scholarly journals Economic development: How should we proceed?

2004 ◽  
Vol 44 (160) ◽  
pp. 39-73 ◽  
Author(s):  
Stojan Stamenkovic ◽  
Miladin Kovacevic ◽  
Davor Savin ◽  
Ivan Nikolic ◽  
Vladimir Vuckovic
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Economic Development ◽  
Legal Protection ◽  
Living Standards ◽  
Long Run ◽  
Innovative Management ◽  
Technological Base ◽  
Short Run ◽  
Sustainable Economic Growth

This paper attempts to answer the following questions: where were we in a systemic and development sense in October 2000? What changes have occurred in the last three years? What are the main problems regarding economic development and, opposed to them, the created stereotypes? What are the key mistakes from economic aspect? What should be done in the short run and in the medium run? In addition to providing the necessary level of investment as the most important tool of sustainable development and growth in gross domestic product, it is also necessary to ensure: conditions for efficient market functioning, firm and uncompromising legal protection of businesses innovative management, modern technological base. If such conditions are fulfilled, it will be possible to transform the economy, to ensure sustainable economic growth and to regularly service foreign debts. The alternative is a populist scenario, with a short-run rise in living standards and its fall in the medium and long run.

Does transportation infrastructure impact economic growth in India?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sreenu Nenavath
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Positive Impact ◽  
Transport Infrastructure ◽  
Causality Test ◽  
Content Type ◽  
Long Run ◽  
Short Run ◽  
The Government ◽  
Determinants Of Economic Growth

Purpose This paper aims to show a long run and causal association between economic growth and transport infrastructure. Design/methodology/approach In this study, the authors use ARDL models through the period 1990 – 2020 to investigate the relationship between transport infrastructure and economic growth in India. Findings The infrastructure has a positive impact on economic growth in India for the long run. Moreover, Granger causality test demonstrates a unidirectional relationship between transport infrastructure to economic development. Stimulatingly, the paper highlights the effect of air infrastructure statistically insignificant on economic growth in the long and short-run period. Originality/value The original outcome from the study delivers an inclusive depiction of determinants of economic growth from transport infrastructure in India, and these findings will help the policymakers to frame policies to improve the transport infrastructure. Hence, it is proposed that the government of Indian should focus more to upsurge the transport infrastructure for higher economic development.

scholarly journals Stabilization Policies and Technological Shocks: Towards a Sustainable Economic Growth Path

2019 ◽  
Vol 11 (1) ◽  
pp. 205 ◽  
Author(s):  
Anelí Bongers ◽  
Carmen Díaz-Roldán
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Policy Making ◽  
Sustainable Growth ◽  
Economic Policies ◽  
Long Run ◽  
Short Run ◽  
Stabilization Policies ◽  
Development Goals ◽  
Sustainable Economic Growth

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies, but some economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim is to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point, we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

Innovation, Finance, and Economic Growth in OECD Countries: New Insights from a Panel Causality Approach

2021 ◽  
pp. 2150013
Author(s):  
Rudra P. Pradhan ◽  
Tamal Nath ◽  
Rana P. Maradana ◽  
Ajoy K. Sarangi
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Oecd Countries ◽  
Policy Makers ◽  
Panel Causality ◽  
Growth Policy ◽  
Long Run ◽  
Short Run ◽  
Sustainable Economic Growth ◽  
Innovation Support

In this paper, using a panel causality approach, we examine endogenous connections between financial development, innovation, and economic growth in OECD countries for the period 1961–2018. The empirical results of our study show that financial development and innovation support long-run economic growth and that the short-run dynamics facet the multifarious interconnections between financial development, innovation, and economic growth. The strategic insight drawn from this research is that to ensure sustainable economic growth, policy-makers in the OECD countries must pay attention to establishing an integrated structure that looks into co-improvement policies concerning the activities that enhance financial development, innovation, and economic growth.

scholarly journals Problems of evaluating the effectiveness of innovative development institutions in the context of sustainable development of the national economy

KANT ◽  
2020 ◽  
Vol 37 (4) ◽  
pp. 177-182
Author(s):  
Ekaterina Milovanova
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Economic Development ◽  
National Economy ◽  
Assessment Methods ◽  
Innovative Development ◽  
Socio Economic Development ◽  
Development Institutions ◽  
Multi Criteria Analysis ◽  
Sustainable Economic Growth

The article considers the main trends in the development of innovative development institutions in the context of their compliance with the priorities of socio-economic development of industries and territories, as well as strategies for ensuring sustainable economic growth through diversification of the GDP structure. A methodology for evaluating the effectiveness of innovative development institutions is proposed based on the integration of traditional investment assessment methods with multi-factor and multi-criteria analysis tools.

scholarly journals Causality Analysis: Economic Growth, Economic Openness, Energy Consumption, and Carbon Dioxide Emission Indonesia

2021 ◽  
Vol 36 (2) ◽  
pp. 124
Author(s):  
Azhima Muhammad Fattah ◽  
Jaka Aminata ◽  
Indah Susilowati ◽  
Arief Pujiyono
Keyword(s):  
Economic Growth ◽  
Carbon Dioxide ◽  
Economic Development ◽  
Energy Consumption ◽  
Carbon Dioxide Emissions ◽  
Causality Analysis ◽  
Economic Openness ◽  
Long Run ◽  
Short Run ◽  
Growth Economic

The purpose of this research is to analyze the causality between economic variables, i.e. economic growth, economic openness, and energy consumption to carbon dioxide emissions, and analyze short-run and long-run connections between research variables in Indonesia during the period 1971 to 2018. This research is using VECM analysis and Granger Causality. The results of the VECM analysis in this research show that in the short-run the variable carbon dioxide emissions in the previous period, economic openness, and energy consumption have a significant effect on carbon dioxide emissions in Indonesia, and in the long run, the variables of economic growth, economic openness, and energy consumption have a significant effect on carbon dioxide emissions in Indonesia. The Granger Causality analysis found a bidirectional causality between energy consumption and carbon dioxide emissions. It also found unidirectional causality between economic growth and carbon dioxide emissions. The recommendations that can be shared are that The Government of Indonesia should be more worried about the degradation in environmental quality in Indonesia as a result of economic development. On the other hand, in achieving sustainable economic development, the Indonesian Government must immediately use energy resources more efficiently and environmentally friendly

scholarly journals The Significance of Military Expenditure, Tourism, and Exports for Sustainable Economic Growth

2021 ◽  
Vol 9 ◽  
Author(s):  
Ghazala Aziz ◽  
Majid Ibrahim Alsaggaf ◽  
Mohd Saeed Khan
Keyword(s):  
Economic Growth ◽  
Military Expenditure ◽  
Oil Price ◽  
Economic Activities ◽  
Policy Makers ◽  
Long Run ◽  
International Labor ◽  
Oil Export ◽  
Short Run ◽  
Sustainable Economic Growth

The current empirical study addresses the recent economics of Saudi Arabia such as the uncertainty of economic growth and dependence on oil export. For this purpose, labor, capital, oil price, terrorism, military expenditure, tourism, and exports are added to the analysis. ARDL long-run and short-run analyses are used, and the results of the study have revealed that labor is negatively related to economic growth, which suggests that efforts should be done to reduce dependence on international labor through the installation of production facilities in those countries where labor is cheap. Also, it is noted that capital, tourism, and non-oil exports enhance economic growth, whereas oil price is the main problem for the economic growth of the country. These results suggest that the diversification of exports to non-oil products is a good strategy to boost economic growth. Alongside, domestic tourism should be promoted to enhance its share in economic activities. The current study helps the policy makers to open new earning avenues such as enhanced tourism sectors and modernized industries which help in technology exports.

scholarly journals The Dynamic Effects of Growth, Financial Development and Trade Openness on Tax Revenue in Malaysia

2020 ◽  
Vol 21 (1) ◽  
pp. 42-62
Author(s):  
Nanthakumar Loganathan ◽  
Norsiah Ahmad ◽  
Thirunaukarasu Subramaniam
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Trade Openness ◽  
Tax Revenue ◽  
Tax Collection ◽  
Empirical Results ◽  
Long Run ◽  
Rolling Window ◽  
Short Run ◽  
Sustainable Economic Growth

This study explores the effects of domestic financial development, growth and trade openness on tax collection for Malaysia using the ARDL and bootstrap rolling window estimates covering the period 1970-2017. The empirical results suggest that, the presence oflong-run relationship between tax revenue and per capita GDP and short-run relationship between tax collection, economic growth, financial development and trade openness. We foundthatthere is a short-run unidirectional causality running between tax collection, economic growth and financial development. This result suggests that, in the long-run, economic performance and financial development have an adverse effect on tax collection, while trade openness has no significant causality impact on tax collection in Malaysia. Based on the empirical results of the study, the country should pay more attention to enhance the effectiveness of future public expenditure programs and put more emphasisson dynamic fiscal policy targeting on tax reform and securing new sourcesof tax revenues to ensure continuous flow of long-term tax revenue coupled with sustainable economic growth, trade and financial performances in up-coming years.

Financial development and economic growth: empirical evidence from India

2015 ◽  
Vol 32 (3) ◽  
pp. 340-356 ◽  
Author(s):  
Madhu Sehrawat ◽  
A K Giri
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Positive Impact ◽  
Annual Data ◽  
Content Type ◽  
Distributed Lag ◽  
Long Run ◽  
Integration Test ◽  
Short Run ◽  
Sustainable Economic Growth

Purpose – The purpose of this paper is to examine the relationship between financial development and economic growth in India using annual data from 1982 to 2012. Design/methodology/approach – The stationarity properties are checked by ADF, DF-GLS, KPSS and Ng–Perron unit root tests. The long- and short-run dynamics are examined by using the autoregressive distributed lag (ARDL) approach to co-integration. Findings – The co-integration test confirms a long-run relationship in financial development and economic growth for India. The analysis of ARDL test results reveals that both bank-based and market-based indicators of financial development have a positive impact on economic growth in India. Hence, the results support the supply-leading hypothesis and highlight the importance of financial development in economic growth. The findings also indicate that the Indian bank-centric financial sector has the potential for economic growth through credit transmission. Research limitations/implications – The present study recommends appropriate reforms in financial markets to attain sustainable economic growth. The findings are useful for policy-makers who want to maintain a parallel expansion of financial development and growth. Originality/value – To date, there are hardly any studies that use both market-based and bank-based indicators as proxies of financial development and analyze their role in economic growth in India. So, the contribution of the paper is to fill this gap in literature.

scholarly journals Estimating the Nexus of Tourism on Sustainable Development Goals in Nigeria

2021 ◽  
Vol 20 ◽  
pp. 751-771
Author(s):  
Ngozi Helen Oguchi ◽  
Fen Luo
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Sustainable Development Goals ◽  
Tourism Industry ◽  
Distributed Lag ◽  
Long Run ◽  
Time Series Dataset ◽  
Causality Tests ◽  
Short Run ◽  
Development Goals

Tourism industry has become one of the principal sources of economic growth and a viable platform of employment both in Africa and globally. Considering that economic growth and job creation are the focal points of sustainable development goals (SDGs), this study is focused on investigating the relationship they have with tourism in Nigeria. A gross domestic product (GDP) time series dataset is utilized to represent economic growth variable while, statistical data obtained from the WTTC is employed to denote Tourism revenues and arrivals in Nigeria. The study employed Autoregressive Distributed Lag (ARDL) bounds test of cointegration, the Error Correction model and Granger causality tests to empirically examine the impacts tourism has on economic growth and employment in the LACKET states of Nigeria for the period between 1999 to 2019. Generally, the investigations indicate that both in the short - and long - run, tourism is positively related to economic growth and employment rate in Nigeria. However, regarding short -run relationship, a lower positive link of tourism revenue is recorded.

scholarly journals Critical Analysis of Governance, Economic Freedom, and Human Capital Implications on Sustainable Economic Growth: Evidence from Sub-Saharan Africa

2021 ◽  
Vol 7 (08) ◽  
Author(s):  
Yusuf Ayotunde Ayodeji
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Causal Relationship ◽  
Economic Freedom ◽  
Sub Saharan Africa ◽  
Pooled Mean Group ◽  
Long Run ◽  
Short Run ◽  
Sub Saharan ◽  
Sustainable Economic Growth

In the recent time, the attention of scholars have shifted towards deeper understanding of factors that drives the achievement of sustainable economic growth, but yet factors such as governance, economic freedom, and human capital have not been exhaustively investigated, especially within the context of Sub-Saharan Africa (SSA). Thus, this study investigates the implications of governance, economic freedom, and human capital on the sustainability of economic growth in the SSA, usingpanel data that spanned between 1996 and 2018, and employed a Pooled Mean Group (PMG) estimator for the analysis. This study found governance, economic, and human capital to have a positive and significant causal relationship with economic growth in the long-run, while only economic freedom was found to have a negative and significant causal relationship with economic growth in the short-run. In addition, this study found that in case of disequilibrium, the model has a convergent speed of adjustment of about 10.8%. The study implications were discussed in the study.

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