scholarly journals The Determinants of Sustainable Economic Growth in the Central Asian Turkish Republics

2011 ◽  
Author(s):  
Fahri Solak ◽  
Ercan Sarıdoğan
Keyword(s):  
Economic Growth ◽  
Economic Policies ◽  
Investment Environment ◽  
Factors Affecting ◽  
Global Competitiveness ◽  
Long Run ◽  
Central Asian ◽  
National Industry ◽  
Sustainable Economic Growth ◽  
Science Technology And Innovation

Sustainable economic growth is very important for sustainable welfare of society. In this context, it is vital to determine the factors affecting sustainable economic growth and to design economic policies for affecting sustainable economic growth. Main aim of this study is to investigate the determinants of sustainable economic growth and to recommend economic policies and strategies for selected Central Asian Turkish Republics, namely, Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan and Turkmenistan in order to achieve sustainable economic growth and development. The main result of the study is that the main source of economic growth of Turkish Republics depends on the natural resources, which is not enough for sustainable economic growth in the long run. For this reason, Turkish Republics should transform their economic structures from natural sources based economic growth into science-technology and innovation based and global competitiveness oriented economic growth path by designing economic policies for developing human capital, education, research and development, national industry strategy improving the business and investment environment for investors and eliminating structural and institutional problems.

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.

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

2018 ◽  
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 most economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim will be 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.

scholarly journals Investigating the effects of environmental patents and climate change mitigation technologies on sustainable economic growth in the Middle East

2021 ◽  
Author(s):  
Sadegh Abedi ◽  
Mehrnaz Moeenian
Keyword(s):  
Climate Change ◽  
Economic Growth ◽  
Middle East ◽  
Climate Change Mitigation ◽  
Developed Countries ◽  
Factors Affecting ◽  
Middle East Countries ◽  
Sustainable Economic Growth ◽  
Change Mitigation

Abstract Sustainable economic growth and identifying factors affecting it are among the important issues which have always received attention from researchers of different countries. Accordingly, one of the factors affecting economic growth, which has received attention from researchers in the developed countries over recent years, is the issue of environmental technologies that enter the economic cycle of other countries after being patented through technology transfer. The current research investigated the role of the environment-related patents and the effects of the patented technological innovations compatible with climate change mitigation on the economic growth and development in the Middle East countries within a specific time period. The required data were gathered from the valid global databases, including Organization for Economic Co-operation and Development and World Bank and have been analyzed using multi-linear regression methods and econometric models with Eviews 10 software. The obtained results with 95% confidence level show that the environmental patents (β = 0.02) and environment management (β = 0.04) and technologies related to the climate change mitigation (β = 0.02) have a significant positive impact on the sustainable economic development and growth rate in the studied countries. Such a study helps innovators and policymakers in policy decisions related to sustainable development programs from the perspective of environmentally friendly technologies by demonstrating the role of patents in three important environmental areas, namely environmental management, water-related adaptation and climate change mitigation, as one of the factors influencing sustainable economic growth.

scholarly journals BUSINESS CYCLE – GROWTH NEXUS: A REVIEW

2015 ◽  
Vol 21 (3) ◽  
pp. 519-538
Author(s):  
Marinko ŠKARE ◽  
Daniel TOMIĆ
Keyword(s):  
Economic Growth ◽  
Business Cycles ◽  
Business Cycle ◽  
Economic Policies ◽  
Empirical Testing ◽  
Long Run ◽  
Cycle Growth ◽  
Complex Process ◽  
Theoretical Reasoning

Frequent reversals in business cycles pose the question whether country can achieve macroeconomic stability and/or economic growth by coordinating its economic policies. Thus, what is the role of economic policy within the short/long run in amplifying or dampening shocks? Business cycle – economic growth relationship is rather ambiguous and has, thus, attracted controversy. In this sense the (dis)belief that there indeed exists a relationship between the economic growth and business cycle, and their long-run convergence brings us to three important hypotheses that: (1) the evaluation of cycle-growth bond is inconclusive, (2) empirical testing of cycle synchronization is exaggerated and (3) the hypothesis of coupling/decoupling is ambiguous and can be misleading. Economic growth is a complex process and cannot be attributed to a single factor of observance hence this essay is just a tool of theoretical reasoning with firm grip on empirical circumstances that lead us to consider some issues that dwell the “growth economists” these days. Our study suggests a conclusion that discussions on the cycle-growth nexus are far from over, revealing us some remarkable confrontations within empirical domain.

scholarly journals Risks in China's Financial System

2018 ◽  
Vol 10 (1) ◽  
pp. 261-286 ◽  
Author(s):  
Zheng (Michael) Song ◽  
Wei Xiong
Keyword(s):  
Economic Growth ◽  
Financial System ◽  
Capital Allocation ◽  
Financial Risks ◽  
Economic Policies ◽  
Financial Systems ◽  
Long Run ◽  
Need To Evaluate ◽  
The Government ◽  
Near Future

Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need to evaluate these risks within China's unique economic and financial systems, in which the state and nonstate sectors coexist and the financial system serves as a key tool of the government to fund its economic policies. Overall, we argue that ( a) a financial crisis is unlikely to happen in the near future and ( b) the ultimate risk lies with China's economic growth, as a vicious circle of distortions in the financial system lowers the efficiency of capital allocation and economic growth and will eventually exacerbate financial risks in the long run.

scholarly journals Examining the impact of Exports and Exchange rate on Economic Growth of Turkey

2020 ◽  
Author(s):  
Iftikhar Muhammad ◽  
Malik Shahzad Shabbir
Keyword(s):  
Economic Growth ◽  
Foreign Direct Investment ◽  
Exchange Rate ◽  
Granger Causality ◽  
Direct Investment ◽  
Economic Policies ◽  
Long Run ◽  
Short Run ◽  
Auto Regressive ◽  
The Impact

Abstract Purpose This study intends to analyze the long-run and short-run relationships along with the identification of causal links between exports, economic growth, and exchange rate in Turkey. Data/Design: This study uses auto-regressive distributed lags (ARDL) and Granger causality over time series monthly data from the year 2010–2018. The results indicate that exports are significantly positively related to economic growth while the exchange rate is found to be negatively related to economic growth. Findings: Moreover, findings from the test of Granger causality indicate that a unidirectional causal association is found from exports to foreign direct investment and economic growth and from economic growth to foreign direct investment. The Granger causality results indicate that an increase in exports accelerates the economic growth of Turkey and a change in growth rate and exchange rate leads to a change in foreign direct investment. Originality of work: The overall findings suggest that exports should be promoted along with the liberal-investment economic policies to boost the overall economic growth in Turkey.

scholarly journals Financial System Stability and Economic Growth in Nigeria

2020 ◽  
Author(s):  
Isaac Ikeafe NJANG ◽  
Eko Eko OMINI ◽  
Festus Victor BEKUN ◽  
Festus Fatai Adedoyin
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Stability ◽  
Financial System ◽  
Granger Causality Test ◽  
System Stability ◽  
Causality Test ◽  
Long Run ◽  
Integration Test ◽  
Sustainable Economic Growth

Abstract This study primarily seeks to evaluate the influence of financial system stability on economic growth in Nigeria from 1986 to 2016. Employing the use of Principal Component Analysis (PCA), this study constructs a Financial System Stability Index (FSSI) as measurement for financial stability. The indicators used in building the index capture three sectors of the Nigerian Financial System (NFS). The three sectors cover the banking sector, the capital market, the external sector and include a fourth component representing financial depth. The resulting index serves as a single qualitative measure for evaluating the level of stability in a nation’s financial system and proves capable of warning of an eminent financial crisis. Employing the use of four macroeconomic indicators, the index is then regressed against the Nigerian economic growth rate with an aim of discovering the short-run and long-run dynamics existing between both variables. The granger causality test, Johansson Co-integration test and Vector Error Correction Model (VECM) are the estimation techniques employed in achieving the objectives of this research. The granger causality test revealed a uni-directional causality between financial stability and economic growth in Nigeria. The Johansson Co-integration test showed that long-run co-integration relationship exists between financial stability and economic growth. Finally, the VECM results find that financial stability displays a negative relationship with economic growth and bears no significant effect on economic growth in Nigeria. The findings disclose that financial stability in Nigeria may be high and has resulted in the underutilization of financial assets thus hampering sustainable economic growth in Nigeria. In conclusion, the outcome of the findings shows that while financial stability may be necessary for initiating economic growth, it is not sufficient for sustaining economic growth in Nigeria. This research work recommends that the FSSI be employed as an additional tool for measuring the condition/state of financial stability in Nigeria and in predicting the onset of a potential financial crisis. The study further recommends that financial authorities must give attention to other aspects of financial development to facilitate sustainable economic growth in Nigeria.

scholarly journals Skilled and controlled immigration – a solution to keep sustainable economic growth in Europe?

2011 ◽  
Vol 59 (2) ◽  
pp. 69-74 ◽  
Author(s):  
Daniela Dvořáková
Keyword(s):  
Economic Growth ◽  
Immigration Policy ◽  
Population Decline ◽  
Potential Threat ◽  
Global Competitiveness ◽  
Skilled Immigration ◽  
Western Values ◽  
European Immigration ◽  
And Migration ◽  
Sustainable Economic Growth

Europe’s population decline compared with the demographic explosion in Africa and Asia is a potential threat to sustainable economic growth and global competitiveness in Europe. Europe is currently facing two major problems-lack of population growth and migration pressures. The solution could provide a targeted management of migrations flows. Prerequisite for sustainability of the system is not only a skilled migration, but some form of integration and acceptance of Western values as well. In connection with the deepening of integration of the common EU immigration policy, Czech immigration strategies have to be complementary with the EU strategies. Czech Republic had to already undertaken many reforms of Aliens Act and also tries to launch its own strategies favourising the skilled immigration, to reinforce the main trends in the European immigration policy.

scholarly journals Energy–Finance–Growth Nexus in ASEAN-5 Countries: An ARDL Bounds Test Approach

2019 ◽  
Vol 12 (1) ◽  
pp. 5 ◽  
Author(s):  
Masnun Mahi ◽  
Seuk Wai Phoong ◽  
Izlin Ismail ◽  
Che Ruhana Isa
Keyword(s):  
Economic Growth ◽  
Energy Consumption ◽  
Financial Crisis ◽  
Structural Break ◽  
The Philippines ◽  
Ardl Bounds Test ◽  
Long Run ◽  
Bounds Test ◽  
Sustainable Economic Growth ◽  
Finance Growth Nexus

This study examines the relationship between energy consumption, financial development and economic growth for ASEAN-5 countries, namely Malaysia, Indonesia, the Philippines, Singapore and Thailand, over the period from 1980 to 2017. Finance–growth and energy–growth relationships have been well researched; however, the energy–finance–growth nexus is an equally important but less explored area. Our Auto Regressive Distributed Lags (ARDL) bounds test for cointegration results suggests that the variables tend to move together in the long run for all countries, apart from Indonesia. Our study also considers the effect of a structural break due to financial crisis and confirms that the break does not affect the long-term relationship among the variables; in other words, the financial crisis does not affect the energy–finance–growth nexus. Hence, considering the consistency of energy consumption, the importance of the energy sector must not be undermined, and appropriate energy policies are instrumental in maintaining a well-managed financial sector for sustainable economic growth.

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.

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