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An Investigation of the Impact of Financial Literacy and Financial Socialization on Financial Satisfaction: Mediating Role of Financial Risk Attitude 金融素养和金融社会化对金融满意度的影响研究——金融风险态度的中介作用
Q2 Economics, Econometrics and Finance Pub Date : 2022-01-01 DOI: 10.1177/09749101211070952
N. Madinga, E. Maziriri, T. Chuchu, Zinzi Magoda
Over the years, academics have paid a lot of attention to the topic of financial literacy. As a result, the current study investigates this topic using a unique conceptual model that was created expressly to investigate the study’s claimed linkages. Three hundred eighty four people took part in the study using a web-based self-administered questionnaire. The data was analysed using Partial Least Square Structural Equation Modelling (PLS-SEM). The outcomes of this study demonstrate that those who are more willing to take chances are more likely to be content with their financial situation. Improving financial literacy and socializing has a direct impact on financial happiness. Furthermore, financial risk attitude positively facilitates the association of a customer’s monetary education and gratification associated with education. In addition, financial risk attitude positively intercedes the association of financial socialization and monetary gratification. Financial satisfaction is observed to be of paramount importance for customers, company as well as the government. The findings of this article promote the successful delivery of financial services to established target groups, followed by recommendations for the provision of financial literacy for individuals. Furthermore, the outcomes of this research have led the way for the discovery of insights potentially useful for public policy development.
多年来,学术界对金融素养这一话题给予了极大的关注。因此,本研究使用了一个独特的概念模型来调查这一主题,该模型是专门为调查该研究声称的联系而创建的。三百八十四个人使用基于网络的自我管理问卷参与了这项研究。使用偏最小二乘结构方程建模(PLS-SEM)对数据进行分析。这项研究的结果表明,那些更愿意冒险的人更有可能对自己的财务状况感到满意。提高金融知识和社交能力对金融幸福感有直接影响。此外,金融风险态度积极促进了客户的货币教育和与教育相关的满足感之间的联系。此外,金融风险态度对金融社会化与货币满足之间的联系起到了积极的中介作用。财务满意度被认为对客户、公司和政府都至关重要。本文的研究结果促进了向既定目标群体成功提供金融服务,并提出了为个人提供金融知识的建议。此外,这项研究的成果为发现可能对公共政策制定有用的见解开辟了道路。
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引用次数: 9
Impacts of COVID-19 Regime on Labor Within Food Systems: Whither BRICS Now and Beyond? 2019冠状病毒病疫情对粮食系统劳动力的影响:金砖国家当前及未来走向?
Q2 Economics, Econometrics and Finance Pub Date : 2022-01-01 DOI: 10.1177/09749101211067094
L. Amusan, V. Okorie
The advent of COVID-19 has reconfigured foodscape across the globe, BRICS inclusive. Some of the familiar sites where people in BRICS found food in pre-pandemic period has become increasingly threatened while many have completely disappeared, leaving behind dark food deserts. Information on the extent of the devastation caused by the pandemic is still emerging. Such information is pivotal to the articulation of affirmative programs and policies. This article, therefore, explores the impact of the pandemic on food systems of BRICS to indicate how the alliance may positively influence the repositioning of each country member’s foodscape to achieve food security both now and beyond this pandemic. This article uses content analysis of relevant documents and draws from functionalist’s perspective to outline various impacts of the pandemic on food systems. It argues that creating enabling environment for labor, making food security a common goal of BRICS as a body as well as putting in place mechanisms supporting local food systems will invariably ensure food security across various levels in BRICS.
新冠肺炎疫情改变了全球粮食格局,金砖国家包容。金砖国家人民在大流行前发现食物的一些熟悉地点日益受到威胁,许多地方已经完全消失,留下了黑暗的食物沙漠。关于这一流行病造成的破坏程度的信息仍在不断出现。这些信息对于平权项目和政策的明确是至关重要的。因此,本文探讨了疫情对金砖国家粮食系统的影响,以表明该联盟如何积极影响每个成员国粮食格局的重新定位,以实现当前和疫情之后的粮食安全。本文通过对相关文献的内容分析,从功能主义者的角度出发,概述了疫情对粮食系统的各种影响。报告认为,为劳动力创造有利环境,使粮食安全成为金砖国家作为一个整体的共同目标,并建立支持地方粮食系统的机制,将不可避免地确保金砖国家各个层面的粮食安全。
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引用次数: 0
The Chinese Government Bond Markets: Foreign Investments and Market Efficiency 中国国债市场:外资与市场效率
Q2 Economics, Econometrics and Finance Pub Date : 2022-01-01 DOI: 10.1177/09749101211070954
Kerry Liu
The Chinese bond market is the world’s second largest, with government bonds accounting for the majority of the market. The Chinese government has been gradually opening up its bond markets to foreign investors since 2015. However, studies on the Chinese bond markets are very few. Based on data of most frequently traded government bonds in 2015 and 2019, statistical tests including Ken-tau tests and variance ratio tests show that while Chinese government bond markets were generally not efficient in 2015, the efficiency has significantly improved in 2019. The change of market efficiency is likely from the increasing foreign investments, thus a more diverse investor base of the Chinese government bonds. Some structural issues remain such as immature derivative market, low marketization of commercial banks, and restrictions to foreign investors. Finally, this study discusses the implications for investors, policymakers and academics.
中国债券市场是世界第二大市场,政府债券占据了市场的大部分。自2015年以来,中国政府一直在逐步向外国投资者开放债券市场。然而,对中国债券市场的研究却很少。基于2015年和2019年最频繁交易的政府债券数据,包括Ken-tau检验和方差比检验在内的统计检验表明,尽管2015年中国政府债券市场总体效率不高,但2019年效率显著提高。市场效率的变化可能来自于外国投资的增加,从而使中国政府债券的投资者基础更加多样化。一些结构性问题仍然存在,如衍生品市场不成熟、商业银行市场化程度低以及对外国投资者的限制。最后,本研究讨论了对投资者、政策制定者和学者的影响。
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引用次数: 2
Trends and Determinants of FDI with Implications of COVID-19 in BRICS 2019冠状病毒病对金砖国家FDI影响的趋势和决定因素
Q2 Economics, Econometrics and Finance Pub Date : 2022-01-01 DOI: 10.1177/09749101211067091
Arup Kumar Chattopadhyay, Debdas Rakshit, P. Chatterjee, Ananya Paul
Foreign direct investment (FDI) movement to any country is recognized as an important criterion for economic strength and potentiality. Hence, the present study analyzes the motives of FDI inflows through the determinants and channels, namely horizontal or vertical FDIs and the impact of COVID-19 on FDI Inflows in BRICS countries during the period 1990–2020. The Kinked Exponential (deterministic) trend, and Zivot and Andrew’s trend equations are applied for the growth analysis of FDI inflows. Regarding the estimation of channels of FDI inflows in terms of horizontal, vertical, and hybrid motivations, dynamic panel data analysis using GMM for BRICS economies together and ARDL-PMG for individual countries is made. The findings show significantly positive growth in FDI inflows in all BRICS countries except India during the first decade of the present century. After that, these countries have experienced either significantly or insignificantly declining trends, except India, where the trend has significantly increased during this later period. From the overall analysis, we see that both horizontal and vertical motivations play a dominant role in determining FDI inflows for the BRICS countries. However, from country-wise estimations, it is observed that both horizontal and vertical motives are dominant factors for FDI inflows to India and Russia. In contrast, the horizontal motive of it is significant for China. For Brazil and South Africa, no motive behind FDI inflows appears significant. The pandemic situation significantly impacts attracting FDI in Brazil, while it remains insensitive in the rest of the BRICS countries. The findings reveal that FDI determinants are country-specific. So, the BRICS countries can design proper FDI policy and adopt more reforms in attracting FDI that may help improve their economic situation.
外国直接投资流向任何国家被认为是衡量经济实力和潜力的重要标准。因此,本研究通过决定因素和渠道(即横向或纵向FDI)分析FDI流入的动机,以及1990-2020年期间新冠肺炎疫情对金砖国家FDI流入的影响。本文采用折指数(确定性)趋势和Zivot和Andrew趋势方程对FDI流入的增长进行了分析。在横向、纵向和混合动机下对FDI流入渠道的估计方面,我们使用GMM对金砖国家整体进行了动态面板数据分析,使用ARDL-PMG对单个国家进行了动态面板数据分析。研究结果显示,在本世纪头十年,除印度外,所有金砖国家的外国直接投资流入都出现了显著的正增长。在那之后,这些国家都经历了显著或不显著的下降趋势,但印度除外,其趋势在这一后期显著增加。从整体分析来看,横向和纵向动机在决定金砖国家FDI流入方面都起着主导作用。然而,从各国的估计来看,横向和纵向动机都是外国直接投资流入印度和俄罗斯的主要因素。相比之下,它的横向动机对中国来说意义重大。对巴西和南非来说,FDI流入背后的动机似乎并不明显。疫情严重影响了在巴西吸引外国直接投资,而在其他金砖国家吸引外国直接投资仍然不敏感。研究结果表明,外国直接投资决定因素是具体国家的。因此,金砖国家可以设计适当的外国直接投资政策,并在吸引外国直接投资方面采取更多改革,这可能有助于改善金砖国家的经济状况。
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引用次数: 11
The Impact of Foreign Direct Investment and Biomass Energy Consumption on Pollution in BRICS Countries: A Panel Data Analysis 外国直接投资和生物质能消费对金砖国家污染的影响:面板数据分析
Q2 Economics, Econometrics and Finance Pub Date : 2022-01-01 DOI: 10.1177/09749101211067092
Özge Barış-Tüzemen, Samet Tüzemen
The relationship between foreign direct investment and carbon emissions in the BRICS (Brazil, Russian Federation, India, China, and South Africa) countries for 1992–2017 is investigated in this study. Biomass energy consumption and per capita income variables are also added to the model as additional determinants of pollution. To test the pollution haven hypothesis, panel fixed-effects and random-effects models are employed. The findings show that an N-shaped association exists between foreign direct investment and CO2 in BRICS countries. In addition, the empirical results also suggest that there is both an inverted-U and an inverted-N-shaped connection between income and pollution. Finally, the quadratic fixed-effects model results imply that biomass energy consumption has significant contribution to environmental degradation in these countries. When the results are interpreted, BRICS countries are suggested to provide more incentives to renewable energy sources and accelerate the development of the green energy system to attract clean resources and prevent environmental degradation.
本研究调查了1992-2017年金砖国家(巴西、俄罗斯联邦、印度、中国和南非)外国直接投资与碳排放之间的关系。生物质能消耗和人均收入变量也作为污染的额外决定因素添加到模型中。为了检验污染港假说,采用了面板固定效应和随机效应模型。研究结果表明,金砖国家的外国直接投资与二氧化碳之间存在n型关系。此外,实证结果还表明,收入与污染之间既存在倒u型关系,也存在倒n型关系。最后,二次固定效应模型结果表明,生物质能消费对这些国家的环境退化有显著贡献。在对结果进行解读时,建议金砖国家为可再生能源提供更多激励措施,加快发展绿色能源体系,吸引清洁资源,防止环境恶化。
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引用次数: 3
Empirical Literature on Economic Growth, 1991–2020: Uncovering Extant Gaps and Avenues for Future Research 1991-2020年经济增长的实证文献:揭示存在的差距和未来研究的途径
Q2 Economics, Econometrics and Finance Pub Date : 2021-12-23 DOI: 10.1177/09749101211061626
Natalia I. Doré, A. Teixeira
The factors required to achieve sustainable economic growth in a country are debated for decades, and empirical research in this regard continues to grow. Given the relevance of the topic and the absence of a comprehensive, systematic literature review, we used bibliometric techniques to examine and document several aspects in the empirical literature related to growth, from 1991 to 2020. Five main results are worth highlighting: (a) the share of empirical articles on economic growth show a clear upward trend; (b) among all the groups of countries considered, the emerging economies (EEs) have received the most scientific attention; (c) the economic growth processes of the Latin American and Caribbean EEs have observed negligible scientific attention; (d) the very long-run studies comprise a residual share among the empirical literature on growth; (e) the extant empirical studies on economic growth have addressed mainly the impact of “macroeconomic conditions.” Our findings suggest there is a need to redirect the empirical growth agenda, so as to encourage more scientific attention devoted to the analysis of key determinants of economic growth in the very long run. There should also be increased scrutiny of the processes of economic growth in Latin American and Caribbean EEs
一个国家实现可持续经济增长所需的因素已经争论了几十年,这方面的实证研究也在不断增加。鉴于该主题的相关性以及缺乏全面、系统的文献综述,我们使用文献计量学技术来检查和记录1991年至2020年期间与增长相关的实证文献中的几个方面。值得强调的五个主要结果:(a)关于经济增长的实证文章的份额显示出明显的上升趋势;(b)在所审议的所有国家集团中,新兴经济体在科学上受到的关注最多;(c)对拉丁美洲和加勒比经济发展进程的科学关注微不足道;(d)非常长期的研究在关于增长的实证文献中占剩余份额;(e)现有的经济增长实证研究主要涉及“宏观经济条件”的影响。我们的研究结果表明,有必要重新调整实证增长议程,以鼓励更多的科学关注,专注于分析长期经济增长的关键决定因素。还应加强审查拉丁美洲和加勒比经济发展国家的经济增长进程
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引用次数: 3
BRICS as a Driver of Global Economic Growth and Development 金砖国家是全球经济增长和发展的引擎
Q2 Economics, Econometrics and Finance Pub Date : 2021-12-21 DOI: 10.1177/09749101211067096
B. Iqbal
In 2001, when the term BRIC (Brazil, Russia, India, and China) was coined by Jim O'Neill, I came across a paper in a German journal. The title of the paper was “BRIC as a group of unequals.” Since then, there has been consistent growth and development in the BRICS group, and it has emerged as a force to reckon with. In December 2010, after South Africa joined the group, it became BRICS. The role and contribution of the BRICS is significant to the world economy in terms of population (40%), GDP (25% nominal and US$ 16.039 trillion), land coverage (30%), world trade (18%), and global forex (US$ 4 trillion). Since 2001 and till the end of 2010, the BRICS as a group worked on sectoral cooperation in many areas, namely—science and technology, trade promotion and facilitation, energy, health, education, innovation, and fight against transnational crime. Presently, sectoral cooperation accounts for more than 30 subject areas. These areas have brought in specific benefits to the population of the group of countries. In 2014, the 11th summit took place in Brazil and institutions of strategic and paramount significance were created such as New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These have far reaching effects and implications for the global world in general and BRICS economies in particular. Both the initiatives are contributing significantly in the process of accelerating economic growth resulting in socioeconomic progress in the member countries. During the last five years, NDB has approved 70 infrastructure and sustainable development projects amounting to US$ 25.07 billion that also comprises loans given under NDB Emergency Assistance Facility among the member countries. Significantly, India has 18 projects amounting to US$ 6.9 billion. On December 20, 2020, the 12th Summit was held in Russia, wherein new dimensions were added namely—world stability, shared security, and innovative growth. These are the sine-quo-non for creating better, effective, and efficient global economic order (GEO) which is the need of the hour.
2001年,当吉姆·奥尼尔创造了“金砖四国”(巴西、俄罗斯、印度和中国)一词时,我在德国杂志上看到了一篇论文。这篇论文的标题是“金砖国家作为一个不平等的群体。”从那时起,金砖国家集团不断增长和发展,并成为一股值得关注的力量。2010年12月,南非加入金砖国家集团后,成为金砖国家。金砖国家在人口(40%)、国内生产总值(25%名义和16.039万亿美元)、土地覆盖率(30%)、世界贸易(18%)和全球外汇(4万亿美元)方面对世界经济的作用和贡献是重要的。自2001年至2010年底,金砖国家作为一个集团在许多领域开展了部门合作,即科学技术、贸易促进和便利化、能源、卫生、教育、创新和打击跨国犯罪。目前,部门合作涉及30多个主题领域。这些领域为该集团国家的人民带来了具体的好处。2014年,第11届峰会在巴西举行,新开发银行(NDB)和应急储备安排(CRA)等具有重要战略意义的机构成立。这些对全球世界,特别是金砖国家经济体都有深远的影响和影响。这两项举措都为加快经济增长、促进成员国社会经济进步做出了重大贡献。在过去五年中,国家开发银行批准了70个基础设施和可持续发展项目,总额为250.7亿美元,其中还包括根据国家开发银行紧急援助机制向成员国提供的贷款。值得注意的是,印度有18个项目,总额达69亿美元。2020年12月20日,第十二届峰会在俄罗斯举行,会议增加了新的维度,即世界稳定、共同安全和创新增长。这些都是建立更好、有效和高效的全球经济秩序的先决条件,而这正是当前的需要。
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引用次数: 8
Investigating the Nexus Between FDI and Institutional Quality: Evidence from Morocco 外国直接投资与制度质量关系研究:来自摩洛哥的证据
Q2 Economics, Econometrics and Finance Pub Date : 2021-11-17 DOI: 10.1177/09749101211053069
Hamza Belfqih, Ahlam Qafas, M. Jerry
This article investigates the relationship between institutional quality and foreign direct investment (FDI) in Morocco using a large set of institutional quality variables over the period 1970–2016. The study uses ARDL bounds testing approach with structural breaks and Granger causality. The analysis is then extended to the disaggregated sub-components to discern the inherent dynamics of institutional quality. The study finds several relationships between FDI and various aspects of institutional quality. Results from both models conclude with policy recommendations.
本文利用1970-2016年期间的大量制度质量变量,研究了摩洛哥制度质量与外国直接投资(FDI)之间的关系。本研究采用结构断裂和格兰杰因果关系的ARDL界检验方法。然后将分析扩展到分解的子组件,以识别制度质量的内在动态。研究发现FDI与制度质量各方面之间存在若干关系。两种模型的结果最后都提出了政策建议。
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引用次数: 2
Technology Spillovers and Its Mechanisms of Diffusion in Emerging Market Economies: Issues and Challenges 新兴市场经济体的技术溢出及其扩散机制:问题与挑战
Q2 Economics, Econometrics and Finance Pub Date : 2021-11-02 DOI: 10.1177/09749101211049083
Nigel Raylyn Dsilva
This article examines the empirical literature on technology spillovers and the mechanisms or channels through which it diffuses in emerging market economies. This article delves into conceptual and measurement challenges concerning technology spillovers. International trade, foreign direct investment, and human capital are the main mechanisms or channels through which technology spillovers and diffusion takes place. In so doing, limitations are also brought out concerning measurement and methodological issues. Finally, this article summarizes the issues and challenges with regards to technology spillovers and its mechanisms of diffusion in emerging market economies and provides pointers for future research.
本文考察了有关技术溢出的实证文献,以及技术溢出在新兴市场经济体中扩散的机制或渠道。本文深入探讨了技术溢出的概念和衡量挑战。国际贸易、外国直接投资和人力资本是技术溢出和扩散的主要机制或渠道。在这样做的过程中,还提出了有关测量和方法问题的局限性。最后,本文总结了新兴市场经济体技术溢出及其扩散机制方面的问题和挑战,并为未来的研究提供了指导。
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引用次数: 0
Shadow Economy and Environmental Pollution in West African Countries: The Role of Institutions 西非国家的影子经济与环境污染:制度的作用
Q2 Economics, Econometrics and Finance Pub Date : 2021-11-02 DOI: 10.1177/09749101211049038
J. Dada, F. Ajide, Adams Adeiza
This study deviates from extant studies by examining the effect of shadow economy (SE) on environmental pollution, and the role institutional indicators play in moderating the effect in West Africa between 1992 and 2015. Specifically, the study employed three institutional indicators (corruption control [COR], law and order [LAW], and bureaucratic quality [BUQ]) to mediate the effect and also determine its threshold values. SE is measured using Multiple Indicators Multiple Causes (MIMIC) while environmental pollution is proxy by carbon dioxide (CO2) per capita. Two step system Generalized Method of Moments (GMM) is used to drive out the conclusions of the study. The findings reveal that SE, COR and LAW contribute significantly to environmental pollution, while BUQ though not significant, reduces environmental pollution in the region. Further, the interactive effect of SE with all the institutional indicators shows that strong institutional indicators abate environmental pollution through reduction in the presence of SE. The threshold value of institutional indicators, which reduces SE and abates environmental pollution, are 3.8 and 3.7 for COR, and LAW, respectively, on an ordinary scale of 0–6, while 2.8 for BUQ on an ordinary scale of 0–4. Nevertheless, most of the countries in the region operate below the threshold level of institutional indicators in the region. The results are robust to different proxies of environmental pollution. The implications of the study are discussed.
这项研究偏离了现有的研究,考察了影子经济(SE)对环境污染的影响,以及制度指标在1992年至2015年间调节西非影响中所起的作用。具体而言,该研究采用了三个制度指标(腐败控制[COR]、法律与秩序[law]和官僚素质[BUQ])来调节效果,并确定其阈值。SE是使用多指标多原因(MIMIC)来测量的,而环境污染是用人均二氧化碳(CO2)来表示的。采用两步系统广义矩量法(GMM)得出研究结论。研究结果表明,SE、COR和LAW对环境污染有显著影响,而BUQ虽然不显著,但可以减少该地区的环境污染。此外,SE与所有制度指标的互动效应表明,在SE存在的情况下,强制度指标通过减少环境污染来减轻环境污染。在0–6的普通量表上,降低SE和减轻环境污染的制度指标的阈值分别为COR和LAW的3.8和3.7,而在0–4的普通尺度上,BUQ为2.8。尽管如此,该区域大多数国家的运作低于该区域机构指标的门槛水平。结果对环境污染的不同指标都是稳健的。讨论了这项研究的意义。
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引用次数: 21
期刊
Global Journal of Emerging Market Economies
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