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The purpose of this study is to empirically examine the impact of financial development on poverty reduction in Egypt. The paper also investigates whether financial development affects poverty via gross domestic product (GDP) growth.

This study uses the autoregressive distributed lag approach to estimate two specifications. The first is dependent on poverty by the ratio domestic credit to the private sector (percentage of GDP) and the second is dependent on the poverty by the ratio liquid liabilities to GDP or M3/GDP. The data are annual and cover the period from 1980 to 2015.

In long run, the study finds that relationship between economic growth and poverty is bidirectional. Financial development and poverty (household final consumption expenditure per capita) are complementary as bidirectional (in Granger sense). In short run, the study finds the bidirectional causality between financial development (real domestic credit to private sector per capita) and poverty reduction.

The findings suggest that governments should remove policies that impede the ability of banks to offer loan products or undermine the commercial incentive structure for banks or borrowers. It is crucial to enhance the role of specialized state-owned banks in financial intermediation.

Several attempts have been made to investigate the relationship between financial development and other macroeconomic variables, but few studies have examined the impact of financial development on poverty reduction. Furthermore, the majority of the previous studies are based on Asia and Latin America – affording Egypt very little or no coverage at all.

The purpose of this paper is to provide a quantitative assessment of the factors contributing to India's growth acceleration since 1970, based on the neoclassical growth model.

A feature of neoclassical growth models is that capital accumulation is induced by both productivity growth and increases in investment rates. The paper uses a growth decomposition method based on that of Robertson. The method reconstructs India's actual growth path exactly, then decomposes the growth using counterfactual simulations, holding investment rates constant and productivity growth constant. The role of human capital is also discussed.

An increase in the productivity growth rate from 1970 accounts for 68per cent of India's post 1970s growth and the rise in the investment rate accounts for 30 per cent. Hence an upward trend in productivity growth has been more than twice as important as the doubling of the investment rate. A similar conclusion applies for the post 2000 era, where a rise in investment from 25 per cent to 37 per cent of GDP, only adds about 0.7 percentage points of growth to the 4.5 per cent annual growth rate over this period.

The paper provides quantitative estimates of the role of investment and productivity to India's growth based on the neoclassical growth model. It thus improves upon existing growth accounting studies by allowing for the induced effect of productivity growth on capital accumulation. It also improves upon existing development accounting techniques that rely on steady state restrictions, and which would therefore be inappropriate for evaluating India's recent transitional growth.

This paper takes the finance-growth nexus further by looking at the relationship between bank competition, financial innovations and economic growth in Ghana. The purpose of this paper is to find the causality among bank competition, financial innovations and economic growth in Ghana.

The relationship between bank competition, financial innovations and economic growth was established through the framework of the endogenous growth model. In addition, the paper employed the bound testing ARDL cointegration procedures to enable us to establish both short-run and long-run relationship between bank competition, financial innovations and economic growth. Granger causality test were also estimated to determine the direction of causality.

The results showed that, in the long run, bank competition is positively related to economic growth while financial innovation is negatively related to economic growth. In the short run, bank competition is negatively related to economic growth. By the same token, financial innovation is positively related to economic growth in the short run. In terms of causality, the results showed that there is unidirectional Granger causality from bank competition to economic growth. However, there is bidirectional Granger causality between financial innovation and economic growth.

The study therefore, recommends for more regulations toward a more competitive banking system with more innovative products tailored toward mobilization of savings and investment to growth induced sectors of the economy.

This paper provides a time series perspective to the finance-growth nexus and highlights the potential contribution of effective banking development to the economic welfare of the Ghanaian citizens.

This study examines the moderating effect of institutional quality on the finance-growth nexus in South Africa from 1986 to 2015.

This study adopts unit root tests, cointegration test and autoregressive distributed lag (ARDL) model.

The findings reveal that institutional quality constitutes a drain to the growth benefits of financial development (FD) in South Africa in the short-run while FD and institutional quality converge to enhance growth process of the country in the long-run. Also, the threshold of institutional quality beyond which institution stimulates strong positive impact of finance on growth is estimated to be 6.42 on a 10-point scale.

This study, therefore, suggests that institutional quality matters in the way FD influences economic growth in South Africa. Hence, stakeholders are encouraged to trace and block lapses and loopholes in the institutional framework guiding financial system in South Africa so as to maximize growth benefits of FD.

This study contributes to the extant studies by introducing a country-specific analysis into the empirical examination of how institutional quality influences the impact of FD on economic growth. Also, this study deviates from other studies by determining the threshold of institutional quality beyond which FD stimulates strong positive effect on economic growth in South Africa

Assessing the failure probability of engineering structures is still a challenging task in the presence of various uncertainties due to the involvement of expensive-to-evaluate computational models. The traditional simulation-based approaches require tremendous computational effort, especially when the failure probability is small. Thus, the use of more efficient surrogate modeling techniques to emulate the true performance function has gained increasingly more attention and application in recent years. In this paper, an active learning method based on a Kriging model is proposed to estimate the failure probability with high efficiency and accuracy.

To effectively identify informative samples for the enrichment of the design of experiments, a set of new learning functions is proposed. These learning functions are successfully incorporated into a sampling scheme, where the candidate samples for the enrichment are uniformly distributed in the n-dimensional hypersphere with an iteratively updated radius. To further improve the computational efficiency, a parallelization strategy that enables the proposed algorithm to select multiple sample points in each iteration is presented by introducing the K-means clustering algorithm. Hence, the proposed method is referred to as the adaptive Kriging method based on K-means clustering and sampling in n-Ball (AK-KBⁿ).

The performance of AK-KBⁿ is evaluated through several numerical examples. According to the generated results, all the proposed learning functions are capable of guiding the search toward sample points close to the LSS in the critical region and result in a converged Kriging model that perfectly matches the true one in the regions of interest. The AK-KBⁿ method is demonstrated to be well suited for structural reliability analysis and a very good performance is observed in the investigated examples.

In this study, the statistical information of Kriging prediction, the relative contribution of the sample points to the failure probability and the distances between the candidate samples and the existing ones are all integrated into the proposed learning functions, which enables effective selection of informative samples for updating the Kriging model. Moreover, the number of required iterations is reduced by introducing the parallel computing strategy, which can dramatically alleviate the computation cost when time demanding numerical models are involved in the analysis.

This paper aims to analyze the extent to which social capital (SC) spurs innovation in firms located within tourism clusters. Specifically, the study focuses on the mediating role of ambidextrous knowledge strategy (AKS) on the relationship between SC and innovation.

A structural model is used on a sample of 215 firms of the hospitality and tourism industry located in World Heritage Cities of Spain. Data analysis is carried out using partial least squares.

The combination of bonding and bridging capital yields higher innovation performance through AKS.

This analysis does not take into account the full set of confounding factors that influence innovation. The factors captured by this study significantly explain heterogeneity in the intensity of innovation among the studied firms.

The main recommendation is that firms located in cultural tourism clusters (CTCs) do not restrict the focus on either local or outside relations only but pursue a strategy based on the combination of internal and external relations. This will enable ambidextrous knowledge strategies and better innovation performance.

There are numerous studies on the relation between some dimensions of SC, some knowledge strategies and some types of innovation. The value added of the present study is the articulation of complementarities among these dimensions. In particular, this study integrates bonding and bridging dimensions of SC, exploration and exploitation of knowledge and incremental and radical innovation. In addition, the paper provides an empirical identification of World Heritage Cities of Spain as CTCs.

Associated with status, excess and wastefulness, the consumption of luxury is perceived as the antithesis to sustainable development. Entrepreneurs create business cases to mediate positive sustainability changes, which transform markets and institutional arrangements. The purpose of this paper is to propose the concept of value-in-impact as an interface concept to integrate perspectives from entrepreneurship, marketing and ecological economics. It provides interdisciplinarily applicable, generalizable concepts to describe social entrepreneurs’ personal motivations to reconfigure market structures to produce sustainability change.

The case of Ecuadorian luxury chocolate manufactory To’ak is described in the context of the three pillars of sustainability, chocolate producers and cacao suppliers. Thematic analysis of the founders’ personal narratives provides insight regarding their motivation to use ostensibly antithetical luxury marketing for rainforest preservation and to foster self-reliant communities.

To’ak pays premium prices to create incentives to community farmers to propagate the rare, DNA-certified cacao exclusive to their products, thereby marginalizing oppressive suppliers. The company’s founders are motivated to excellence in the chocolate industry, having witnessed the loss of the cultural meaning of cacao, rainforest degradation and the dissipation of associated communities. The case study findings illustrate how value-in-impact is interpreted as purposeful configuration of value-in-use and value-in-exchange on luxury markets to produce positive sustainability change.

The notion of value-in-impact describes higher order conceptualizations in business research. It encompasses a holistic understanding of the dynamics within and between societal and natural ecosystems. Its application at the marketing/entrepreneurship interface can lead to improved management and policy decisions.

The purpose of this study is to improve the computational efficiency and accuracy of fatigue reliability analysis.

By absorbing the advantages of Markov chain and active Kriging model into the hierarchical collaborative strategy, an enhanced active Kriging-based hierarchical collaborative model (DCEAK) is proposed.

The analysis results show that the proposed DCEAK method holds high accuracy and efficiency in dealing with fatigue reliability analysis with high nonlinearity and small failure probability.

The effectiveness of the presented method in more complex reliability analysis problems (i.e. noisy problems, high-dimensional issues etc.) should be further validated.

The current efforts can provide a feasible way to analyze the reliability performance and identify the sensitive variables in aeroengine mechanisms.

To improve the computational efficiency and accuracy of fatigue reliability analysis, an enhanced active DCEAK is proposed and the corresponding fatigue reliability framework is established for the first time.

The principal aim of this paper is to review three basic theoretical growth models, namely the Harrod-Domar model, the Solow model and the Ramsey model, and examine their implications for economic policies.

The paper utilizes a positivist research framework that emphasizes the causal relationships between the variables in each of the three models. Mathematical methods are employed to formulate and examine the three models under study. Since the paper is theoretical, it does not use any empirical data although numerical illustrations are provided whenever they are appropriate.

The Harrod-Domar model explains why countries with high rates of saving may also enjoy high rate of economic growth. Both the Solow and Ramsey models can be used to explain the medium-income trap. The paper examines the impact of Covid shocks on the macroeconomy. While the growth rate can be recovered, it may not always possible to recover the output level.

For the Harrod-Domar model, the public spending decreases the private consumption at the period 1, but there is no change in the capital stock and hence the production in subsequent periods. For the Ramsey model with AK production function, both the private consumption and the outputs will be lowered. In both the Harrod-Domar and Ramsey models with Cobb-Douglas production function, if the debt is not high and the interest rate is sufficiently low, it is better to use public debt for production rather than for consumption. If the country borrows to recover the Total Factor Productivity after the Covid pandemic, both the Harrod-Domar and Ramsey models with Cobb-Douglas production function show that the rate of growth is higher for the year just after the pandemic but is the same as before the pandemic.

The economy can recover the growth rate after a Covid shock, but the recovery process will generally take many periods.

This paper focuses on economic implications and does not aim to examine social implications of policy changes or Covid-type shock.

The paper provides a comparison of three basic growth models with respect to public spending, public debts and repayments and Covid-type shocks.