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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…

1358

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

Article
Publication date: 26 September 2022

Xiongying Wang and Xiang Chen

This paper mainly explores the relationship between digital inclusive finance and financing constraints of technological-based SMEs, and how digital inclusive finance…

Abstract

Purpose

This paper mainly explores the relationship between digital inclusive finance and financing constraints of technological-based SMEs, and how digital inclusive finance affects the financing constraints of technology-based SMEs. This paper empirically analyzes the relationship between them through the OLS model, and then further verifies the relationship between them through robust regression and heterogeneity analysis. At the same time, it uses the mechanism test to explore how digital inclusive finance affects the financing constraints of technology-based SMEs. This paper aims to address these issues.

Design/methodology/approach

This paper aims to explain the relationship between digital inclusive finance and financing constraints of technological-based SMEs. Technology-based SMEs always face the difficult problem of “financing difficulty” and “financing expensive” in the development process, which hinders the survival and development of enterprises to some extent. Digital inclusive finance development policy vigorously promoted by the state has alleviated the financing constraints of technology-based SMEs and brought opportunities for their development.

Findings

The results show that the role of digital inclusive finance in alleviating the financing constraints of technology-based SMEs, and incremental supplement and alleviating information asymmetry are the main reasons for digital inclusive finance to alleviate the financing constraints of technology-based SMEs. In view of the availability of digital inclusive financial data, this paper only uses the data from 2014 to 2019.

Originality/value

The authors’ research clearly found that the development of digital inclusive finance alleviates the financing of technology-based SMEs from the two aspects of “incremental supplement” and alleviating information asymmetry, so as to provide corresponding reference basis for the government to formulate a series of plans to support the development of technology-based SMEs.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Open Access
Article
Publication date: 13 September 2022

Peterson K. Ozili

This paper aims to investigate the association between financial inclusion and sustainable development in a global context.

Abstract

Purpose

This paper aims to investigate the association between financial inclusion and sustainable development in a global context.

Design/methodology/approach

The study used two datasets, and employed the Pearson correlation analysis and granger causality test to examine the correlation and pairwise causality between financial inclusion and sustainable development.

Findings

High levels of financial inclusion (in terms of higher commercial bank branches per 100,000 adults) is significantly associated with higher electricity production from renewable sources, higher industry productivity, higher adult literacy rate and higher renewable electricity output. Also, higher financial inclusion is significantly associated with low combustible renewables and waste. There is a uni-directional granger causality between global interest in internet information about sustainable development and global interest in internet information about financial inclusion, particularly in the period after the global financial crisis but before the COVID-19 pandemic.

Practical implications

The correlation between financial inclusion and sustainable development depends on the indicators employed to measure financial inclusion and sustainable development. The results support global calls for greater financial inclusion and the speedy attainment of the sustainable development goals for the good of all people, the environment and for the planet.

Originality/value

This paper is the first study in the literature to analyze the link between financial inclusion and sustainable development using global data. This study contributes to the existing literature by investigating the association between financial inclusion and sustainable development in a global context.

Details

Journal of Money and Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2634-2596

Keywords

Book part
Publication date: 24 October 2018

L. Yu. Andreeva, T. V. Epifanova, O. V. Andreeva and A. S. Orobinsky

The digital economy provides companies with financial stability and highly developed technological tools to run businesses based on their operations’ transparency…

Abstract

The digital economy provides companies with financial stability and highly developed technological tools to run businesses based on their operations’ transparency. Business stability is formed due to the introduction of a competence-based management system in financial organizations in the Russian corporate sector.

In terms of the digital economy as financial and technological companies, we consider large banks and other financial organizations to develop risk-oriented technologies for managing financial stability based on digitization.

The main aim of this chapter is to describe the features, the factors, and the conditions for the competence-based management development system. It highlights the role of the system for the banks and the financial technologies used by companies for sustainable development.

Details

Contemporary Issues in Business and Financial Management in Eastern Europe
Type: Book
ISBN: 978-1-78756-449-7

Keywords

Book part
Publication date: 14 December 2018

Shi Min How, Mamunur Rashid, Andrew Saw Tek Wei, Shamshubaridah Ramlee and Ng Yuen Yein

Islamic financial institutions (IFIs) have gained popularity recently in the Islamic countries and countries with mixed religious practices. Due to its profit–loss sharing…

Abstract

Islamic financial institutions (IFIs) have gained popularity recently in the Islamic countries and countries with mixed religious practices. Due to its profit–loss sharing partnership contracts and integrated social and risk management practices, IFI can finance financially distressed firms, and firms with specialized sectors, better than the traditional development financial institutions (DFIs). Should they need large amount of financing, both existing financially unsuccessful industries and new development initiatives can be financed with Sukuk issuance. This chapter investigates the growth of these two industries – IFIs and DFIs, with respect to various indicators, compares the initiatives that establish the dominating character of IFIs over the DFIs, discusses the reasons behind such turnaround, and the future of DFIs. IFIs have been enjoying a superior growth in assets and deposits, asset quality, risk management, and profitability over the DFIs in Malaysia. Among many, the study identifies regulatory incentives to IFIs, inefficient management of DFIs, and most importantly, a paradigm shift through Islamic finance as primary reasons behind gradual disappearance of DFIs. The next generation of IFIs will emerge as the Islamic Development Financial Institutions and may takeover the role that is played by the DFIs most recently.

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

Keywords

Book part
Publication date: 19 June 2019

Bruno S. Sergi, Elena G. Popkova, Natalia Vovchenko and Marina Ponomareva

This chapter elaborates on the perspectives of financial development of countries of Central Asia and China through cooperation with Russia. The authors determine financial

Abstract

This chapter elaborates on the perspectives of financial development of countries of Central Asia and China through cooperation with Russia. The authors determine financial resources for the development of the countries of Central Asia and China and figure out possible scenarios for attracting additional financial resources and conclude that financial resources have a decisive role in socioeconomic development. It is substantiated that the increase and expansion of cooperation with Russia are the preferable scenario for attracting additional financial resources. The authors recommend expanding cooperation with Russia within the implementation of the selected optimal scenario are given.

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

Keywords

Book part
Publication date: 29 July 2019

Bruno S. Sergi, Elena G. Popkova, Anastasia A. Sozinova and Olga V. Fetisova

This chapter models industrial, tech, and financial cooperation between Russia and the countries of the Asia-Pacific region. We use several complex methods of economic and…

Abstract

This chapter models industrial, tech, and financial cooperation between Russia and the countries of the Asia-Pacific region. We use several complex methods of economic and mathematical modeling to analyze specific features of such cooperation and determine critical factors in industrial, technological, and financial development. The preferable choice for the Asia-Pacific region is cooperation with Russia, which is ready for an increase in imports of industrial and high-tech products as well as joint industrial innovational entrepreneurship. Investments would lead to synergetic effects, ensuring simultaneous industrial, technological, and financial development.

Details

Tech, Smart Cities, and Regional Development in Contemporary Russia
Type: Book
ISBN: 978-1-78973-881-0

Keywords

Book part
Publication date: 18 February 2022

Muhammad Safdar Sial

The different methods were used to measure the impact of financial development on economic growth. This is largely due to a certain set of factors that have the influence…

Abstract

The different methods were used to measure the impact of financial development on economic growth. This is largely due to a certain set of factors that have the influence of their relationship. First of all, based on the research results, several groups of factors are identified that determine the nonlinear interaction of the financial sector and economic growth. This is characterized by the fact that at different values of these indicators, financial development has an ambiguous impact on economic growth. There are several such groups in total. The first ones are usually institutional factors, indicators that characterize the legal system and the level of development of social institutions. In the absence of a sufficient level of legal framework, financial markets will be unstable, which will undermine the demand for financial sector services. Countries with a high level of development of legal institutions have a guarantee for economic entities in the stable development of economic relations.

Details

Multidimensional Strategic Outlook on Global Competitive Energy Economics and Finance
Type: Book
ISBN: 978-1-80117-899-0

Keywords

Book part
Publication date: 14 December 2018

Rihab Grassa, M. Kabir Hassan and Arja H. Turunen-Red

Although many previous studies have explored the impact of financial development in promoting economic growth, there is relatively little evidence regarding the effect of…

Abstract

Although many previous studies have explored the impact of financial development in promoting economic growth, there is relatively little evidence regarding the effect of political institutions on financial development. This chapter offers strong evidence that political Islam and democracy promote the growth of Islamic finance. The authors use a panel estimator and a sample of 13 Muslim democratic countries for the years 1985–2015 to examine the effect of Islamic political parties and democracy on Islamic finance development. The chapter’s findings provide evidences that Islamist power and democracy are key determinants of Islamic finance development in the studied countries. Moreover, democracy can be captured by political elites in emerging countries where institutions are relatively weak.

Details

Management of Islamic Finance: Principle, Practice, and Performance
Type: Book
ISBN: 978-1-78756-403-9

Keywords

Article
Publication date: 31 May 2022

Adian McFarlane, Leanora Brown, Kaycea Campbell and Anupam Das

The purpose of this study is to determine whether causal asymmetries exist between energy consumption and three dimensions of financial development in Jamaica.

Abstract

Purpose

The purpose of this study is to determine whether causal asymmetries exist between energy consumption and three dimensions of financial development in Jamaica.

Design/methodology/approach

The authors use the non-linear autoregressive distributed lag method to identify the long- and short-run associations between energy consumption and different measures of financial development in Jamaica for the period 1980 to 2018.

Findings

There are two central findings. First, cointegrating relationships run from the dimensions of financial development to energy consumption. Second, the authors find asymmetries in these relationships. In the long run, asymmetries are such that rising levels of financial development have a neutral impact on energy consumption. By contrast, falling levels of financial development in the long run are associated with increases in energy consumption. In the short run, the authors find evidence of asymmetries only in changes in the overall level of financial development on energy consumption.

Practical implications

One practical implication is that for Jamaica to avoid some of the potential negative environmental consequences resulting from the positive impact on energy consumption arising from falling levels of financial development, a strong financial development policy will be important.

Social implications

There will be positive social impacts from financial development in the area of climate finance.

Originality/value

To the authors’ knowledge, this is the first study on Jamaica that examines the financial development–energy nexus. Further, the authors use relatively new and comprehensive measures of financial development.

Details

International Journal of Energy Sector Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-6220

Keywords

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