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This paper aims to reexamine the relationship between financial openness and financial development in Ghana.

The study applied maximum likelihood estimation and autoregressive distributed lag approach and tested Granger causality using quarterly data from 1990:1 to 2020:4.

This study revealed a long-run equilibrium relationship between financial openness and development, indicating that financial openness is a critical factor in Ghana’s financial development. Therefore, the study recommends with caution that policies aimed at promoting financial openness could be an effective way to encourage sustainable financial development in Ghana, as financial openness alone may not bring the desired outcome.

The study contributes to the existing body of knowledge by providing empirical evidence of the link between financial openness and financial sector development in Ghana. Future research could delve deeper into the mechanisms through which financial openness affects financial development, exploring potential channels and transmission mechanisms.

The findings suggest that policymakers, particularly the Ministry of Finance and the Bank of Ghana, should prioritize policies aimed at promoting financial openness. This includes continued efforts toward financial liberalization and creating an environment conducive to domestic and international financial transactions. Moreover, policies aimed at increasing trade openness, boosting real GDP and maintaining moderate real interest rates are essential for fostering financial sector development.

Enhancing financial sector development can have significant implications for society, including increased access to financial services, improved economic opportunities and enhanced overall economic stability. By promoting financial openness and development, policymakers would contribute to poverty reduction, job creation and overall socio-economic development. The study bridges the gap between theory and practice by providing empirical evidence supporting the theoretical proposition that financial openness stimulates financial sector development.

This study fills a crucial gap in the literature on the effects of financial openness on Ghana’s financial sector development. It focuses on Ghana, which liberalized its financial sector in 1988 as part of the overall economic reforms in 1983, and this justifies the starting point of this paper in 1990, as there are no adequate data before 1990. The study uses principal component analysis to construct an index that measures financial development. The study considers the recent financial crises in Ghana in 2017 and underscores the importance of understanding the link between financial openness and financial development, which becomes useful for policymakers and researchers studying financial system development in sub-Saharan Africa which includes Ghana.

The role of financial institutions and financial intermediaries in fostering economic growth (ECO) by improving the efficiency of capital accumulation, encouraging savings, and ultimately improving the productivity of the economy has been well established by the researchers. The reforms in the financial sector worldwide during the 1980s and 1990s were aimed at ushering in greater efficiency and more competitiveness.

The impact of financial market freedom (MF) on the overall development of the financial sector and thereby the growth in an economy is one of the most important considerations for policymakers over the years. This chapter aims to examine the causal relationship between financial MF and ECO in the Indian economy in the post-reform period.

The purpose of this paper is to provide a retrospective analysis of the Russian criminal legislation in the field of protection of economic relations in the transitional period of the economy.

Based on historical, as well as general scientific research, methods (induction, deduction, analysis, synthesis and historical) and private scientific methods for studying criminal law phenomena (formal-logical, statistical and document research method), the author managed to identify a number of patterns in the development of the Russian criminal legislation in the context of the chosen economic model.

In particular, it is noted that during the period of the destruction of the planned economic model and the choice of ways for the development of the economy, as well as at the initial stage of the transition period of the economy in Russia.

The author singles out the following patterns of development of criminal legislation in Russia: a) under the influence of a sharp change in the economic model, risks in the sphere of protection of economic relations; and b) the tasks of criminal law in the field of protection of economic relations are changing significantly: from protecting the state monopoly in most areas of economic activity to protecting market economic relations.

Expansion of the consumption of renewable energy is a significant issue for reducing global warming, to cope with climate change and achieve sustainable development. This study aims to examine how research and development expenditure (R&D) affects renewable energy development in developed G-7 countries over the period from 2000 to 2019. Variables of trade liberalization and CO₂ emissions are considered control variables.

This study has adopted a panel quantile regression. The impact of the variables on renewable development has been examined in quantiles of 0.1, 0.25, 0.5, 0.75 and 0.9. Also, a robust examination is accomplished by applying generalized quantile regression (GQR).

The empirical findings reveal a positive and significant relationship between R&D and the consumption of renewable energy in 0.1, 0.25, 0.5 and 0.75 quantiles. Also, the findings describe that the expansion of trade liberalization and CO₂ emissions can significantly increase the development of renewable energy in G-7 countries. Furthermore, GQR verifies the main outcomes.

These results have very momentous policy consequences for the governments of G-7 countries. Therefore, investment and support for the R&D section to promote the development of renewable energy are recommended.

This paper, in comparison to other research, used panel quantile regression to investigate the impact of factors affecting renewable energy consumption. Also, to the best of the authors’ knowledge, no study has perused the effect of R&D along with trade liberalization and carbon emissions on renewable energy consumption in G-7 countries. Also, in this paper, as a robustness check for panel quantile regression, the GQR has been used.

This study examined how economic freedom and its related components, such as open markets, regulatory efficiency, rule of law and the size of government, affect bank risk behavior, focusing on the Japanese context.

The study employs a two-step GMM framework on the annual data of Japanese banks ranging from 2005 to 2020 to empirically test the hypotheses. Furthermore, we also use the ordinary least square method to ensure the robustness of our mainline findings.

The finding suggests that economic freedom increases the banks' risk-taking, thus making them fragile. The results also highlight that out of the four main subcomponents of economic freedom, regulatory efficiency and government size increase bank risk-taking, while the rule of law and open markets decrease banks' risk-taking. Additionally, we examine how the banks' specific characteristics affect the results by creating a subsample based on capitalization and liquidity ratios. Overall, the results are consistent with the baseline findings. Moreover, the results are robust to alternative proxy measures of risk.

The study's findings have several implications for regulators and policymakers. The results suggest that regulators and policymakers should reconsider their strategies for economic freedom to ensure that they promote stability in the banking system and reduce banks' risk-taking inclinations.

Although previous studies have examined the impact of economic freedom on bank stability and risk-taking, this study is the first to do so in the Japanese context, contributing to the literature by providing new insights and empirical evidence.

This study aims to explore the impact of energy investment on economic growth. Specifically, the study investigates the impact of energy consumption, foreign investment, infrastructure development, tax revenue, human capital, international tourism revenue and trade volume on economic growth.

To achieve the aim, the authors sample the 24-years (1996–2019) financial statistics of BRICS countries. Given the econometric recommendations supplemented by the Johnsen cointegration test, the current study uses the fully modified ordinary least square model for regression analysis and checks the robustness through robust least square model.

The statistical analysis shows a direct impact of energy investment on economic growth. In addition, the statistical results indicate a positive impact of energy consumption, foreign investment, infrastructure development, tax revenue, human capital and trade volume on economic growth.

The results present practical implications for policymakers regarding the adequate investment in energy production that can further promote the economic growth in BRICS countries. Policy officials should enhance the volume of renewable energy production, foreign investment and tax revenue. Additionally, it is equally suggested to policymakers regarding the development of infrastructure and human capital to ensure economic growth.

This study supplements the novel and robust evidence on investment in energy-leading economic growth.

In this chapter, the author considers a three-sector general equilibrium model in the context of a developing nation to find out the impact of an increase in foreign capital inflow on the welfare level of the nation. Comparative static analysis reveals that an increase in the inflow of foreign capital causes redistribution across the factors of production and a reallocation of resources, reflected through the change in output. Moreover, the author considers the case of technology transfer and proves that an increase in foreign capital inflow makes the country better off in terms of social welfare even if the foreign capital is fully repatriated. Hence, this work shows that in the absence of any trade distortion, a partial investment liberalisation causes a welfare gain for a small open economy.

Using the Shanghai pilot free trade zone (SPFTZ) as the testing ground for further reform and opening up,the links between global value chain (GVC) and pilot free trade zone (PFTZ) programs are mutually reinforcing. GVC creates opportunities for companies to use PFTZ to reduce their costs and increase their competitiveness, while PFTZ can facilitate the movement of goods within GVC and promote the development of GVC by attracting foreign investment. Overall, in SPFTZ, the industrial structure is promoted due to trade and investment facilitation, innovation promotion, and comprehensive service platform inside SPFTZ.

This study examined industrial upgrading in GVC (IUGVC) using five indicators under three quantitative dimensions: product, process, and skill upgrading. Difference-in-Differences (DID) model is employed for the impact assessment of SPFTZ. Parallel trend analysis and Granger causality analysis are performed to check the reliability of DID outcome. Finally, robustness test using exogenous control variables are carried out.

A positive impact of SPFTZ is found on IUGVC, which is due to promoting effect of SPFTZ on foreign direct investment and technological innovation. Based on the study's findings, policy recommendations are given, such as providing business support to enterprises operating inside a PFTZ.

From a GVC perspective, the impact of theSPFTZ establishment on IUGVC cannot be ignored, and is so far missing in the literature.