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...

A PDF version of this book is available for free in open access via the OAPEN Library platform, www.oapen.org. This book examines the emergence of both financial markets and carbon markets, and provides an in-depth investigation on the fundamental determinants of financial development.

This paper provides an exhaustive analysis of the key factors that led to rising global energy demand, based on an OECD sample and a non-OECD sample over the period of 1980-2009. In addition to income and price elasticities traditionally examined, this research takes into account the effects of...

This paper examines the effects of output volatility on global sustainability in a dynamic panel data model allowing for error cross section dependence. It finds that output volatility impedes the process of sustainable development. It further suggests that output volatility exerts a significant...

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...