Tesi sul tema "Economic development and growth"
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1
Cavalcante, Anderson Tadeu Marques. "Regional financial development and economic growth". Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610634.
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Pirlea, Ana Florina. "Economic growth and corruption". Diss., Connect to the thesis, 2007. http://hdl.handle.net/10066/1020.
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Kassimatis, Konstantinos. "Stock market development and economic growth in emerging economies". Thesis, Middlesex University, 2000. http://eprints.mdx.ac.uk/6320/.
Testo completoAbstract (sommario):
In the early 1980's several developing countries introduced liberalisation policies in their economies. One of the reforms they implemented was to develop their stock markets. The theoretical justification for the liberalisation process was provided by the work of McKinnon (1973) and Shaw (1973). Their model follows neo-classical assumptions on savings and investment. Other researchers later completed their model with respect to the stock market, and claimed that its development could benefit the emerging economies [Cho (1986)]. The aim of this thesis is to empirically examine if stock market development in a sample of emerging countries assisted economic growth or not. To examine this, we form three research questions. The first question is: what is the direct impact of stock market development on economic growth in developing countries? The second question refers to the indirect impact of stock market development on the economy via stock price volatility. The question is: has stock market volatility increased following liberalisation policies or not? The third question is: have the emerging stock markets become more integrated with each other and with developed markets following liberalisation? Stock market integration is a result of stock market development so we should expect these stock markets to become more integrated after they were liberalised. In examining these issues, we take into account the special circumstances surrounding each country. To this end we provide an overview of some of the emerging economies we examine and discuss the implications of their individual characteristics for our analysis. We carry out a literature survey which suggests that research in this area has been scarce. The few empirical evidence on these questions are mixed. This thesis aims to contribute to this growing literature by providing additional evidence on the questions we posed and by overcoming some of the problems which are inherent in the methodologies followed by previous researchers who examined these issues.
4
Chiang, Alvin L. "Three Essays in Economic Development, Growth, and Trade". FIU Digital Commons, 2017. http://digitalcommons.fiu.edu/etd/3485.
Testo completoAbstract (sommario):
This dissertation is composed of three essays and analyzes the effects of both health outcomes and international trade on economic development and growth.
In the first chapter, I develop a theoretical model using a Nelson-Phelps framework in order to establish a causal relationship between health outcomes and economic growth. I also econometrically test this approach to quantify the magnitude of the effects observed. Using the international epidemiological transition as a baseline and instrumental variable regression, I find that both life expectancy growth rates and initial levels of life expectancy are the main drivers of economic growth, and improvements in both indicators lead to significant, positive changes in the income per-capita growth rate.
In the second chapter, I design an overlapping generations model that showcases how individuals determine their optimal fertility, education, labor supply, and life-cycle consumption decisions under uncertain survival probabilities. Under partial equilibrium, exogenous shocks in mortality lead to explicit changes in economic growth and development through the above mechanisms, but under general equilibrium, predictions are ambiguous due to offsetting substitution and income effects. I complement the theory with an empirical analysis, constructing age-specific birth rates, age-specific death rates, and life expectancies from the Demographic and Health Surveys in 36 Sub-Saharan African countries. Using system-GMM estimation, the results show that improvements in health will have a positive and statistically significant impact on economic growth and development.
In the third chapter, I develop an analysis similar to Hausmann, Hwang, and Rodrik (2007), whose main argument is that what countries export has significant predicting power on its economic growth and development. Giving greater transparency to both the data collection and the empirical methodology, I replicate their research and instead use imports as a robustness check. The results confirm previous studies and shows that exports, not imports, matter for economic growth. Thus, we conclude that the type and quality of goods in which a country specializes and exports is directly related to its subsequent economic performance.
5
Yin, Xiaopeng 1963. "The effect of economic integration on endogenous economic growth". Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23435.
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This thesis presents a survey of the development of economic growth theory, including the latest developments in the relationship between international economic integration through international flows of goods and/or knowledge and endogenous economic growth. Based on the following literature review, a new and more reasonable model for the research and development (i.e., the R&D) sector--a sector which is considered the source of long-run growth--is offered in order to develop and improve the framework built by Rivera-Batiz and Rome (1991), i.e. the RBR model. This new model will make the RBR framework more complete and rational. In this new model, it is proved that any form of economic integration will increase the long-run rate of growth, and these results are compared with those of the RBR. Moreover, Devereux and Lapham's efforts to find some dynamic analysis along the transitional path under two different situations: knowledge flows only, and both goods and knowledge flows, are continued in the same model. It is found that when only knowledge is allowed to flow across borders, economic integration generates corner solutions for the production of the R&D sector, while this does not happen when complete goods and knowledge flows exist. However, the real balanced growth rates in these diverse situations are higher than they are in autarky.
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Chaudhry, Anita M. "Water and economic growth". Laramie, Wyo. : University of Wyoming, 2008. http://proquest.umi.com/pqdweb?did=1594493531&sid=1&Fmt=2&clientId=18949&RQT=309&VName=PQD.
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Adnan, Noureen. "Financial development, economic growth and crises". Thesis, University of Surrey, 2012. http://epubs.surrey.ac.uk/770388/.
Testo completoAbstract (sommario):
The importance of financial markets in a globalised economy cannot be overstated. An obvious example is the 2008 collapse of Lehman Brothers, the consequences of which were not just confined to the United States but spread to almost all developed economies in the world. On a daily basis movement in the world's stock, bond, commodity and currency markets can be affected by as diverse factors as a revision to the inflation rate in China, an unexpected European Union meeting on the Euro or the announcement of company earnings in the U.S. The link between financial markets and the real economy, the increased volatility in financial markets, and the repercussions of financial crises are issues of great interest to economic agents (policymakers, firms, households) around the world. However, they are of even greater significance to developing nations, as they try to raise their living standards. The research presented in this thesis aims to inform the discussion on the pertinence of financial development for economic growth. Following a brief introduction, Chapter 2 sets the scene by reviewing the neo- classical growth models and endogenous growth theory. The rationale for focusing v - on the role of financial development is discussed next followed by all evaluation of the empirical evidence. Chapter 3 concentrates on the measurement of financial de- velopment. Existing measures are examined and a new measure is introduced using the latest available data for the largest possible number of economies. The principal components methodology, which reduces the dimensionality of the data, is used for the construction of this new measure. This is then used to revisit the empirical relationship between financial development and growth in Chapter 4. The method- ology employed is that of least squares dummy variables (LSDV) estimation, and the issue of potential endogeneity is explored through the use of two-stage ordinary least squares (OLS) and generalised method of moments (GMM). Chapter 5 undertakes a large sample analysis to address the relationship between financial development, and the likelihood of financial crises and chapter 6 summaries the findings from this work and discusses limitations and possible extensions. VI.
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McArthur, Jonh W. ""Essays on African Economic Growth Development"". Thesis, University of Oxford, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.508380.
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Venâncio, Sara Filipa Meixedo. "Does financial development promote economic growth?" Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/6301.
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Mestrado em Economia Monetária e FinanceiraThis study investigates the relationship between financial development and economic growth, using two panel of 17 and 19 developed countries, covering the period from 1980 to 2011 and 2000 to 2011, respectively. This study includes variables that measure the development of the financial sector in order to explain the GDP per capita growth, using modified ordinary least squares, fixed and random effects estimations. The results indicate that domestic credit provided by banking sector and domestic credit to the private sector are (in most estimations) negatively correlated with growth. This may be explained by poor and inefficient credit allocation. The results also show that gross domestic savings and M2 play a significant role in economic growth. Moreover, the ratio non-performing loans/total loans is positively correlated with GDP, particularly for estimations where credit variables were excluded. Little evidence was found from the relationship between liquidity provided by the banking system and capital markets, and economic development.
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Gabe, Todd M. "Economic development incentives and enterprise growth /". The Ohio State University, 1999. http://rave.ohiolink.edu/etdc/view?acc_num=osu1488191124570567.
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Ortiz-Fernandez, Salvador. "International trade, research and development and growth". Thesis, Lancaster University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.302409.
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Jun, Sangjoon. "The effects of government policy on business cycles and productivity growth". Connect to resource, 1994. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1265724476.
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Patrick, Carlianne. "Essays in Economic Growth and Development Policy". The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1343152438.
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Dao, Thuy. "A purely theoretical study on economic growth in small open economies /". Title page, abstract and table of contents only, 2000. http://web4.library.adelaide.edu.au/theses/09PH/09phd211.pdf.
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Cinyabuguma, Matthias M. "Theories and empirics of economic growth /". View online version; access limited to Brown University users, 2005. http://wwwlib.umi.com/dissertations/fullcit/3174591.
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Conley, John D. "FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN KENTUCKY COUNTIES". UKnowledge, 2012. http://uknowledge.uky.edu/agecon_etds/3.
Testo completoAbstract (sommario):
There is a broad literature on the finance-growth nexus in the macroeconomics literature. Is there evidence for the finance-growth nexus at the sub-national region? If so, can macroeconomic finance and growth methods be extended to sub-national regions? Joseph Schumpeter argued that banks promote economic growth by choosing which projects to fund, by mobilizing underutilized capital, by managing risk and by monitoring managers.
This dissertation proposes a modified Martin and Ottaviano (2001) model that allows for borrowing to form new firms or to expand existing firms. The model shows that if borrowing across regional lines is costly, above and beyond the normal interest rate, that new firm formation will tend to agglomerate in the more financially developed region.
With this theory in hand, the dissertation goes on to test the effects of bank deposits on earned income in Kentucky counties. Using equation-by-equation and simultaneous equations panel data methods, this dissertation shows that there is a strong correlation between the size of the bank deposits in a county and income growth. Since Kentucky counties are small and economically interconnected, spatial autocorrelation tests are applied with the result that there are pockets within Kentucky where incomes are spatially correlated. Spatial panel estimates are then conducted to correct for spatial autocorrelation. These results show a strong correlation between deposits and income growth.
This dissertation contributes to the literature in three ways. First, it proposes a model that ties endogenous growth, the New Economic Geography and the finance-growth nexus together in a Neo-Schumpeterian context. Second, it gives evidence for the finance-growth nexus in Kentucky counties under methods similar to those used in macroeconomics. Third, the dissertation suggests a way forward in performing future analysis of the finance-growth nexus in a sub-national context.
Overall, this dissertation finds evidence to support the hypothesis that the size of the banking industry in a given county positively influences earned income growth. There is also evidence that having a large banking industry in a neighboring county has a positive spillover effect on earned income. Further estimates to control for endogeneity find evidence that the effect of deposits on income growth is stronger than the effect of income growth on deposits.
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Neri, Frank. "Schooling quality and economic growth". Title page, contents and abstract only, 2001. http://web4.library.adelaide.edu.au/theses/09PH/09phn445.pdf.
Testo completoAbstract (sommario):
Bibliography: leaves 148-155. This thesis investigates whether cross-country variations in schooling quality (the productivity of the time spent studying) affect the empirical results in studies of economic growth based on an augmented method of Solow. It was found that schooling quality is positively and statistically significantly associated with mean economic growth rates in regressions which control for physical capital investment rates, population growth rates and secondary school enrolment rates. Education levels of parents, hours of homework and the non-teaching duties of teachers were also significant determinants.
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Monteiro, Goncalo. "The growth process under time non-separable preferences /". Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/7384.
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Garcia, Hombrados Jorge. "Empirical essays on development economics". Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/73411/.
Testo completoAbstract (sommario):
This thesis investigates empirically three questions of key relevance for the life of disadvantaged people in developing countries. Using a sample of Ethiopian women and a regression discontinuity design exploiting age discontinuities in exposure to a law that raised the legal age of marriage for women, the first chapter documents for the first time (a) the effect of increasing the legal age of marriage for women on infant mortality and (b) the causal effect of early cohabitation on infant mortality. The analysis shows that, even though it was not perfectly enforced, the law that raised the legal age of marriage had a large effect on the infant mortality of the first born child. Furthermore, the estimates suggest that the effect of a one-year delay in women's age at cohabitation on the infant mortality of the ffrst born is comparable to the joint effect on child mortality of measles, BCG, DPT, Polio and Maternal Tetanus vaccinations. Using longitudinal data from northern Ghana, the second chapter shows that parents allocate more schooling to children that are more cognitively able. These results provide evidence for the main prediction of the model of intra-household allocation of resources developed in Becker (1981), which concludes that parents allocate human capital investments reinforcing cognitive differences between siblings. The third chapter uses the 8.8 Richter magnitude earthquake that struck Chile in February 2010 as a case study and employs a difference in difference strategy to investigate whether natural disasters have lasting effects on property crime. The results show that the earthquake reduced the prevalence of property crime the year of the earthquake and that this effect remained stable over the 4 post-earthquake years studied. The lasting drop in crime rates in affected areas seems to be linked to the earthquake strengthening community life in these municipalities.
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Yoo, Dongwoo. "Institutions and Economic Growth". The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1306863145.
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Deidda, Luca Gabriele. "Interaction between economic growth and financial development". Thesis, SOAS, University of London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322050.
Testo completoAbstract (sommario):
The thesis consists of two parts. Part I investigates the interactive nature of the relationship between financial intermediation and economic growth. The main theoretical results are: a) financial intermediaries emerging as a consequence of agents' maximising behaviour at some critical level of economic development could have a negative impact on economic growth; b) the growth impact of financial institutions, i.e. financial intermediaries and stock markets, changes positively along the process of economic development; c) excessive financial intermediation might occur as a consequence of economic development; d) the co-evolution of credit markets, where financial intermediaries operate, and stock markets does not imply complementariness between the two elements of the financial sector; e) the emergence of a stock market might have an immediate detrimental effect on growth; f) the growth impact of the overall financial sector depends crucially upon the complementarity/substitutability relationship between stock markets and credit markets as sources of external finance. Part II, consists of two models which can be thought of as extensions of the material presented in Part 1. In the first, the impact of financial deepening in the context of a growth model where growth is driven by human capital accumulation is analysed. The result of this model is that, since financial transactions and training are substitutes as devices for intertemporal substitution of consumption, the availability of a technology for financial transactions might induce a negative growth effect. The second model deals with interregional trade in financial services. The outcome of this model is that, because of asymmetries in the incentives to trade in deposits and loans, free trade might have detrimental consequences for the regions whose financial sector is less efficient since local investment can be crowded out. The thesis establishes those propositions by theoretical reasoning and appropriate formal proofs.
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Nili, Farhad. "Economic growth, development and exhaustible natural resources". Thesis, University of York, 2002. http://etheses.whiterose.ac.uk/14160/.
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Ghimire, Binam. "Essays on financial development and economic growth". Thesis, Liverpool John Moores University, 2010. http://researchonline.ljmu.ac.uk/6024/.
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Jiang, Zheng. "Three Essays in Economic Growth and Development". The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338148756.
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Samargandi, Nahla. "Essays on financial development and economic growth". Thesis, Brunel University, 2015. http://bura.brunel.ac.uk/handle/2438/11071.
Testo completoAbstract (sommario):
This thesis is based on three empirical essays in financial development and economic growth. The first essay, investigated in the third chapter, the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study distinguishes between the effects of financial development on the oil and non-oil sectors of the economy. The Autoregressive Distributed Lag (ARDL) bounds test methodology is applied to yearly data over the period 1968 to 2010. The finding of this study is that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. The second essay revisited, in the fourth chapter, the relationship between financial development and economic growth in a panel of 52 middle-income countries over the 1980-2008 period. Using pooled mean group estimations in a dynamic heterogeneous panel setting, we show that there is an inverted U-shaped relationship between finance and growth in the long-run. In the short run, the relationship is insignificant. This suggests that too much finance can exert a negative influence on growth in middle-income countries. The finding of a non-monotonic effect of financial development on growth is confirmed by estimating a dynamic panel threshold model. The third essay empirically explores cross-country evidence of the effects of financial development shocks on economic growth. It employs a Global Vector Autoregressive (GVAR) model, which allows us to capture the dynamics of this relationship in a multi-country setting, and connects countries through bilateral international trade. Given the progressive role that Brazil, Russia, India, China and South Africa (BRICS) play in the world economic arena, this essay focuses on whether financial development in one BRICS member state affects economic growth in the other BRICS. To this end, the study finds empirical evidence that credit to the private sector has a positive spillover effect on growth in some of the BRICS countries. However, the results imply that the current level of financial integration among the BRICS countries is still not mature enough to spur economic growth for all the BRICS members.
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Xue, Wenjun. "Financial Sector Development, Economic Growth and Stability". FIU Digital Commons, 2018. https://digitalcommons.fiu.edu/etd/3715.
Testo completoAbstract (sommario):
My dissertation investigates financial sector development, economic growth and stability through the analysis of Chinese and international evidence. My first chapter is the introduction. The second chapter investigates the effects of Chinese financial and fiscal policies on the Chinese economic recovery in the 2008 economic stimulus Plan, covering the period from the Great Recession to 2014. This chapter explores the effects of the increase in bank credit growth with significant strain of banking health on firm-level output, employment and investment. The results demonstrate that the increase in government expenditure due to the fiscal policies has the significant effects on the very same firm-level indicators. The effects of such policies are shown to depend on firm characteristics such as size, liability ratio, profitability, ownership and industry. Regarding the dynamic effects of the policies, it is documented that the roles of Chinese financial and fiscal policies are effective but temporary on the Chinese economic recovery within about 2 years.
In the third chapter, I investigate the effects of financial sector development on the growth volatility by using the data of 50 countries. The empirical results show that the aggregate growth volatility declines from 1997 to 2014 in the global perspective while the advanced countries have much smaller growth volatility than the developing countries. Using the dynamic panel threshold model, I find that financial sector development significantly reduces growth volatility, especially in its lower regime. Financial sector development magnifies the shock of inflation volatility towards growth volatility in its higher regime. My results reveal the importance of keeping financial sector development at an optimal level, which is beneficial to reduce aggregate fluctuations and dampen the inflation shocks.
The fourth chapter examines the asymmetric roles of bank credit on the business cycle by using international evidence. The empirical results present that bank credit is pro-cyclical and amplifies the business cycle. This effect is larger in the economic peak and trough, which forms a U-shaped curve. The U-shaped influences are robust for alternative financial factors, including M2 supply and stock price. This paper contributes to explore the distinct roles of bank credit on the economy in different business cycle phases.
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Ngang, Joseph Bayiah. "The Impact of Foreign Aid on Economic Growth and Economic Development in Cameroon". Thesis, University of Skövde, School of Technology and Society, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-1315.
Testo completoAbstract (sommario):
The role of foreign aid in promoting economic growth and improving the social welfare of people has been the subject of much debate among development specialists, researchers, aid donors as well as recipients in general and Cameroon in particular. In spite of this, there are only few empirical studies that investigate the contributions of foreign aid to economic growth and development in Cameroon. This study explores the impact of foreign aid to economic growth and development in Cameroon using descriptive statistics for data that spans from 1997 to 2006. The results show that foreign aid significantly contributes to the current level of economic growth but has no significant contribution to economic development. The findings imply that Cameroon could enhance its economic development by effectively managing funds from aid and by strategically strengthening anti-corruption measures.
The rest of the work is organized as follows: Chapter one consist of an introduction, chapter two is the literature review, chapter three constitute the research methodology, chapter four is the data presentation and analyses, chapter five summary of findings and recommendations and lastly chapter six conclusions,
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Parvin, Naima. "Essays on banking sector development and economic growth in developing economies". Thesis, Cardiff University, 2011. http://orca.cf.ac.uk/54525/.
Testo completoAbstract (sommario):
This thesis examines the impact of banking sector development in economic growth in developing countries. Chapter 1 examines the linkage between financial development and economic growth in an economy with an informal and a formal sector. We find that growth in such economies is mainly stimulated by human capital and higher allocations in the formal sector. Higher revenue through consumption taxation in the formal sector that results in more redistribution creates a multiplier effect on growth. For developing countries there is therefore a need to design policies that encourage accumulation of human capital and a shift of the additional human capital to the formal sector. Chapter 2 empirically examines how banking development affects growth in regional output, agriculture and industry in India. Using state level data for India for 1999-2008, we examine if and to what extent the recent banking reforms have affected regional growth. Results show that there is strong evidence of banking development-led growth effects in India. Deposits of commercial banks positively affect growth in industry but do not significantly affect growth in agriculture. Rural banks' credits stimulate agricultural growth. Given the large share of agriculture in Indian GDP, this clearly implies that expansion of regional rural banks can positively affect economic growth in India. Chapter 3 extends chapter 2 by examining how and to what extent development in infrastructure and rural well being can assist in explaining the banking development-led growth in state level output, agriculture and industry in India. We find that there is clear evidence of growth effects of development in banking, infrastructure and rural well being in 26 states of India. Transport expansion generally improves growth in output and industrial output, but more allocation of production in the informal sector can hurt growth. Improvement in rural well being can stimulate growth. A major determinant of the success of rural banking development-led growth in India is therefore the development of physical infrastructure and rural well being.
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Han, Myung Jin. "Testing the predictive ability of measures of total factor productivity growth /". free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3115550.
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Antunes, de Oliveira Felipe. "The political economy of permanent underachievement : a critique of neoliberalism and neodevelopmentalism in Argentina and Brazil". Thesis, University of Sussex, 2018. http://sro.sussex.ac.uk/id/eprint/76816/.
Testo completoAbstract (sommario):
In Argentina and Brazil, the future never seems to arrive. Over the last three decades, successive waves of neoliberal and neodevelopmentalist reforms invariably ended in disappointment. The most relevant question defying the contemporary Brazilian and Argentinian political economy literature is why, despite being repeatedly predicted in economic programs and promised in political discourses, catch-up development never materialises? Neoliberal and neodevelopmentalist authors offer apparently contradictory answers to that question. For the former, economic underachievement is a result of insufficient or ill-conceived pro-market reforms. For the latter, it is a consequence of the lack of state-led national development projects. In this thesis, I challenge both mainstream narratives. I claim that the roots of Brazilian and Argentinian permanent underachievement are intrinsically related to the fragilities of neoliberal and neodevelopmentalist development strategies, which result in inherently inconsistent policies. Although representing themselves as complete opposites, both sides actually share two problematic premises: a narrow view of development, understood as capitalist catch-up, and a simplified opposition between state and market. My critique starts from a radical reappraisal of the very concept of development, informed by Leon Trotsky's idea of uneven and combined development and its contemporary interpretations. Defining development as the dynamic outcome of the interplay between class disputes and international pressures and opportunities, I argue that the shortcomings of the neoliberal and neodevelopmentalist reforms were determined by the specific responses given by dominant class alliances in the face of successive international crises. The argument is advanced through four in-depth case studies of the state reforms carried out in Brazil and Argentina since the 1990s, with particular attention to macroeconomic and foreign policies. By breaking the oligopoly of narratives about Brazilian and Argentinian development shared by neoliberals and neodevelopmentalists, I aim to contribute to the rise of alternative strategies of development from below.
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Birru, Yohannes Ayalew. "Essays on the role of public infrastructure and medium-term growth strategies in developing countries (with particular emphasis on Ethiopia)". Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/65972/.
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Moyo, Clement Zibusiso. "Financial liberalisation and economic growth in SADC countries". Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/5748.
Testo completoAbstract (sommario):
Attaining high levels of economic growth and development has been one the goals of the Southern African Development Community (SADC). This paper investigates the relationship between financial liberalisation and economic growth in SADC countries. Annual data for the 15 SADC countries for the period 1985-2011 was used to develop a fixed effect model, generalised method of moments (GMM) as well as the fully-modified OLS (FMOLS) cointegration test. The results revealed that there is a positive relationship between financial liberalisation and economic growth in SADC but there is no long-run relationship between the two variables. It is recommended that the SADC adopt measures to increase the level of financial openness in the region in order to increase economic growth but this policy should be supplemented by other growth enhancing policies in order to increase economic growth over the long-term. However, prior to the increase in the level of financial openness, well-defined property rights and a sound regulatory framework should be in place to monitor the financial liberalisation process in order to avoid financial crises.
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Fink, Gerhard, Peter Haiss e Sirma Hristoforova. "Bond markets and economic growth". Forschungsinstitut für Europafragen, WU Vienna University of Economics and Business, 2003. http://epub.wu.ac.at/1238/1/document.pdf.
Testo completoAbstract (sommario):
This paper examines the relationship between the development of the aggregate bond markets and real GDP in 13 highly developed economies. The recent interest in the ties between the real and the financial sector has usually been on the banking sector and the stock markets, rather ignoring the bond markets as a third essential source of external finance. We fill this gap by providing empirical evidence for causality patterns supporting the supply-leading approach in the USA, UK, Switzerland, Germany, Austria, the Netherlands and Spain over the 1950 to 2000 period. In the cases of Japan, Finland and Italy we find evidence of interdependence between bond market capitalization growth and real output growth. Granger causality test and co-integration approach are employed to support this conjecture. (author's abstract)Series: EI Working Papers / Europainstitut
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Sogoni, Zanele. "Is public debt boosting economic growth in SADC?" Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/29033.
Testo completoAbstract (sommario):
The World Bank estimates that Africa's inadequate infrastructure decreases productivity by around 40 per cent every year and reduces national economic growth by 2 per cent annually. Such disadvantages hinder private sector investment, which is a key driver of job and wealth creation. Financing the development of infrastructure in an appropriate manner has been a leading topic in the continents development agenda. In order to remedy the infrastructure deficit problem, more and more African countries are increasing their public debts by borrowing in the international markets to finance their infrastructure deficits in the hope that it will ultimately spur economic growth and attract more investment. SSA's access to the international markets has grown significantly, facilitated by easing global financial conditions. By end March 2014, 13 countries had issued international sovereign bonds, for reasons that include infrastructure building. The sub-Saharan Africa's region's access to international markets has come under much attention lately as debt levels are rising with fears that they may reach the unsustainable pre –HIPC levels. For example, Zambia's total debt burden stood at an unsustainably high USD5.4 billion in 2005 – equivalent to 74% of the country's GDP and almost 208% of its foreign exchange earnings (IHS Global Insights, 2014). The attainment of debt relief under the IMF and World Bank's Multilateral Debt Relief Initiative (MDRI) in early 2006 dramatically decreased the country's debt holdings to less than 25% of GDP. However, in the third quarter of 2012, the government issued its first Eurobond and raised debt capital of USD 750 million. This was followed by a USD 1 billion Eurobond issue in the second quarter of 2014 (IHS Global Insights, 2014) with the stated intention of using the funds for infrastructural development and maintenance. However, according to the latest IMF statement on Zambia released on 6 June 2014, Zambia's macroeconomic situation, though potentially promising, is in trouble and needs urgent fixing. It appears that the government of Zambia wants an IMF funding arrangement, possibly a bailout (Zambian Economist, 2014). In the face of mounting evidence that access to the international capital markets and rising public debt are more likely to have enhanced vulnerability than growth, this paper examines the determinants of economic growth in a panel of 15 countries. It examines the impact of external debt, total public debt and infrastructure expenditure on economic growth in the southern African region over a period of 10 years (between 2004 and 2014). The findings suggest an inverse relationship between external debt and total public debt against economic growth. The findings also suggest that there is a positive relationship between infrastructure development and economic growth amongst the countries in the southern Africa region. These relationships were found to be insignificant, suggesting that other factors outside of the variables of infrastructure expenditure, external debt and total public debt are influencing economic growth (or slowdown) in the region. The paper also examines the current debt situation in the 15 countries and policy considerations are also presented.
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Feudjou, Alain. "Foreign aid and economic growth in South Africa". Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28997.
Testo completoAbstract (sommario):
Foreign aid inflows have grown significantly in the post-war period. Many studies have tried to assess the effectiveness of aid. The role of foreign aid in promoting economic growth has been the subject of much debate among development specialists, researchers, aid donors as well as recipients in general and South Africa in particular. In spite of this, there are only few empirical studies that investigate the relationship between foreign aid and economic growth in South Africa. This study assesses whether there is any existent relationship between foreign aid and economic growth in South Africa using descriptive statistics for data that spans from 1994 to 2010. The result supports the view that there is strong, positive and significant relationship between foreign aid and economic growth in South Africa. This implies that foreign aid contributes to economic growth in South Africa.
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Sekele, Ezekiel Chisenga. "Government expenditure variables and economic growth in Zambia". Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29076.
Testo completoAbstract (sommario):
The government sector forms a significant part of the economy. As such, it is important to examine the impact of government activities on the economy. This study investigates the impact of several components of government expenditure on economic growth between 2001Q1 and 2014Q4 using the vector error correction model. The study found that only expenditure on transport and gross fixed capital formation had a significant positive impact on economic growth in the short-run. In the long-run, only expenditures on transport and education had a significant impact on economic growth. However, expenditure on health has a negative, although insignificant, impact on economic growth. This result may be due to the heavy concentration of health expenditure on disease treatment rather than disease preventive measures. Spending on defense has no significant impact on economic growth. Expenditure on agriculture was found to have no significant impact on economic growth both in the short- and long-run, partly due to a heavy concentration of expenditure on price-distorting agriculture input- and output-price support programs. The findings of the study suggest that there is need to focus expenditure on increasing agricultural productivity, improving the quality of education, improving road infrastructure and expanding disease prevention measures.
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Johnson, Katherine. "The Role of Islamic Banking in Economic Growth". Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/642.
Testo completoAbstract (sommario):
Islamic banking is currently one of the fastest growing segments of the financial market industry, operating in over 75 countries through 300 institutions. While past literature has established the development of financial institutions as a determinant of economic growth, research on the correlation of the diffusion of Islamic banking with economic growth is limited. This study seeks to add to the literature by empirically analyzing the economic growth determinative power of Islamic banks. Confirming past research, Muslim prevalence in a population is found to be the most significant determinant of the diffusion of Islamic banks. Using this exogenous instrument in 2SLS regressions, results show that Islamic banks are not significantly correlated with economic growth. Most notably, including the Islamic banking instrument affects the strength of beta-convergence. Basic Solovian specifications show that convergence occurs; countries with higher initial GDP per capita grow more slowly. After accounting for the intensity of Islamic banking, this effect becomes much less statistically significant, suggesting that some of the effect of convergence may operate through the propensity to adopt Islamic banking. Empirical analysis disaffirms the hypothesis that Islamic banks minimize the explanatory power of legal origin on economic growth due to their independent implementation of Shariah law; the results show that accounting for Islamic banks has no effect on the determinative power of legal origin. Finally, the correlation of Islamic banking and financial deepening is largely dependent on legal origin, resulting in negative effects for countries with British legal origin and positive for those with French legal origin.
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Warman, Fanny. "The financing of economic growth and development : the case of Mexico". Thesis, University of Kent, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.333988.
Testo completo
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Sevastianova, Daria P. "Does conflict disrupt growth? evidence on sociopolitical variables in the empirical growth models /". Diss., Online access via UMI:, 2007.
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Elíasson, Lúðvík. "Economic growth with a renewable resource sector /". Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/7378.
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Kim, Pilhyun. "Three essays on financial development and economic growth". Columbus, Ohio : Ohio State University, 2006. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1141086209.
Testo completo
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Krasulina, Natalia. "FInancial development and economic growth: cross-country comparisons". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18626.
Testo completoAbstract (sommario):
This study attempts to investigate the relationship between financial development and economic growth and also the empirical analysis examines Granger causality of this relationship. Time series models are applied for six countries with emerging markets and different types of financial system (Saudi Arabia, Kuwait, Tunisia, Morocco, Israel and Egypt). For the pairwise combinations of financial development indicators and economic growth which do not have cointegrating relationships, Granger causality is applied within the vector autoregressive (VAR) model. When the variables have cointegrating relationship, Granger causality test is applied using the vector error correction model (VECM). The empirical results in the study case suggest that financial structure in some degree can explain economic growth indicator. Moreover the test results show weak dependence between financial development and economic growth. The Granger causality test indicates unidirectional Granger causality running from financial development and economic growth, reverse relationship and bidirectional Granger causality.
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Wang, Di. "Economic growth and financial development : a legal explanation". Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/608/.
Testo completoAbstract (sommario):
This thesis presents a multi-national empirical study of the relationship between financial development and economic growth from the legal protection perspective based on both micro firm-level data and macro country-level data. Our study comprehensively examines the investor legal protection in terms of legal statues, legal enforcement and legal origins. We first examine the mechanism through which the legal system affects firm investment behaviour. The study suggests that a well-functioning legal system will benefit financial development; consequently access to external finance in the financial sector will be easier, thus firms are less sensitive to internal financing. Secondly, we investigate this relationship by taking into account of the cost of capital. The empirical study provides evidence that stronger legal protection will lead to a decrease in the cost of debt and equity, since it promotes financial development and thus funds are more available. Finally, we construct four new indices to measure financial development from the qualitative aspect rather than the quantitative aspect. The indices measure the liquidity and volatility of financial market while assessing the efficiency of banking and non-banking sector. We find that economic growth is accelerated by financial development which is exogenously determined by the functioning of legal systems.
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Masih, Rumi. "Dynamic linkages between financial development and economic growth". Thesis, University of Cambridge, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.621229.
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Hung, Fu-Sheng. "Essays on Financial Market Development and Economic Growth". Diss., Virginia Tech, 1998. http://hdl.handle.net/10919/30538.
Testo completoAbstract (sommario):
This dissertation is a collection of essays on financial market development and economic growth. In contrast to existing literature, which considers credit for investment along, we investigate the relationship between credit market development and economic growth in the framework where both investment and consumption are financed via credit markets. The environment developed on this dissertation creates a role for each kind of credit to play. First, credit market conditions of entrepreneurs and consumers are related and depend on each other. Second, the interactions between consumers and entrepreneurs are of importance for economic growth. The models are empirically relevant, as they can explain why the effect of credit market development on economic growth appears to differ between high-income and middle- and low-income countries.Ph. D.
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Brúderová, Ivana. "NATIONAL ECONOMIC GROWTH AND REGIONAL DEVELOPMENT IN CHILE". Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-194138.
Testo completoAbstract (sommario):
Topic of territorial inequalities has gained importance recently, with increased number of authors investigating the topic in Latin American region, where it became a serious issue. Chilean incapability to export a benefits of its national growth to the regions, are a matter of concern of Chilean government as territorial inequalities already prevents the country in further increasing its level of national aggregate growth. Through analysis of economic, demographic, and labor market indicators over the 2000-2012 period on regional level I identify slow and fast growing regions, regions endangered by population decline and answer a question if national Chilean economic growth is visible also in its regions or strictly concentrated in a capital, Santiago. The differences in results of calculations based on administrative and functional regions division demonstrate the need of change in regional approach of Chilean National statistical office such as putting greater focus on rural-urban partnerships in order to unlock the growth potential of Chilean regions.
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Bhatti, Arshad Ali. "Essays on financial development, inequality and economic growth". Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-financial-development-inequality-and-economic-growth(a8fbe2ac-9d65-4b51-8d97-153e2c7a2168).html.
Testo completoAbstract (sommario):
This thesis explores two important aspects of growth, namely the roles of financial development and inequality. The recent literature has indicated that both the finance-growth and inequality-growth relationships are complex and not well captured through conventional linear regression analyses. Thus, most of the existing empirical literature focuses on marginal or direct growth effects, ignoring the role of possible factors, conditions and thresholds that may alter our thinking about how financial development or inequality may affect economic growth. Further, it ignores the presence of outliers, especially in cross-sectional analyses which may hinder our understanding of these relationships. Therefore, Chapter 1 addresses the issue of outliers in finance-growth literature and provides a robust sensitivity analysis of some past studies and an updated data set. Chapter 2 focuses on whether R&D plays a role, potentially as a proxy for an omitted variable, for growth and whether it has important interactions with financial development. Chapter 3 then examines the role of inequality for growth, allowing the effects to differ depending on the level of human versus physical capital accumulation.The cross-sectional analysis of Chapter 1 employs the robust regression methods of median quantile regression and least trimmed squares. It shows that the findings of past studies are sensitive to outlier observations. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period 1997-2006. This last finding is consistent with Rousseau and Wachtel (2011). Moreover, we investigate whether our understanding of the finance-growth relationship can further be improved by introducing a measure of R&D into the standard analysis. We note that our measure of R&D has a strong positive effect on growth and may proxy the role of an omitted variable which is highly correlated with economic growth.Chapter 2 also uses R&D and investigates its interaction with conventionally measured financial development. It employs a variety of panel data techniques for a panel of 36 OECD and non-OECD countries to show that the relationship between financial development and economic growth is not straightforward; rather, it is conditional upon the level of innovation or R&D. Further, we find that a high level of technological innovation or R&D is associated with a weak or negative effect of financial development on economic growth. It is also noted that R&D is associated with financial innovation and the results suggest that countries with a high level of R&D may have less regulated financial systems which can adversely affect the finance-growth relationship.The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav (2004). Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship. Methodologically, we use threshold regression with instruments, developed by Caner and Hansen (2004), which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it. We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav (2004).
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Pereira, Maria da Conceicao Costa. "Financial development and economic growth : theory and evidence". Thesis, University of Manchester, 2002. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.488211.
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Bateman, Brent Pattanee Winichagoon. "Nutrition intervention : a potential factor for economic growth and development /". Abstract, 2004. http://mulinet3.li.mahidol.ac.th/thesis/2547/cd366/4238009.pdf.
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Kungwane, Reabetswe. "Financialisation and economic growth in Africa". Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/32724.
Testo completoAbstract (sommario):
Despite the growing literature on financial development-economic growth nexus, there exists a paucity of empirical studies that explore the impact of financialisation on economic growth while focusing on the competitiveness of the financial sector. This study examines the revealed comparative advantages of 34 developing African countries from the period 2008 to 2017 and goes further to determine the impact of the revealed comparative advantage indices on economic growth. Revealed comparative advantage is used as an alternative proxy to financialisation, while economic growth is measured in terms of GDP per capita. In order to determine the impact, a panel study approach was followed, using a multiple linear regression model. The study produces two findings. Firstly, we find that the majority of African countries do not reveal a comparative advantage in financial services. This finding confirms our expectation. Secondly, we find that there exists a negative and significant relationship between financialisation and economic growth. The findings suggest that as developing countries in Africa gain comparative advantages in financial services, those gains have a detrimental impact on their economic growth. Informed by the findings of this study, which have implications for financial market development in Africa, the main recommendations are firstly that regulators need to play their part in reducing the cost of business for financial services institutions—particularly compliance costs, so as to encourage competition and development in the financial services sector, without compromising their responsibility to protect consumers. Secondly, better insights regarding cross-border trading and its impact on economic growth, profitability and the accumulation of foreign currency reserves need to be gained, in order to come up with more conducive regulatory frameworks that do not result in penalties for local firms, rendering them uncompetitive relative to foreign firms. Additionally, management at financial institutions have the responsibility of ensuring that benefits derived from their cross-border business go beyond shareholder value, but that reinvestment into the real economy takes place either through increased lending or equity investments and should also ensure that sufficient investments are made into the infrastructure required to increase the institution's competitiveness. Finally, Government and regulators needs to pay attention to how cross-border financial transactions are taxed, especially considering the new era of FinTech's, cryptocurrencies, and deepening regional integration, while at the same time ensuring that there is greater depth, bread and liquidity of their local financial markets.