Financial development has a major role in the sustainable economic growth of Central and Eastern European emerging countries, particularly after their political and structural changes. These changes required a reform of financial sectors of these countries, such as capital market development,...

This paper considers the influence of uncertainty with respect to GDP and population total and age structure on long-run environmental impact projections. A simple model, based on the stochastic version of the IPAT equation, is used to generate projections of two environmental impacts for which...

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

Recent debates about renewable energy consumption manifest two main expectations. Firstly, renewable energy consumption should contribute to economic growth and secondly, it should not cause damage on environment. This study focuses on the first issue by applying Toda–Yamamoto procedure and...

This paper examines the causal relationship between financial development and economic growth for 21 African countries within a framework which also accounts for international trade. We develop a financial development index based on four different financial development indicators and apply the...

The dynamic impact of financial development and trade openness on economic growth is examined for five major South Asia countries over the period 1985-2010 in the panel co-integration and causality framework. The results reveal the existence of long-run relationship between economic growth,...

This contribution investigates the causal interactions between financial development, trade openness and economic growth in a panel of 3 countries of North Africa (Tunisia, Morocco, and Egypt) over the period 1980-2012. Using system Generalized Method of Moment (GMM) panel data analysis, we find...

The article aims to investigate the impact of nominal devaluation on income distribution in Bangladesh both in short and long runs. In doing so, Auto Regressive Distributed Lag (ARDL) bounds testing has been employed for cointegration, and Error Correction Model (ECM) has been used for short-run...

Although financial development may facilitate economic growth over the long term, financial underdevelopment remains a salient feature of even leading emerging or transition economies. In principle, openness to both international trade and finance may weaken resistance to major financial...

This study revisits the impact of financial development on economic growth in South Africa by incorporating trade openness in the production function. The paper covers the period of 1970-2011. We apply the Bayer-Hanck combined cointegration approach to examine the long run relationship between...