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Book part
Publication date: 15 August 2007

Ritab S. Al-Khouri

This paper presents new evidence of the relationship between financial market development (banking sector) and economic growth for a set of seven Middle East and North African…

Abstract

This paper presents new evidence of the relationship between financial market development (banking sector) and economic growth for a set of seven Middle East and North African economies over the period 1965–2002. We find evidence that in six of the seven countries, banking-sector development Granger causes increases in economic growth. However, in three of those six countries, economic growth also Granger causes banking development. Our co-integration analysis reveals that there is a stable long-run equilibrium relationship between banking-sector development and economic growth for all our countries. However, based on vector error-correction models, there is limited evidence that banking-sector development boosts economic growth in the short run.

Details

Issues in Corporate Governance and Finance
Type: Book
ISBN: 978-1-84950-461-4

Open Access
Article
Publication date: 22 December 2020

Taiyan Huang

The purpose of this paper is based on China’s economic fundamentals. Factor input, structural optimization and institutional reform, which determine the fundamentals of China's…

2439

Abstract

Purpose

The purpose of this paper is based on China’s economic fundamentals. Factor input, structural optimization and institutional reform, which determine the fundamentals of China's economic development, will actively prop up long-term, sustained and stable growth of the Chinese economy and keep China's potential economic growth rate stabilized within a reasonable growth range in the long term.

Design/methodology/approach

The fundamentals of economic development of a country are the basic situation of economic operation determined by the country's main factors and the long-term trend thereof, and they have such characteristics as stability, internality and persistence.

Findings

Stability refers to economic operation that remains relatively stable within a reasonable growth range at a certain stage of development, and this does not rule out exceptional economic fluctuations in certain years due to the impact of unexpected short-term factors. For instance, the fundamentals of the Chinese economy during the period after the reform and opening-up are characterized by a sustained high growth rate.

Originality/value

Internality refers to the intrinsic quantity and quality of all factors supporting the economic development of a country, especially the quantity and quality of the factors that play a decisive role in the economic development of a country at a specific stage. For instance, demographic dividend and capital formation have bolstered the high-speed growth of the Chinese economy since the reform and opening-up.

Details

China Political Economy, vol. 3 no. 2
Type: Research Article
ISSN: 2516-1652

Keywords

Article
Publication date: 1 March 1999

Kuotsai Tom Liou

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related…

273

Abstract

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related to local economic development in general and to the financing economic development in particular; and (2) a summary of major findings from the four symposium papers addressing such issues as rural bank loans, the tax increment financing program, professionalism in economic development, and regional development through tax sharing.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 11 no. 2
Type: Research Article
ISSN: 1096-3367

Article
Publication date: 1 March 1999

Kuotsai Tom Liou

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related…

Abstract

This symposium examines issues related to local economic development financing. The symposium introduction paper consists of two sections: (1) a review of the literature related to local economic development in general and to the financing economic development in particular; and (2) a summary of major findings from the four symposium papers addressing such issues as rural bank loans, the tax increment financing program, professionalism in economic development, and regional development through tax sharing.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 11 no. 3
Type: Research Article
ISSN: 1096-3367

Book part
Publication date: 4 July 2019

Artem I. Krivtsov

  • Development sustainability of economic entities in the modern global universe: stakeholder approach.

  • The model of strategy implementation in the field of sustainable development.

Abstract

Highlights

  • Development sustainability of economic entities in the modern global universe: stakeholder approach.

  • The model of strategy implementation in the field of sustainable development.

  • The system of key performance indicators (KPI) in the field of sustainable development.

Development sustainability of economic entities in the modern global universe: stakeholder approach.

The model of strategy implementation in the field of sustainable development.

The system of key performance indicators (KPI) in the field of sustainable development.

Book part
Publication date: 1 March 2023

Galina V. Vorontsova, Sergey I. Lugovskoy and Elena V. Kizil

The purpose of this work consists in formulating the game strategy of business integration in special economic zones and its advantages for the sustainable development of regions…

Abstract

Purpose

The purpose of this work consists in formulating the game strategy of business integration in special economic zones and its advantages for the sustainable development of regions of Russia.

Design/Methodology/Approach

The following methods are used in this work: comparative analysis, statistical method and the game method of business simulation.

Findings

The game strategy of business integration in special economic zones and its advantages for the sustainable development of regions of Russia are formulated. The government's requirements (within investing) and benefits in the context of taxation of income and property of the subjects of the economy and citizens, which exist within special economic zones of the Russian Federation, are analysed. The case advantages of activity (draft formulas of development) of the subjects of the economy within special economic zones of the Russian Federation are described compared to their possible individual development. The effects of implementing special economic zones, which are characteristic of the regions of their location, are revealed. A perspective formula for the development of participating enterprises of a special economic zone of the industrial type is formulated, and the directions for the optimisation of socio-economic and ecological development for a depressive region are given.

Originality/Value

The novel aspect of this research consists in determining the specific features of the game strategy of business integration in special economic zones and its advantages for the sustainable development of regions of Russia.

Details

Game Strategies for Business Integration in the Digital Economy
Type: Book
ISBN: 978-1-80262-845-6

Keywords

Article
Publication date: 30 August 2011

Qazi Muhammad Adnan Hye and Irina Dolgopolova

The purpose of this paper is to construct a financial development index for China and to analyze the relationship between the financial sector development index and economic

1490

Abstract

Purpose

The purpose of this paper is to construct a financial development index for China and to analyze the relationship between the financial sector development index and economic growth.

Design/methodology/approach

This study uses Johansen‐Juselius cointegration approach to determine long run relationship between variables. To determine the strength of causal relationship variance decomposition is used. The stability of coefficient is evaluated through rolling window regression method.

Findings

The results of Johansen‐Juselius cointegration approach confirm long run relationship between financial development index and economic growth. Normalized cointegrating vector indicates that financial development index, real interest rate, capital and labor force positively determine economic growth in China. The yearly coefficient is provided by the rolling regression and indicates that financial development index negatively link to economic growth in 1991, 1992, 1994, 1995, 1999, 2000, 2003‐2005. Interest rate is negatively linked to economic growth in 1991‐1996, 2007 and 2008. The variance decomposition method validates that shocks in financial development index and real interest rate are explained by economic growth.

Originality/value

A financial development index for China is constructed and the relationship between economic growth and financial development is indicated.

Details

Chinese Management Studies, vol. 5 no. 3
Type: Research Article
ISSN: 1750-614X

Keywords

Book part
Publication date: 4 July 2019

Aleksei V. Bogoviz, Svetlana V. Lobova, Julia V. Ragulina, Alexander N. Alekseev and Yevgeniy A. An

The purpose of the chapter is to determine the essence of sustainable socio-economic systems through the prism of economic growth.

Abstract

Purpose

The purpose of the chapter is to determine the essence of sustainable socio-economic systems through the prism of economic growth.

Methodology

The methods of econometric and regression analysis are used for determining the level of sustainability of development of economic systems in 2018 by comparing the values of the index of ecological effectiveness, calculated by the Yale Center for Environmental Law and Policy, and the index of socio-economic development, calculated by the Legatum Institute. Also, coefficients of variation, which reflect per cent deviation of GDP per capita in current prices on average for 2006–2022 are calculated. The studied indicator is GDP per capita in current prices (calculated by the International Monetary Fund). The research objects are leading developed countries and countries of BRICS.

Conclusions

It is determined that more sustainable socio-economic systems of developed countries show higher stability of economic growth during 2006–2018, and less sustainable socio-economic systems of developing countries develop in unstable way. However, the influence of sustainability on stability of economy is vivid.

Originality/values

The existing conceptual treatment of the essence of sustainable socio-economic systems is specified by substantiating that these systems develop not only harmoniously in the aspect of balance of social, economic, and ecological development but also in a stable way in the aspect of low volatility of GDP per capita in current prices. This treatment is interesting from the scientific and practical points of view for development and implementation of state policy in the sphere of managing sustainable development of economy.

Details

“Conflict-Free” Socio-Economic Systems
Type: Book
ISBN: 978-1-78769-994-6

Keywords

Article
Publication date: 29 December 2023

Charles Ogechukwu Ugbam, Chi Aloysius Ngong, Ishaku Prince Abner and Godwin Imo Ibe

This study examines the nexus of bond market development and economic growth from 2015 to 2022.

Abstract

Purpose

This study examines the nexus of bond market development and economic growth from 2015 to 2022.

Design/methodology/approach

The system-generalized method of moments (GMM) is employed on economic growth, government market capitalization, corporate market capitalization, bond yield, interest rate spread, trade openness and investment level.

Findings

The findings show that the government bond market, corporate bond capitalization and bond yield positively impact the gross domestic product (GDP). The results equally reveal a causal link between the corporate bond market, bond yield and GDP.

Research limitations/implications

Governments should emphasize creating, developing and sustaining bond markets in the economies of developing countries to boost economic activity by promoting structural transformation. Policymakers should improve the implementation of existing rules and regulations while complementing them with new ones since well-developed bond markets provide alternative sources of financing that make economies financially resilient. Policymakers should encourage the issuance of corporate bonds to enhance the efficiency of the capital markets and mobilize funds for economic growth stimulation. Governments and corporations should diversify their sources of funding into the bond markets since the bond yields are favorable to economic growth.

Originality/value

Earlier studies presented arguable results on the bond market development and economic growth nexus. Several findings indicate a positive link; others give a negative link between bond market development and economic growth. Some show causal directions, while other reveal none. The contradictory results motivate research. This research results contribute to the literature in that the government bond market, corporate bond capitalization and bond yield positively impact the GDP of developing nations.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Book part
Publication date: 16 September 2022

Elena G. Popkova and Anastasia A. Sozinova

This chapter’s goal is to determine the essence and causal connections of the emergence of conflicts at the level of economic systems (countries) due to technological inequality…

Abstract

This chapter’s goal is to determine the essence and causal connections of the emergence of conflicts at the level of economic systems (countries) due to technological inequality and to find the perspectives of overcoming these conflicts. The chapter models the economic and political conflict of modern time under the conditions of high-tech development based on the methods of variation analysis and regression analysis. It is proven that the scale of technological inequality in the world economy is very large. It is the economic and political conflict of modern time, the essence of which is as follows: the differentiation of economic systems amid digital development predetermines the opportunities for their entering the world markets. This chapter contributes to the development of the theory of economic and political conflicts, proving the existence of technological inequality as a new form of differentiation of economic systems amid digital development and defining this inequality as a new economic and political conflict of modern time. The chapter also contributes to the development of the theory of international trade, disproving – for the first time – the action of the principle of freedom of international trade. The authors describe technological barriers of the world markets, which limit the presence of countries that are behind the leading countries by digital development. Three key factors that determine the level of technological development of the economy are given: knowledge-intensive employment, venture investments and financing of innovations in business. Due to the above, the chapter provides opportunities for technological conflict management.

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