Pub Date : 2018-09-01DOI: 10.35866/caujed.2018.43.3.004
MONIA GHAZALI, RIM MOUELHI
{"title":"THE EMPLOYMENT INTENSITY OF GROWTH: EVIDENCE FROM TUNISIA","authors":"MONIA GHAZALI, RIM MOUELHI","doi":"10.35866/caujed.2018.43.3.004","DOIUrl":"https://doi.org/10.35866/caujed.2018.43.3.004","url":null,"abstract":"","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70076521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-01DOI: 10.35866/caujed.2018.43.3.003
Rajesh Sharma, Samaresh Bardhan
The paper presents causality analysis between stock market development and economic growth for 25 advanced economies over the period 1975-2011. We apply bootstrap panel Granger causality method (Emirmahmutoglu and Kose, 2011) for this purpose, which incorporates heterogeneity and cross-sectional dependence in a panel framework. Using alternative measures of stock market size and liquidity, we find evidence of uni-directional causality from stock market development to growth in case of individual countries as well as with panel statistics in the presence of cross-sectional dependence which support supply leading hypothesis (stock market led growth). However, we hardly find any evidence of demand-following hypothesis or feedback hypothesis. Findings also reveal that market size is relatively more important than liquidity measures in case of advanced economies despite favourable theoretical prediction that stock market liquidity might ease investments, improve allocation of capital and enhance prospects for economic growth. Probable policy implications that emerge from experiences of advanced economies is that despite several unfavourable features of stock market development, which put certain market dominated advanced economies in disadvantageous positions compared to certain bank-based economies, emerging economies should certainly focus on stock market development as alternative potential means of financial development and hence long-term economic growth.
{"title":"STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM BOOTSTRAP PANEL GRANGER CAUSALITY TEST","authors":"Rajesh Sharma, Samaresh Bardhan","doi":"10.35866/caujed.2018.43.3.003","DOIUrl":"https://doi.org/10.35866/caujed.2018.43.3.003","url":null,"abstract":"The paper presents causality analysis between stock market development and economic growth for 25 advanced economies over the period 1975-2011. We apply bootstrap panel Granger causality method (Emirmahmutoglu and Kose, 2011) for this purpose, which incorporates heterogeneity and cross-sectional dependence in a panel framework. Using alternative measures of stock market size and liquidity, we find evidence of uni-directional causality from stock market development to growth in case of individual countries as well as with panel statistics in the presence of cross-sectional dependence which support supply leading hypothesis (stock market led growth). However, we hardly find any evidence of demand-following hypothesis or feedback hypothesis. Findings also reveal that market size is relatively more important than liquidity measures in case of advanced economies despite favourable theoretical prediction that stock market liquidity might ease investments, improve allocation of capital and enhance prospects for economic growth. Probable policy implications that emerge from experiences of advanced economies is that despite several unfavourable features of stock market development, which put certain market dominated advanced economies in disadvantageous positions compared to certain bank-based economies, emerging economies should certainly focus on stock market development as alternative potential means of financial development and hence long-term economic growth.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70076820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-01DOI: 10.35866/caujed.2018.43.3.002
BORIS PETKOV
{"title":"NATURAL RESOURCE ABUNDANCE: IS IT A BLESSING OR IS IT A CURSE","authors":"BORIS PETKOV","doi":"10.35866/caujed.2018.43.3.002","DOIUrl":"https://doi.org/10.35866/caujed.2018.43.3.002","url":null,"abstract":"","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70076082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-01DOI: 10.35866/CAUJED.2018.43.1.001
Oualid Lajili, P. Gilles
The purpose of this paper is to study the relationship between financial integration, political openness, and economic development measured with GDP per capita growth. Our empirical investigation covers a sample of 108 developing countries between 1984 and 2008 and uses both static and dynamic panel data estimation. The results show that financial liberalization positively affects growth directly and through indirect channel like investment, trade and macroeconomic stability. It also supports financial development and promotes human capital. Even though democracy doesni¯t directly influence growth, it has an indirect positive effect on it through favoring international trade in addition to financial and human capital development. Otherwise, political instability negatively affects growth directly and indirectly through decreasing investment and increasing inflation.
{"title":"Financial Liberalization, Political Openness and Growth in Developing Countries: Relationship and Transmission Channels","authors":"Oualid Lajili, P. Gilles","doi":"10.35866/CAUJED.2018.43.1.001","DOIUrl":"https://doi.org/10.35866/CAUJED.2018.43.1.001","url":null,"abstract":"The purpose of this paper is to study the relationship between financial integration, political openness, and economic development measured with GDP per capita growth. Our empirical investigation covers a sample of 108 developing countries between 1984 and 2008 and uses both static and dynamic panel data estimation. The results show that financial liberalization positively affects growth directly and through indirect channel like investment, trade and macroeconomic stability. It also supports financial development and promotes human capital. Even though democracy doesni¯t directly influence growth, it has an indirect positive effect on it through favoring international trade in addition to financial and human capital development. Otherwise, political instability negatively affects growth directly and indirectly through decreasing investment and increasing inflation.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"43 1","pages":"1-27"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47781109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-01DOI: 10.35866/CAUJED.2018.43.1.005
Salwa Trabelsi
This paper aims to give reason to the mixed result between the public education spending and growth found largely by the empirical works and to confirm the nonlinear character of this relationship. Using cross countries data averaged during the period 1980-2013, and the structural threshold regression method STR (Kourtellos et al,. 2015) to investigate the heterogeneous effects of the public education spending on growth considering governance indicators as threshold variable, we obtain evidence that this expenditure contributes positively to the economic performance only if the country is above the threshold level and presents good governance otherwise the effect is negative.
{"title":"PUBLIC EDUCATION SPENDING AND ECONOMIC GROWTH: THE GOVERNANCE THRESHOLD EFFECT","authors":"Salwa Trabelsi","doi":"10.35866/CAUJED.2018.43.1.005","DOIUrl":"https://doi.org/10.35866/CAUJED.2018.43.1.005","url":null,"abstract":"This paper aims to give reason to the mixed result between the public education spending and growth found largely by the empirical works and to confirm the nonlinear character of this relationship. Using cross countries data averaged during the period 1980-2013, and the structural threshold regression method STR (Kourtellos et al,. 2015) to investigate the heterogeneous effects of the public education spending on growth considering governance indicators as threshold variable, we obtain evidence that this expenditure contributes positively to the economic performance only if the country is above the threshold level and presents good governance otherwise the effect is negative.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"43 1","pages":"101-124"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49299275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-01DOI: 10.35866/CAUJED.2018.43.1.002
Shrabanti Maity
This paper examines the multidimensional poverty status and also detects the factors that influence multidimensional poverty of Bodo household of Udalguri district, Assam. The study is entirely based on primary data. Multistage, stratified, purposive and random sampling techniques are used to collect primary data of 660 Bodo household covering twenty-two villages of eleven blocks of the study area. Multiple Correspondence Analysis (MCA) method is applied for constructing household level Multidimensional Poverty Index (MPI). Again, step-wise logistic regression is used to identify the factors influencing the multidimensional poverty status of the study area. The MPI value for the study area predicts that the area is moderately poor and health and literacy are the most important influencing factors.
{"title":"Multidimensional Poverty Status of Bodo Tribes of Udalguri District, Bodoland, Assam","authors":"Shrabanti Maity","doi":"10.35866/CAUJED.2018.43.1.002","DOIUrl":"https://doi.org/10.35866/CAUJED.2018.43.1.002","url":null,"abstract":"This paper examines the multidimensional poverty status and also detects the factors that influence multidimensional poverty of Bodo household of Udalguri district, Assam. The study is entirely based on primary data. Multistage, stratified, purposive and random sampling techniques are used to collect primary data of 660 Bodo household covering twenty-two villages of eleven blocks of the study area. Multiple Correspondence Analysis (MCA) method is applied for constructing household level Multidimensional Poverty Index (MPI). Again, step-wise logistic regression is used to identify the factors influencing the multidimensional poverty status of the study area. The MPI value for the study area predicts that the area is moderately poor and health and literacy are the most important influencing factors.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"43 1","pages":"29-47"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44951347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-01DOI: 10.35866/CAUJED.2018.43.1.003
Edward E. Ghartey
The paper examines the role of financial development and economic growth in Barbados, Jamaica and Trinidad and Tobago. Causality tests conducted by using the stepwise Granger causality method, after addressing respective unknown exogenous structural changes, and using bounds testing approach to determine the level relationships between economic growth and each respective real financial development proxies, produced more robust results. Thus, economic growth drives real financial development in the short-run in all three countries, with Trinidad-Tobagoi¯s results being overwhelming. Long-run weak exogeneity tests from respective factor loadings indicate similar demand-following phenomenon in Jamaica, although results are mixed in Barbados and Trinidad-Tobago. Policymakers are therefore advised to make the overall economic growth of Jamaica their policy priority, and not favor its financial market with special policies over both near term and long-run. Similar policy is strongly recommended for both Trinidad-Tobago and Barbados. However, in Barbados and Trinidad-Tobago, mixed Granger causal relationship results suggest that extending resources as incentives to boost up both financial market development and economic growth will benefit them over the long-run.
{"title":"FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: SOME CARIBBEAN EMPIRICAL EVIDENCE","authors":"Edward E. Ghartey","doi":"10.35866/CAUJED.2018.43.1.003","DOIUrl":"https://doi.org/10.35866/CAUJED.2018.43.1.003","url":null,"abstract":"The paper examines the role of financial development and economic growth in Barbados, Jamaica and Trinidad and Tobago. Causality tests conducted by using the stepwise Granger causality method, after addressing respective unknown exogenous structural changes, and using bounds testing approach to determine the level relationships between economic growth and each respective real financial development proxies, produced more robust results. Thus, economic growth drives real financial development in the short-run in all three countries, with Trinidad-Tobagoi¯s results being overwhelming. Long-run weak exogeneity tests from respective factor loadings indicate similar demand-following phenomenon in Jamaica, although results are mixed in Barbados and Trinidad-Tobago. Policymakers are therefore advised to make the overall economic growth of Jamaica their policy priority, and not favor its financial market with special policies over both near term and long-run. Similar policy is strongly recommended for both Trinidad-Tobago and Barbados. However, in Barbados and Trinidad-Tobago, mixed Granger causal relationship results suggest that extending resources as incentives to boost up both financial market development and economic growth will benefit them over the long-run.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"43 1","pages":"49-76"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46453852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-03-01DOI: 10.35866/caujed.2018.43.1.004
S. Suh
In this paper, we apply a new factor model to portfolio-selection problems and compare its portfolio investment performance with those of other popular portfolio-selection methods. The new factors are formed from a well-characterized subset of the asset universe based on firm characteristics and exhibit better asset-pricing performance than popular extant asset-pricing factors. The performance comparison shows that the new factors exhibit better portfolio investment performance than alternative methods for various test portfolios and various periods.
{"title":"Portfolio Selection Using New Factors Based on Firm Characteristics","authors":"S. Suh","doi":"10.35866/caujed.2018.43.1.004","DOIUrl":"https://doi.org/10.35866/caujed.2018.43.1.004","url":null,"abstract":"In this paper, we apply a new factor model to portfolio-selection problems and compare its portfolio investment performance with those of other popular portfolio-selection methods. The new factors are formed from a well-characterized subset of the asset universe based on firm characteristics and exhibit better asset-pricing performance than popular extant asset-pricing factors. The performance comparison shows that the new factors exhibit better portfolio investment performance than alternative methods for various test portfolios and various periods.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"43 1","pages":"77-99"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49536934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investigating the gender wage gap in Vietnam by quantile regression: Sticky floor or glass ceiling","authors":"T. P. Anh","doi":"10.24311/jed/2018.25.s01.1","DOIUrl":"https://doi.org/10.24311/jed/2018.25.s01.1","url":null,"abstract":"Received 19 July 2017 Revised 15 Nov. 2017 Accepted 1 Jan. 2018 Available online 12 January 2018 JEL classifications: E24; J16; O18","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"25 1","pages":"04-23"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46119450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-01DOI: 10.24311/jed/2018.25.S01.5
N. Q. Huy
{"title":"Determinants of Vietnam’s exports: An application of the gravity model","authors":"N. Q. Huy","doi":"10.24311/jed/2018.25.S01.5","DOIUrl":"https://doi.org/10.24311/jed/2018.25.S01.5","url":null,"abstract":"","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"25 1","pages":"103-116"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48845258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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