Westerlund cointegration test", "fully modified ordinary least square" (FMOLS) and "dynamic ordinary least square" (DOLS) to test the validity of AEKC in "BRICS countries" for 30 years. A positive association between agriculture and "ecological footprint" has been found which evidences the presence of an "inverted U-shaped AEKC" in BRICS nations. Another finding shows that the favourable impact of agriculture towards climate change can be moderated by illustrating the interaction effect of "human capital" and "renewable energy" with "agriculture". Lastly, the investigation brings forth the policy repercussions and acumens for the BRICS governments and policymakers in halting climate change by using renewable energy in agriculture and building human capital. [ABSTRACT FROM AUTHOR]

Efforts to facilitate international remittances hold substantial potential to impact various dimensions of poverty, underscoring the importance of comprehending this relationship in developing economies. International remittances between Belt and Road Initiative (BRI) countries have shown a marked growth trajectory. Unlike other studies that focus on the impact of remittances on income-based poverty in developing countries, this research delves into a more comprehensive analysis of how remittances affect various facets of poverty. Therefore, this paper aims to estimate the broader global implications of international remittances on multidimensional poverty in selected BRI countries. This study applied Driscoll-Kraay and Fully Modified Ordinary Least Square estimators to evaluate international remittances’ impact on MPI in BRI countries between 2010 and 2022. The results reflected a significant effect on countries that have contributed to the Belt and Road Initiative, with its impact on MPI courtesy of political stability, international remittances, agricultural growth, and forest plantation. Besides, the results of the Granger causality indicated a bi-directional causal link between forest plantation and MPI and a uni-directional causal link between MPI and international remittance. Countries along the BRI should enact policies to attract more remittances and design strategies to reduce unemployment and poverty. [ABSTRACT FROM AUTHOR]

The aim of this study is to analyze the impact of financial inclusion on green economic growth in developing countries. For this purpose, 12 developing countries were selected based on the availability of data: Armenia, Egypt, Ethiopia, India, Indonesia, Iran, Jamaica, Kenya, Pakistan, Sri Lanka, Thailand, and Tunisia. Annual data for the period from 2004 to 2023 were used for this study. The focus of this study is on the achievement of Sustainable Development Goal 13 (SDG 13), which requires immediate intervention to address the challenges of climate change and its consequences. This study used principal component analysis (PCA) to construct the financial inclusion index. In this study, we conducted a unit root analysis using the second-generation unit root test. For long-run estimates, we used the Fully Modified Least Squares (FMOLS) model. According to the findings of the study, green innovation (β = 0.052 *), foreign direct investment (β = 0.438 *), and trade openness (β = 0.016 **) have positive and significant impacts on green economic growth (GEG). The extent of the positive effect of foreign direct investment (FDI) is greater, compared to green innovation and trade openness (TR). The results also indicate that financial inclusion (β = −0.241) and population (β = −0.291) have significantly detrimental impacts on GEG. However, the population impacts GEG to a greater extent, compared to financial inclusion. Similarly, results indicate that the negative impact of financial inclusion on GEG is greater than the positive impact of green innovation on GEG. On the basis of the findings of this study, policymakers are advised to promote green innovation, foreign direct investment, and trade openness to promote green economic growth. Moreover, this study suggests that green finance or financial inclusion constrained by environmental quality should be promoted to safeguard environmental quality. [ABSTRACT FROM AUTHOR]

Colombia experienced a decline in investment due to the COVID-19 shock, resulting in a negative gap of -2.8% of GDP in the second quarter of 2020. The recovery of investment in Colombia has been relatively slow but has been bolstered by sustained and growing dynamics in machinery and equipment purchases. This paper analyzes the macroeconomic factors influencing this type of investment and its behavior during the pandemic. The results confirm the expected effects: purchases of machinery and equipment decrease when the cost of capital use and the real exchange rate rise, while they increase in response to growth in economic activity and industrial confidence. Control variables include additional factors that may affect investment decisions, such as loan availability and degree of openness. [ABSTRACT FROM AUTHOR]

This research aims to study the relationship between energy use and economic growth between 1990 and 2021 in Colombia. Energy is a key element for economic growth and to improve people's living standards, especially in developing economies like Colombia. To estimate both the short-run and long-run relationship between economic growth and energy use and economic growth, we used data from 1990 to 2021 and we estimated an error correction model along with a regression using the FMOLS/DOLS estimators. We found that economic growth and energy use are related in the short run in Colombia, according to the Toda–Yamamoto causality test, GDP granger causes energy use and there's not enough evidence to claim that energy use and GDP are related in the long run. JEL Classification : Q43. Plain language summary: The relationship between energy use and economic growth in the short-run and long-run relationship in Colombia between 1990 and 2021 This research aims to study the relationship between energy use and economic growth between 1990 and 2021 in Colombia. Energy is a key element for economic growth and to improve people's living standards, especially in developing economies like Colombia. To estimate both the short-run and long-run relationship between economic growth and energy use and economic growth, we used data from 1990 to 2021 and we estimated two econometric models to capture both the short run and long run dynamics between energy use and economic growth. We found that economic growth and energy use are related in the short run in Colombia and the direction of the relationship goes from GDP to energy use and there's not enough evidence to claim that energy use and GDP are related in the long run in Colombia. [ABSTRACT FROM AUTHOR]

This study aims to analyze the relationship between inclusive green growth and global warming for Türkiye with the help of the 1991-2020 period data set. In this context, in the study, the inclusive green growth index was first created with the help of 'Principal Components Analysis by using the components that make up inclusive green growth to represent inclusive green growth. Then, the impact of the inclusive green growth index, total labor force, and technological development on global warming was analyzed using the Johansen cointegration test, FMOLS, DOLS, and CRR estimators. The results contain evidence in all three models that the role of inclusive green growth in Türkiye is ineffective in reducing global warming. In addition to these results, the effect of technological development on global warming was found to be negative and statistically significant in all three models. However, it was found that the impact of the total labor force on global warming was negative in all three models. Still, the coefficient was statistically significant only in the DOLS estimator. It is of great importance to ensure inclusive green growth in Türkiye, ensuring financial inclusion, increasing the qualified workforce and directing public resources to more productive areas. [ABSTRACT FROM AUTHOR]

The relationship between macroeconomic factors and stock market liquidity is known but not the same can be said of macroeconomic factors and VC market liquidity. This study investigates whether there is a cointegration between macroeconomic factors and VC market liquidity and examines how macroeconomic factors affect VC market liquidity. We perform a panel fully modified OLS regression analysis after carrying out panel cointegration on a country-level dataset of 22 EU/EEA countries from 2000 to 2020. There is a long-run covariance between VC market liquidity and macroeconomic variables. Specifically, a 1% expansion in the size of the economy would lead to 0.652%, 0.927%, 0.661%, 0.723%, and 0.755% increase in VC market liquidity measured by exits through trade sales, IPOs, sales to PE firms, financial institution and MBOs, respectively. The European VC market is progressively increasing in liquidity as can be seen in the UK, France, and Germany. We report that as the size of the economy and money supply increases, VC market liquidity increases. Interest rate is significantly inversely related to VC market liquidity. The result is mostly significant for some exit strategies such as trade sales and IPOs. However, on the whole, inflation and unemployment do not significantly relate to VC market liquidity. This article has practical implications for venture capitalists and investors. It informs investors on which exit route has a significant relation with macroeconomic variables in Europe. The study effectively shows the aggregate impact of the macroeconomic conditions which is usually not the case with firm-level data.

In the face of rapid demographic transitions, Sub-Saharan African countries stand at a critical juncture where the potential for harnessing a demographic dividend to fuel economic growth is immense. This demographic shift presents both challenges and opportunities, with the right investments in health, education, and employment, countries can turn the growing youth population into a powerful engine for development, driving substantial and sustainable economic progress across the region. This study examines the demographic structure effect on economic growth in the context of structural changes in 26 sub-Saharan African countries. Using data from 1992 to 2019 in the PMG-ARDL, FMOLS, and DOLS estimates, we find that demographic structure has a positive influence on economic growth in the long run, which occurs through effective structural change, that is, structural changes that occur with an increase in labor productivity growth. Indeed, our results show that structural changes are relevant in transforming African youth debt into demographic dividends.

Background: As nations globally strive to meet the United Nations Sustainable Development Goal (SDG) 10, which underscores the reduction of inequality, there is an increasing need to harness the power of education and information and communications technology (ICT) to achieve this aim. Therefore, this study is motivated by this rationale. Aim: The synergistic effect of government spending on education and ICT on income inequality in sub-Saharan Africa (SSA) in the long run. Setting: Panel data for 30 SSA countries from 1990 to 2022 are used. Method: This research used the Fully Modified Ordinary Least Square (FMOLS) technique, which provides long-run estimates, to achieve the aim of the article. Results: The FMOLS results reveal that public education expenditure increases income inequality while its squared expenditure reduces it in the long run. However, over time, ICT diminishes inequality. Notably, the combined effect of public education spending and ICT strengthens the effect of public education expenditure on income inequality in SSA in the long term. Conclusion: In summary, with the incorporation of additional control variables in the analyses, it suggests that SSA’s governments, along with policymakers, have the opportunity to achieve income inequality reduction by strategically making use of public education spending and ICT. Contribution: This article adds significant value to the literature by demonstrating the effect of public education spending and ICT on income inequality in SSA (characterised by higher level of income inequality). To mitigate concerns regarding endogeneity, this article uses FMOLS.

Nowadays with the climate change the environmental degradation has became the crucial issue in the World. This study empirically investigates the impact of agriculture value-added, forest area, and renewable energy on CO2 emissions in GUAM union countries from 1996 to 2019. The independent variables in this study are agriculture value-added, forest, renewable energy and the dependent variable is CO2 emissions. The statistical methods as the Panel unit root test, Pedroni and Kao panel co-integration test and OLS, FMOLS, and DOLS long-run tests were employed for the empirical part of the paper. The independent variables in this study are agriculture value-added, forest, renewable energy and the dependent variable is CO2 emissions. The statistical methods as the Panel unit root test, Pedroni and Kao panel co-integration test and OLS, FMOLS, and DOLS long-run tests were employed for the empirical part of the paper. The outputs of the Pedroni and Kao panel co-integration tests confirmed that there is a long-term relationship between the analyzed series. The findings of the OLS, FMOLS, and DOLS tests indicate a negative relationship between the analyzed variables. According to the the results of empirical analyzes it was confirmed that there is a statistically significant and negative relationship between agriculture value-added, forest, renewable energy and CO2 emissions which means that an increase of agricultural production, forest areas and renewable energy consumption decreased the CO2 emissions in GUAM countries for the time span 1996-2019.

Whether mineral and natural resources (NR) are a blessing or a curse for economic growth (ECON_G) is still a debatable issue among scholars and policymakers. Therefore, the primary goal of the present study is to investigate the relationship between mineral resources (MR), NR, and ECON_G to re‐assess the “Resource Curse Theory.” For this purpose, a panel of six top resource‐rich developing economies (China, Brazil, Russia, Iran, the Republic of the Congo, and Saudi‐Arabia) over the 1995 to 2021 period is analyzed using dynamic ordinary least square, fully modifies ordinary least square and method of moments quantile regression approaches. The basic findings of the above‐mentioned techniques reveal the significantly positive impact of both NR and MR on ECON_G in the selected economies. The estimation outputs of the method of moments quantile regression also reveal the significant positive contribution of these resources in ECON_G at all quantiles (0.10–0.90). Thus, the study finds that the Resource Bless Hypothesis is valid as both NR and MR support the absence of the Resource Curse Hypothesis in these countries. Furthermore, the findings of the Granger Causality test reveal that bidirectional causal association is present between NR and ECON_G and MR and ECON_G. The study recommends that policymakers and governments in the resource‐rich countries should promote the development of the mining sector and sustainable resource extraction by properly monitoring the resource sector. More importantly, implementing resource governance initiatives are needed to be prioritized for transforming resources as a blessing for the studied countries. [ABSTRACT FROM AUTHOR]

We estimate the environmental Kuznets curve (EKC) for Central Asia by allowing for the possibility of linear, U-shaped and N-shaped forms, and considering the impact of ecological footprint, climate change adaptation and energy consumption. We employ a fully modified ordinary least squares framework for cointegrating polynomial regressions, and include obtained long-run relations in a panel Vector Error Correction model. The findings suggest that the linear EKC form is more coherent for Central Asia compared to the N-shaped EKC form. We link this to the fact that the Central Asian countries are in the first stage of the EKC. We observe that Gross domestic product, ecological footprint, energy consumption and climate change adaptation positively impact carbon dioxide emissions in the long-run. Moreover, there is bidirectional causality from GDP and climate change adaptation to CO 2 emissions, while causality is unidirectional between emissions and energy consumption. [ABSTRACT FROM AUTHOR]

Forest plantation initiatives hold significant prospects to impact various dimensions of poverty, highlighting the crucial need to understand this link in the context of sustainable development. In the 1990s, countries participating in the Belt and Road Initiative (BRI) witnessed a notable progress in forest plantations. While earlier research primarily focused on assessing the effects of these plantations on specific facets of rural poverty, this study aims to delve into the broader macroeconomic implications of forest plantations on the Multidimensional Poverty Index (MPI). From 2010 to 2020, the study used the Fully Modified Ordinary Least Square (FMOLS) and Driscoll-Kraay estimators to scrutinize the influence of forest plantations on the MPI. The research findings unveil a significant negative effect of various factors, including the rule of law (RL), agricultural expansion (AGR), and forest plantation (FP), on the MPI in BRI countries. Interestingly, political stability and the control of corruption exhibit a positive effect on the MPI. Furthermore, causality tests indicate a unidirectional link between MPI and political stability and a one-way connection between forest plantations and MPI. Suggestions for BRI countries involve promoting sustainable forest plantation initiatives through strategic encouragement and investment while highlighting responsible management practices. Also, it is advised to implement policies that encourage political stability and strengthen governance, thereby developing an enabling environment for effective poverty reduction. [ABSTRACT FROM AUTHOR]

Remittances are a crucial part of economic expansion, especially in Central Asia. Nevertheless, it is not possible to ignore its environmental damage. This paper is a pioneer in investigating the association among CO2 emissions, remittances, energy consumption and economic development in Central Asian countries (Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan) spanning the period of 1995–2022. As a methodology, the FMOLS estimator is applied to check linear impact and long-run association as well. Panel threshold regression model and 2SLS method are applied to examine potential non-linear relations among the studied variables. Hausman–Taylor and Amacurdy estimators are employed to control the endogeneity issue among the variables of interest. The results suggest the existence of a long-run relationship among the studied variables. Precisely, applying the FMOLS method, remittances negatively impact CO2 emissions in the long run. The relationship between CO2 emissions and remittances is distorted when the endogeneity issue is considered with the Panel threshold regression model, 2SLS method, and Hausman–Taylor and Amacurdy estimators. This distortion validates the linear impact of remittances on CO2 emissions in CA. The Dumitrescu–Hurlin causality test shows that all independent variables have a causal effect on the dependent variable, validating the effect of the studied variables. Consequently, decision-makers should facilitate remittances towards more environmentally friendly and sustainable solutions to prevent the detrimental effects of remittance inflows on carbon emissions in Central Asia. [ABSTRACT FROM AUTHOR]

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The paper explores empirically the nexus of environmental quality, measured by carbon dioxide (CO2) emissions, and human-health-capital formation, using covariates: real gross domestic product (GDP) per capita, inflation, and unemployment rate. This study uses a health expenditure approach and data from a panel of seven ASEAN countries from 1995 to 2020 within the health production function framework. The method of fully modified ordinary least squares (FMOLS) is implemented to estimate the long-run parameters and the Dumitrescu-Hurlin (Econ Model 29:1450–1460, 2012) test for the direction of causality. The empirical results reveal that high CO2 emissions raise health expenditure as do inflation and unemployment rate. While rising income makes higher healthcare costs affordable, this fact might persuade policymakers to adopt measures to cut CO2 to improve human-health-capital formation and thus to support long-run sustainable economic growth through healthy human capital formation. [ABSTRACT FROM AUTHOR]

Agriculture sector is major sufferer of climate change both at a global level as well as at India level. Cereals account for about 92 % of India's total food grain output and climate change has a significant influence on the production of cereals. This study aimed to evaluate the long-term and short-term effects of climatic and non-climatic variables, specifically temperature, precipitation, cereal area, total cropped area, fertilizer consumption, and pesticide consumption, on cereal production in India. The study included annual time series data that covered the period from 1960 to 2018, covering a period of 58 years. Various econometric techniques were employed to examine these relationships. The validity of a long-term and short-term relationship among the relevant variables included in the study was validated by employing the Autoregressive Distributed Lag (ARDL) technique and the Johansen cointegration test. The ARDL model's estimation outcomes reveals that input factors such as cereal area became a key factor in rising cereal production, as evidenced by its positive coefficient. Similarly, fertilizer consumption and precipitation had positive effects on production in the long run whereas total cropped area and minimum temperature has little influence over the results of production both in short run as well as long run. Furthermore, the long-term findings were also supported using econometric tools like Canonical Cointegrating Regression (CCR) and Fully Modified Least Squares (FMOLS). These methods confirmed that variations in cereal production in India were significantly influenced by both climatic factors and agricultural inputs and factors. The study emphasizes the urgency for policymakers to prioritize proactive measures aimed at reducing the adverse impacts of climate change on cereal production in India. This necessitates a comprehensive strategy integrating sustainable practices, technological innovations, and robust policy frameworks to ensure resilient agricultural sectors and sustainable food production.

The objective of the study is to determine the electricity use, and tourism industry environmental impacts, and increase in CO2 emissions in Pakistan. What are the linkages of foreign direct investment, intercountryal trade, gross domestict product, and CO2 emissions. The study has applied the Autoregressive distributed lag (ARDL) method to analysis the data set from 1985 to 2023. The robustness test is applied using Dynamic Ordinary Least Square (DOLS), and Fully modified ordinary least squares (FMOLS). The results reveal that the increase in the electricity use, and tourism industry has significant negative impacts on CO2 emissions in both short- and long-run. The increase in intercountry trade effects the Domestic Product growth (GDP) growth and causes to increase in use of fossil fuels, which are the major source of CO2 emissions. The increase in foreign direct investment (FDI) increase the GDP growth, and FDI also increase the CO2 emissions in Pakistan. The results suggests that the incresae in the renewal energy consumption for the electricity production and transportation can help to decrease the CO2 emissions in Pakistan.

This study explores the growth effect of public debt on the growth of agricultural and nonagricultural sectors as well as the aggregate economy. This investigation is imperative because the rising public debt in Nigeria may not have uniform implication on growth across sectors and the economy at large. The data for the analysis was sourced from the World Bank (WB), World Development indicators (WDI) covering the period of 1980 to 2021. The results using the Fully Modified Ordinary Least Squares (FMOLS) show that public debt, exports, and inflation have a statistically significant negative effect on growth in Nigeria while population growth has a significant positive effect on growth in Nigeria. However, the relationship between imports and GDP in Nigeria is not statistically significant. The result also shows that public debt exerts a significant negative effect on agricultural and industrial growth, while its effect on services growth is not significant. The study submitted that public debt exerts a significant adverse effect on growth in Nigeria. However, when looking at the sector-specific effect, the effect of public debt remains significant and negative for both agricultural and industrial sectors implying that higher levels of public debt are associated with lower growth in these two sector while in the services sector public debt does not show a significant effect. The study recommended the need to implement strong fiscal discipline and progressive tax system rather than borrowing to reduce public debt significantly and promote sectoral development.

The global financial crisis of 2007 gave a major boost to the debt-investment nexus debate given the astronomical growth in external debt and its associated debt servicing burdens, which constrain the fiscal space of many developed and emerging economies. Hence, this study examined the effect of external debt and debt servicing on investment in MINT countries for the period, 1990-2021 using the FMOLS estimation technique. The results show that external debt adversely affects investment in Indonesia but stimulates investment in Türkiye while debt servicing has a catastrophic effect on investment in Indonesia and Türkiye but enhances investment in Nigeria. Overall, the effect of external debt and debt servicing on investment in MINT countries are mixed. Hence, the policymakers in each country need to put measures in place to foster debt sustainability, ensure effective domestic resource mobilisation for investment purposes and promote debt transparency by adopting effective debt management practices.

One of the most serious problems facing modern society is income inequality. The richest 10% of the world's population currently takes home 52% of income and 71% of the world's population lives in countries where inequality has increased (World Economic Forum). In recent years, globalization and the technological progress have promoted the consolidation of globalization in most countries, generating a direct and indirect impact on people's quality of life. Sustainable Development Goal 10 (SDG10) states that reducing inequalities should be a policy of governments' priority to achieve sustainable development. This research examines the impact of informational and cultural globalization, research and development, and urban concentration on income inequality using the theoretical framework of Kuznets' equity-income hypothesis (1955). In the methodological strategy, we use linear and non-linear methods: threshold regressions and second-generation cointegration techniques of panel data. The results show a threshold effect in real per capita output, informational and cultural globalization. The cointegration results demonstrate an equilibrium relationship between the five series at the different levels of development. The FMOLS model results show that informational and cultural globalization, R&D, and urbanization have a heterogeneous impact on income inequality. Policymakers can take advantage of the opening of markets to adopt new technologies and promote job creation in urban areas to achieve SDG 10. [ABSTRACT FROM AUTHOR]

This paper finds a causal relationship between telecommunication infrastructure and economic growth in Organization of Islamic Cooperation (OIC) countries. The analysis considers 56 OIC countries, and data was taken from 2001 to 2019. Telecommunication infrastructure computed from telephone subscribers, mobile cellular subscribers, mobile money accounts, and internet access is the main explanatory variable. We utilized panel data analysis. We utilized fully modified ordinary least squares and dynamic ordinary least squares estimation techniques for long-run estimation. To check the causality between the variables, we use the Granger causality test. The empirical findings elaborate that there is a unidirectional relationship between telephone subscribers, mobile cellular subscribers, mobile money accounts, and economic growth. Similarly, internet users and economic growth have a bidirectional relationship. Our findings indicate that there is a need to constitute integrative policies to improve technology inflow for the growth of the economy. An increase in the telecommunication infrastructure will encourage economic growth and improve the living standards of the masses in OIC countries. [ABSTRACT FROM AUTHOR]

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Purpose: The purpose of the paper is to explore the long-run impact of board governance and bank performance on executive remuneration. More specifically, the study addresses two objectives. First, the authors investigate the long-run relationship between pay and performance hold for the Indian banking industry. Second, the authors explore the moderating role of the board in explaining the relationship between executive pay and performance. Design/methodology/approach: The study uses multivariate panel co-integration approaches, i.e. fully modified and dynamic ordinary least square, to explain the co-integrating relationship between executive pay, governance and performance of Indian banks. The analysis is conducted for the period from 2005 to 2018. Findings: The results of co-integration tests reveal a long-run relationship between executive pay, board governance and bank performance. The long-run estimates produce evidence in favour of the dynamic agency theory, suggesting that the implications of asymmetric information can be mitigated by associating the current executive pay with the bank performance in the previous periods. The finding of this study reveals that improvements in the board quality serve as a monitoring tool to constrain excessive pay and moderate the executives' pay. Furthermore, the interaction of performance and board governance negatively impacts pay, supporting a substitution approach. It implies that setting optimal pay packages for executives necessitates enhanced and efficient board governance practices. Practical implications: The study recommends significant policy implications for regulators and the board of directors that executive pay significantly responds to the bank's performance and good board governance practices in the long run. Originality/value: This paper provides novel evidence of long-run pay-performance-governance relation using a panel co-integration approach. [ABSTRACT FROM AUTHOR]

This study investigates the implications of an aging population on government spending in Malaysia using the Fully Modified Ordinary Least Squares (FMOLS) method. Employing data spanning from 1992 to 2022, the study examines the relationship between the dependent variable, Government Expenditure, and the independent variable, Aging Population, while controlling for Gross Domestic Product and Unemployment as additional factors. The results reveal a positive connection between the aging population and government expenditure. As Malaysia experiences demographic shifts characterized by increased life expectancy and declining fertility rates, the findings suggest that addressing the needs of an aging population contributes to higher government spending. This study underscores the importance of recognizing and addressing the fiscal implications of demographic changes, providing valuable insights for policymakers in formulating strategies to navigate the challenges posed by an aging society in Malaysia. [ABSTRACT FROM AUTHOR]

This study explores the growth effect of public debt on the growth of agricultural and nonagricultural sectors as well as the aggregate economy. This investigation is imperative because the rising public debt in Nigeria may not have uniform implication on growth across sectors and the economy at large. The data for the analysis was sourced from the World Bank (WB), World Development indicators (WDI) covering the period of 1980 to 2021. The results using the Fully Modified Ordinary Least Squares (FMOLS) show that public debt, exports, and inflation have a statistically significant negative effect on growth in Nigeria while population growth has a significant positive effect on growth in Nigeria. However, the relationship between imports and GDP in Nigeria is not statistically significant. The result also shows that public debt exerts a significant negative effect on agricultural and industrial growth, while its effect on services growth is not significant. The study submitted that public debt exerts a significant adverse effect on growth in Nigeria. However, when looking at the sector-specific effect, the effect of public debt remains significant and negative for both agricultural and industrial sectors implying that higher levels of public debt are associated with lower growth in these two sector while in the services sector public debt does not show a significant effect. The study recommended the need to implement strong fiscal discipline and progressive tax system rather than borrowing to reduce public debt significantly and promote sectoral development. [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 %

Energy production plays a major role in the Saudi Arabian economy, but energy production can lead to an increase in environmental pollution.

Income inequality has become an important economic and humanitarian problem for both advanced and emerging economies, especially with the increase in financialization trends. The equitable distribution of income has garnered attention in both developed and developing nations, given the rise in global trade and production. However, limited research has explored the impact of financial inclusion on income inequality. To address this gap, this study investigated the effect of financial inclusion on income inequality in Türkiye, contributing to the very limited literature. In this study, the financial inclusion variable is measured using a six-dimensional index encompassing financial institutions and financial markets with depth, access, and availability sub-dimensions. During the time frame spanning from 1980 to 2021, estimations of parameters are conducted employing cointegration regression techniques, including FMOLS, DOLS, and CCR. The analysis revealed that inflation, per capita income, urbanization, and financial inclusion have a negative impact on income equality, whereas education has a positive impact. A 1% rise in financial inclusion is associated with a proportional rise in income inequality of approximately 0.012%. Contrary to the findings of previous empirical studies in general, the increase in financial inclusion in Türkiye has a distorting effect on income equality. The findings of this study offer important implications for Türkiye. While the relationship between the financial inclusion indicator and income inequality is not negative, increasing the income of low-income groups across all financial sectors is likely to improve income equality.

Energy, as one of the most important factors of production, plays a decisive role in the economic life and development of the civilization of societies. Along with population growth, industrial development and technological progress, humans demand for energy resources is becoming more and more intense. Energy consumption, along with energy production, is one of the important criteria for measuring the economic progress of countries. The effects of the Covid-19 pandemic on a strategic field such as the energy sector as the infrastructure of the economic artery are impressive. The resulting shock is so deep and effective that it changes energy consumption by affecting production activities and demand. The purpose of this study is to investigate and evaluate the impact of the Covid-19 pandemic on non-renewable energy consumption in the member countries of the Organisation for Economic Co-operation and Development (OECD), during the period of 2010-2020. In order to estimate the model, the Fully Modified Ordinary Least Square (FMOLS) estimation technique is used. The obtained results show that the covid-19 epidemic has a negative and significant effect on the consumption of non-renewable energy. In other words, the spread of the corona virus reduces the consumption of non-renewable energy. The global recession caused a demand and supply shock in the energy sector. On the demand side, some actions to curb the disease and economic disruptions related to the spread of Covid-19 led to a decrease in the speed of production and mobility around the world. The negative shock on the supply side also caused by disruptions in the flow of goods and services, and reinforced the demand shock. The result of these two shocks caused a significant decrease in global demand for fossil fuels. The covid-19 pandemic the consumption of fossil energy through various channels. The implementation of social distancing measures and public quarantine during the epidemic limited production, transportation, trade and financial markets globally. This resulted in a drop in energy demand.Also, the findings of the study show the positive impact of financial development, commercial freedom and economic growth on non-renewable energy consumption. The development of the financial system can provide financial resources for companies with much lower costs and facilitate the expansion of their production scale and thus increases energy consumption. In advanced and industrialized countries like OECD, the activities of capital markets first cause more energy production and consumption, then after a period of energy consumption, due to environmental considerations, capital market and money market resources are transferred to clean energies.

This study aims to investigate the relationships between some macro indicators and the digitalization process in the Southeast region of Vietnam. The panel Fully Modified Ordinary Least Squares (FMOLS) has been employed with the data of 2005 - 2021 to capture the long-run relationship of the variables in the digitalization model. Income (GRDP), Foreign Direct Investment (FDI), and education (WQ) have a positive relationship with the digitalization with significant level of 1% while the role of institutional factor (PED) has not been found. The negative coefficient of the squared terms of both GRDP and FDI in the digitalization model indicates that a higher level of GRDP and FDI may not always lead to a higher level of digitalization, meaning that the region may not have the necessary resources or capacity to fully utilize the benefits of digital technologies. The findings have important practical implications for policymakers in developing human capital to fully capture the benefits of GRDP and FDI on digitalization.

Abstract This study investigates the asymmetric impact of oil price (OP) on the ecological footprint (EF) in the major oil-producing African countries over the period 1988–2018. Results from the dynamic seemingly unrelated regression (DSUR) and the countrywise FMOLS regressions establish the asymmetric impact of OP on EF in the countries. Both GDP per capita and non-renewable energy (NRE) consumption are also affirmed as drivers of environmental degradation, while renewable energy consumption is found to be a promoter of environmental sustainability. Furthermore, a unidirectional causal relationship is found from OP to EF, GDP and NRE, while feedback is reported between EF and GDP. Therefore, the study proposes the need for diversification of the energy mix in these countries through the formulation of policies that would drive renewable energy usage without slowing down growth.