We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems...

Two striking facts about international capital flows in emerging economies motivate this paper: (1) Governments hold large amounts of international reserves, for which they obtain a return lower than their borrowing cost. (2) Purchases of domestic assets by nonresidents and purchases of foreign...

For a reliable assessment of sustainability in big cities, it is imperative to evaluate urban ecosystem conditions and the environment of the cities undergoing economic growth. Urban green spaces are valuable sources of evapotranspiration, which is generated by trees and vegetation; these spaces...

This paper integrates a simple theory of identity choice into a framework of endogenous economic growth to explain how secularization can be both cause and consequence of economic development. A secular identity allows an individual to derive more pleasure from consumption than religious...

FDI is seen widely as a vital source of investment, technology transfer, and growth. The factors that attract FDI have been a longstanding source of debate. The authors present a comprehensive assessment of the accumulated evidence on one factor, the success of economic growth in attracting FDI....

Over the past decade, the mining investment boom in resource-rich states accounted for much of the difference in the pace of economic growth across states. More recently, there has been a gradual rebalancing of growth, though the transition has been uneven. Housing market activity has picked up...

This article examines the possible adverse effects of well-intended climate policies. A weak Green Paradox arises if the announcement of a future carbon tax or a sufficiently fast rising carbon tax encourages fossil fuel owners to extract reserves more aggressively, thus exacerbating global...

Pakistan's Vision 2025 connects a policy commitment to greater gender equality with inclusive growth. It prioritises a "good quality of life and high living standard for all citizens across regions, gender" and to "achieve an annual average growth rate of 7 to 8 per cent that is inclusive and...

The paper investigates the relationship between credit union (CU) financial intermediation and economic growth using seventeen-year data (1995-2011) from 12 CU countries. Using the panel Generalized Method of Moments (GMM) estimation technique, the study finds that there is a statistically...