This research studies whether the Clean Development Mechanism (CDM) of the Kyoto Protocol achieves its objective of emission reductions in the host countries. It empirically investigates the impacts of CDM projects on CO2 emission reductions for 60 CDM host countries over 2005-10. This research...

One of the dual objectives of the Clean Development Mechanism (CDM) of the Kyoto Protocol is to promote sustainable development in the host countries. With different CDM indicators for 58 CDM host countries over 2005-10, this paper empirically assesses whether CDM project development fulfils...

This paper examines whether foreign aid, together with other economic, social and environmental factors, contributes to sustainable development. It starts with a theoretical model where sustainable development is modelled as a different kind of growth that protects the environment. Using factor...

What are the major determinants of green growth? What role can the government play to promote green growth? To address these questions, this paper develops a simple Green Solow model that sheds light on the role of finance and technology in the process of green growth. The empirical section of...

This paper investigates the determinants of inclusive growth with a focus on foreign aid. Based on the Solow growth model, a theoretical model has been developed which shows that foreign aid can stimulate inclusive growth if it is effectively used for augmenting either physical or human...

This paper studies the effect of political liberalisation on financial development in two steps. First, the paper examines whether political liberalisation in terms of institutional improvement promotes financial development, using a panel dataset of 90 developed and developing countries over...

This paper studies what induces governments to undertake reforms aimed at financial development. Its starting point is Abiad and Mody (AER 95(1), 2005). Rather than their ordered logit technique, it uses a within groups approach allowing for error dependence across countries and over time. This...

Using recently developed panel data techniques on data for 43 developing countries over the period 1970-98, this paper provides an exhaustive analysis of casuality between aggregate private investment and financial development. GMM estimation on averaged data, and a common factor approach on...

One of the dual objectives of the Clean Development Mechanism (CDM) of the Kyoto Protocol is to assist host countries in achieving sustainable development. With various CDM indicators for 58 CDM host countries over the period 2005-2010, this paper empirically assesses whether CDM project...