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The purpose of this paper is to gain a deeper insight on how education boosts economic progress in key emerging economies. This project is aimed at exploring the interactive dynamics between the tertiary education sector and economic development in BRICS countries. The author also aims to examine how the structure of higher education contributes to economic expansion.

The author uses the time series data of BRICS countries across approximately two decades to determine the statistical causality between the size of tertiary enrollment and economic development. The linear regression model is then used to figure out the different impact levels of academic and vocational training programs at the tertiary level to economic development.

Data from all BRICS countries exhibited a unidirectional statistical causality relationship, except the Brazilian data. The national economic expansion Granger Caused increased tertiary enrollment in Russia and India, while in China and South Africa, higher education enrollment Granger Caused economic progress. The impact from tertiary academic training is found to be positive for all BRICS nations, while tertiary vocation training is shown to have impaired the Russian and South African economy.

This project is based on a rather small sample size, and the stationary feature of the time series could be different should a larger pool of data spanning a longer period of time is used. In addition, the author also neglects other control variables in the regression model. Therefore, the impact level could be distorted due to possible omitted variable bias.

Tertiary academic study is found to have a larger impact level to all countries’ economic advancement, except for China, during the time frame studied. There is a statistical correlation between the education and economic progress. This is particularly true for BRICS countries, especially China. But the exception is Brazil.

The government should provide education up to the certain level, as there is a direct correlation to the job creation and economic progress. Furthermore, the government should also work closely with industry to ensure growth of industry and creation of new jobs.

The comparative analysis and evaluation of the dynamic interaction of tertiary enrollment and economic output across all five BRICS nations is unique, and it deepens the understanding of the socioeconomic development in these countries from a holistic management perspective.

This study examines the effect of business cycle, market return and momentum on the financial performance of socially responsible investing (SRI) mutual funds using data from two complete business cycles as defined by the National Bureau of Economic Research (NBER).

A “fund of funds” approach is used to identify the extent to which SRI financial performance is affected by the macroeconomic climate. The Fama-French Three-Factor model and the Carhart four-factor model are used to bring the results into alignment with commonly used finance methodologies.

The results indicate that SRI tends to preserve value during economic contraction more than it adds value during economic expansion. Market return is important during both expansion and contraction, while momentum is important only during expansion.

These findings suggest that double screening, for both financial and social performance, enables portfolio managers of SRI funds to have insight into those companies that are particularly vulnerable during times of economic contraction.

These results bring added clarity to the mixed findings found by previous researchers examining the relationship between corporate social performance (CSP) and financial performance.

This study reinforces the idea that the financial performance of companies with high ethical standards is comparable to the financial performance of the market as a whole during times of economic expansion and superior to the market as a whole during times of economic contraction.

Business cycle analysis, along with the Fama-French Three-Factor model and the Carhart four-factor model, brings SRI research more into the realm of conventional financial analysis than previous studies.

The rise of East Asia to most dynamic center of processes of capital accumulation on a world scale is a phenomenon of the 1970s and 1980s. As a first approximation, the extent of this rise can be gauged from the trends depicted in figure 1. The figure shows the most conspicuous instances of “catching‐up” with the level of per capita income of the “organic core” of the capitalist world‐economy since the Second World War. As defined elsewhere, the organic core consists of all the countries that over the last half‐century or so have consistently occupied the top positions of the ranking of GNPs per capita and, in virtue of that position, have set (individually and collectively) the standards of wealth which all their governments have sought to maintain and all other governments have sought to attain. Broadly speaking, three regions have constituted the organic core since the Second World War: North America, Western Europe and Australasia (Arrighi, 1991: 41–2; Arrighi, 1990).

This paper empirically investigates the structural evolution of the US financial systems. It particularly aims to explore if the structure of the financial systems changes when the economy enters a recession.

The empirical analysis is conducted through the statistical approach of principal components analysis (PCA) and the graph theoretic approach of minimum spanning trees (MSTs).

The PCA results suggest that the VIX was the dominant factor influencing the financial system prior to the recession; however, the monetary policy represented by the three‐month T‐bill yield became the leading factor in the system during the recession. By analyzing the MSTs, we find evidence that the structure of the financial system during the economic recession is substantially different from that during the period of economic expansion. Moreover, we discover that the financial markets are more integrated during the economic recession. The much stronger integration of the financial system was found to start right before the advent of the recession.

Research findings will help individuals, institutions, regulators, central bankers better understand the market structure under the economic turmoil, so more efficient strategies can be used to minimize the systemic risk.

This study compares the structure of the US financial markets in economic expansion and contraction periods. The structural dynamics of the financial system are explored, focusing on the recent economic recession triggered by the US subprime mortgage crisis. We introduce a new systemic risk measure.

Human capital is a portfolio of rich skills that the labour possesses. Human capital has attracted significant attention from scholars. Nevertheless, empirical findings on the utility of human capital have often been divided. To address the research gap in the literature, the authors attempt to understand how human capital plays a significant role in financial development and economic growth nexus.

The authors rely on secondary data published by the World Bank. The authors use econometric tools such as the autoregressive distributive lag (ARDL) model and related statistical tests to study the relationship between human capital, India's financial growth and gross domestic product (GDP) growth.

Study findings suggest that human capital and financial development contribute significantly to economic growth. Further, the authors found that human capital has a positive and significant moderating effect on the path of joining financial development and economic growth.

The study contributes to the human capital debate. Despite the rich body of literature, the study based on World Bank data confirms the previous findings that investment in human capital is always useful for the financial and economic growth of the nation.

This paper reveals some unique findings regarding effect of financial development and economic growth nexus which opens the window of new dimension to think about their nexus. It also provides a different pathway to foster the economic growth by using human capital and financial development as together, especially in India.

The purpose of this study is to examine the effect of Islamic banks (IBs) and macroeconomic variables on economic growth in Saudi Arabia, the United Arab Emirates, Kuwait, Malaysia, Qatar, Bahrain and Bangladesh.

Based on these criteria, 672 observations from 24 IBs in Saudi Arabia, the United Arab Emirates, Kuwait, Malaysia, Qatar, Bahrain and Bangladesh were chosen for further investigation. Time series analysis is a well-known method for determining if model variables are stationary and how long-term relationships function through cointegration analysis. This study uses impulse response function (IRF) and variance decomposition (VD) methodologies to demonstrate how each macroeconomic variable shock influences the short-term dynamic path of all system variables.

Islamic banking promotes economic growth, especially in Saudi Arabia, the UAE, Kuwait, Malaysia, Qatar, Bahrain and Bangladesh. The findings of the Islamic banking VDC test have a direct and long-term effect on economic growth.

The literature on this topic can be improved in a number of ways, including by adopting a more robust method to analyze over a longer time frame. By researching specific financing in various areas of the economy, one can gain a deeper understanding of Islamic financing. This will enable the identification of sectors that contribute to economic expansion. Future research should examine combining nations with pure Islam and dual-banking systems to acquire sufficient data.

This paper has practice and research implications. It recommends adopting the nation’s successful experiment with the Islamic banking system as a model for attaining economic growth through Islamic financing. To replicate this successful experiment, government-based decision-makers and monetary policy experts must collaborate to make Islamic money flows simple and rapid through financial channels that enhance economic growth.

The study of the contribution of Islamic banking to economic growth in developing nations, particularly those with the highest total assets (TAs) and total deposits (TDs) in the world, remains of modest value. To the best of the authors’ knowledge, this is the first study to empirically assess the impact of IBs in developing nations, particularly those with the highest TAs and TDs in the world, on economic growth as measured by gross domestic product (GDP).

There are numerous reasons that may explain why the U.S. economy has performed well during the past twenty‐five years. One likely reason is that local economic development practices have enhanced American competitiveness. The first section develops a game theoretic model that show how local economic practices can result in either negative or positive sum outcomes for the nation as a whole. The second section describes how local economic development practices towards practices that are likely to result in better aggregate economic performance. The strong performance of the U.S. economy roughly coincides with the more efficient practices. The final section examines further practices that may make local economic stimulus more efficient.

The main purpose of this paper is to examine the existence of interdependence amongst banking earnings, banking security and growth performance across the Association of Southeast Asian Nations (ASEAN) region.

This paper utilizes a panel autoregressive distributed lag method with the annual data of nine ASEAN members over 1996–2017.

Only the short-run Granger causal impact of banking profitability on economic expansion is supported, while the long-run Granger causality between all the variables is strongly recognized. Increased banking well-being supports economic development, while higher banking security might have inverse impacts. However, increasing the banking profit without the corresponding better soundness can be detrimental to the economic growth in the short run and much more in the long run. Thus, improving banking profitability and stability simultaneously has positive net effects on the economic development.

This research is restricted to unavailable data and limited measurements of both banking profitability and stability. Further inclusion of other macro-economic variables, other banking development aspects or even non-banking indicators should also be considered.

National governments should emphasize a convenient financial environment, which can strongly enhance the positive relationship between banking earnings, banking safeness and output growth. Also, the relevant policies on higher banking well-being and stricter security obligations have to be simultaneously maintained.

Few papers have inspected the interrelationship between banking stability, banking profitability and economic growth, particularly in the ASEAN region. This causes the banking literature shortage, as well as insufficient insights for the financial policymakers into their endogenous dynamics. Thus, the study is the first attempt to fulfil the research gap.

Financial analysts have been found to be overconfident. The purpose of this paper is to study the ramifications of that overconfidence on the dispersion of earnings estimates as a predictor of the US business cycle.

Whether aggregate analyst forecast dispersion contains information about turning points in business cycles, especially downturns, is examined by utilizing the analyst earnings forecast dispersion metric. The primary analysis derives from logit regression and Markov switching models. The analysis controls for sentiment (consumer confidence), output (industrial production), and financial indicators (stock returns and turnover). Analyst data come from Institutional Brokers Estimate System, while the economic data are available at the Federal Reserve Bank of St Louis Economic Data site.

A rise in the dispersion of analyst forecasts is a significant predictor of turning points in the US business cycle. Financial analyst uncertainty of earnings estimate contains crucial information about the risks of US business cycle turning points. The results are consistent with some analysts becoming overconfident during the expansion period and misjudging the precision of their information, thus over or under weighting various sources of information. This causes the disagreement among analysts measured as dispersion.

This is the first study to show that analyst forecast dispersion contributions valuable information to predictions of economic downturns. In addition, that dispersion can be attributed to analyst overconfidence.

This chapter is part of a larger project that examines recent educational expansion efforts in the Republic of Trinidad and Tobago, a nation that provides a valuable case study of challenges shaping higher educational expansion efforts in developing countries. The initial goal of the project was to identify supply and demand issues in postsecondary training. Though we did not collect data with the intent to examine neo-institutional or status competition dynamics, this theme emerged inductively from a series of interviews conducted with individuals and focus groups, making it an ideal case study for this volume.