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Investigating the Role of Regional Economic Integration on Growth: Fresh Insights from South Asia 研究区域经济一体化对经济增长的作用:来自南亚的新见解
Q2 Economics, Econometrics and Finance Pub Date : 2020-12-10 DOI: 10.1177/0974910120974800
M. I. Shah
Regional economic integration is the key to achieving prosperity and stability. However, intra-regional trade in South Asia accounts for not more than 5%–6% of their total trade. This study aims to examine the role played by regional economic integration in determining the economic growth of South Asian countries over the period 1980–2015. Since shocks in one country may affect another country in the region, this is taken into account in the article by employing methodologies that are robust to cross sectional dependence. Specifically, continuously-updated and bias-corrected (CupBC) of Bai et al. (2009) and Dumitrescu–Hurlin panel causality test (2012) have been employed to estimate long-run coefficients and determine the direction of relationship among the variables, respectively. The findings suggest that economic integration increases economic growth significantly in this region. However, contrary to popular belief, both democracy and human capital are negatively related to economic growth. Bidirectional causality is found between economic integration and democracy, regional integration and human capital, democracy and human capital and, democracy and labor. This study also presents several policy implications for South Asian countries.
区域经济一体化是实现繁荣稳定的关键。然而,南亚地区内贸易占其贸易总额的比例不超过5%-6%。本研究旨在考察区域经济一体化在1980-2015年期间决定南亚国家经济增长的作用。由于一个国家的冲击可能会影响该地区的另一个国家,因此本文通过采用对横截面依赖性具有稳健性的方法来考虑这一点。其中,Bai et al.(2009)和dumitrescui - hurlin面板因果检验(2012)的持续更新和偏倚校正(CupBC)分别用于估计长期系数和确定变量之间的关系方向。研究结果表明,经济一体化显著促进了该地区的经济增长。然而,与普遍看法相反,民主和人力资本都与经济增长呈负相关。经济一体化与民主、区域一体化与人力资本、民主与人力资本、民主与劳动之间存在双向因果关系。这项研究还提出了对南亚国家的若干政策影响。
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引用次数: 7
Liberalization, Import of Capital Goods, and Industrial Exports: Evidence from Indian Manufacturing Sectors 自由化、资本货物进口和工业出口:来自印度制造业的证据
Q2 Economics, Econometrics and Finance Pub Date : 2020-12-10 DOI: 10.1177/2393957520974787
R. Rijesh
This article examines the impact of capital goods import on Indian manufacturing exports at the sectoral level. Import of capital goods provides dynamic productivity gains through quality, variety, and cost-efficiency channels that further boost manufacturing exports. Since trade liberalization facilitates this process, we presumed that better access to capital inputs would enhance Indian exports for 15 major manufacturing sectors at the 3-digit level from 1997 to 2016. The panel regression analysis based on fixed effect(s) feasible generalized least squares (FGLS), and ordinary least squares (OLS) indicate that, after controlling for world demand, relative export prices, and in-house research and development (R&D), the capital goods import has a positive and statistically significant impact on the aggregate manufacturing sector. The OLS estimates at the sectoral level further confirm the positive impact across nine major sectors. In general, the engineering sectors such as metals, machinery and transport equipment, and traditional labor-intensive sectors like textiles show positive benefit from these technology imports.
本文从部门层面考察了资本货物进口对印度制造业出口的影响。资本货物的进口通过质量、品种和成本效益渠道提供了动态的生产力增长,进一步促进了制造业出口。由于贸易自由化促进了这一进程,我们认为,从1997年到2016年,更好地获得资本投入将使印度15个主要制造业部门的出口达到3位数。基于固定效应的可行广义最小二乘法(FGLS)和普通最小二乘法(OLS)的面板回归分析表明,在控制了世界需求、相对出口价格和内部研发后,资本货物进口对总制造业产生了积极且具有统计学意义的影响。OLS在部门层面的估计进一步证实了对九个主要部门的积极影响。总的来说,金属、机械和运输设备等工程部门,以及纺织等传统劳动密集型部门都从这些技术进口中受益。
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引用次数: 3
Regulatory Arbitrage and Presence of Foreign Banks: Evidence from the Indian Banking Sector 监管套利与外资银行的存在——来自印度银行业的证据
Q2 Economics, Econometrics and Finance Pub Date : 2020-09-01 DOI: 10.1177/0974910120961571
A. Prashad
Presence of a heterogeneous banking system across countries provides opportunities for cross-border banks to indulge in activities of regulatory arbitrage. This article attempts to investigate whether regulatory arbitrage induces the presence of foreign banks in India. Using relevant country-level data on various aspects of banking regulations, we conduct a series of panel regressions to examine the effect of cross-country gap in banking regulations on foreign banks’ presence in India. We find regulatory arbitrage as significantly determining foreign banks’ presence in India, after controlling for other factors (income level of home country, bilateral economic relationship, colonial and linguistic commonality, and geographic proximity).
各国银行体系的异质性为跨境银行提供了沉迷于监管套利活动的机会。本文试图调查监管套利是否会导致外国银行在印度的存在。利用银行监管各个方面的相关国家级数据,我们进行了一系列面板回归,以检验银行监管的跨国差距对外国银行在印度存在的影响。我们发现,在控制了其他因素(母国的收入水平、双边经济关系、殖民地和语言的共同性以及地理邻近性)后,监管套利在很大程度上决定了外国银行在印度的存在。
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引用次数: 0
Freedom of the Press and Equity Returns: Empirical Investigation in Emerging Markets 新闻自由与股票回报:新兴市场的实证研究
Q2 Economics, Econometrics and Finance Pub Date : 2020-09-01 DOI: 10.1177/0974910120967155
T. Le
This article studies the relationship between freedom of press and equity returns in emerging markets. While research has shown that asymmetric information is one reason for high volatility and one type of risk in financial markets, the role of press in reducing that risk has not yet been studied thoroughly. The article attempts to bridge that gap and investigates how a free and unbiased press affects excess returns in stock market. Using the International Capital Asset Pricing Model (ICAPM), Fama-MacBeth’s methodology, and dataset from16 emerging economies from 1986 to 2000, this research is able to show that cross-country excess returns are significantly related to the degree of press freedom.
本文研究了新兴市场新闻自由与股票收益之间的关系。尽管研究表明,信息不对称是金融市场高度波动的原因之一,也是一种风险,但新闻在降低这种风险方面的作用尚未得到彻底研究。这篇文章试图弥合这一差距,并调查了自由和公正的媒体如何影响股票市场的超额回报。利用国际资本资产定价模型(ICAPM)、Fama MacBeth的方法以及1986年至2000年16个新兴经济体的数据集,本研究能够表明跨国超额收益与新闻自由度显著相关。
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引用次数: 1
Conceptual Expansion and Approaches to the Concept of Alternative Economy 替代经济概念的概念扩展和方法
Q2 Economics, Econometrics and Finance Pub Date : 2020-09-01 DOI: 10.1177/0974910120967567
D. Sarkar, K. Kundu
Researchers have emphasized upon the significance of alternative economy. Inferences from past studies, and the suggestions on the characteristics of alternative economic networks, are manifested in studies concerning multiple disciplines. The present study explores the definitional aspects and the facets of alternative economic networks. The analysis of a wide range of literature, sampled in the present study, employed a disciplined literature discovery process with Max Qualitative Data Analysis software to produce a tabulation of characteristics of “alternative economy”/“community economy”/“social economy.” Furthermore, these characteristics were studied through a statistical content analysis of relevant literature, and an importance-based classification of the characteristics was developed. Principal components analysis was used to distinguish thematic clusters within extant literature. These principal components were used to construct a definition of alternative economy. The present study subsequently analyzed the temporal evolution of the possible characteristics of alternative economy as proposed by scholars. The facets of alternative economy, thus identified, may be utilized for supplementary empirical studies in the context of alternative economic networks.
研究人员强调了替代经济的重要性。过去研究的推论,以及对替代经济网络特征的建议,都体现在涉及多个学科的研究中。本研究探讨了替代经济网络的定义方面和方面。在本研究中,对广泛的文献进行了抽样分析,采用了一个有纪律的文献发现过程和Max定性数据分析软件,生成了“替代经济”/“社区经济”和“社会经济”特征的表格。此外,通过对相关文献的统计内容分析来研究这些特征,并开发了基于重要性的特征分类。主成分分析用于区分现存文献中的主题聚类。这些主要组成部分被用来构建替代经济的定义。本研究随后分析了学者们提出的替代经济可能特征的时间演变。由此确定的替代经济的各个方面可用于替代经济网络背景下的补充实证研究。
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引用次数: 0
Foreign Aid Effectiveness: Evidence from Panel Data Analysis 外援有效性:来自面板数据分析的证据
Q2 Economics, Econometrics and Finance Pub Date : 2020-09-01 DOI: 10.1177/0974910120961570
M. A. Kabir
The effectiveness of foreign aid is an important issue that encompasses a wide range of academic fields but fails to provide any underlying consensus. This study empirically investigates the effectiveness of foreign aid in reducing income inequality of the developing world and subsamples of countries from Africa, South Asia, and South America, which historically demonstrate socioeconomic and geopolitical similarities. In an attempt to recognize aid effectiveness with clarity, this study contributes to the debate in the literature to reconcile the seemingly composite effect of foreign aid on income inequality and extrapolate if the inhibitory mechanisms of institution quality have a regressing effect. Thus, central to the thesis are two intertwining legacies: (a) the possible egalitarian effect of foreign aid on the income distribution of a country and (b) aid effectiveness when a country’s institutional quality is factored in. Using panel data from eight subsamples, the study found statistically significant but marginal foreign aid effectiveness in tackling the income inequality divide of most developing countries. Moreover, the effectiveness diminishes when institutional quality is factored in, which implies a confounding yet deracinating effect on foreign aid efficacy.
对外援助的有效性是一个重要问题,涉及广泛的学术领域,但未能达成任何基本共识。本研究实证调查了外国援助在减少发展中国家和非洲、南亚和南美洲国家收入不平等方面的有效性,这些国家在历史上表现出社会经济和地缘政治的相似性。为了清晰地认识援助的有效性,本研究为文献中的辩论做出了贡献,即调和外国援助对收入不平等的看似复合的影响,并推断制度质量的抑制机制是否具有回归效应。因此,这篇论文的核心是两个相互交织的遗产:(a)外国援助对一个国家收入分配可能产生的平等效应;(b)将一个国家的制度质量考虑在内时的援助有效性,该研究发现,在解决大多数发展中国家的收入不平等差距方面,外国援助的有效性具有统计学意义,但微乎其微。此外,当考虑到制度质量时,有效性会降低,这意味着对外援助的有效性会产生混淆但又会产生幻觉的影响。
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引用次数: 7
Determinants of Bank Lending in Nigeria 尼日利亚银行贷款的决定因素
Q2 Economics, Econometrics and Finance Pub Date : 2020-09-01 DOI: 10.1177/0974910120961573
A. Y. Oyebowale
The willingness of commercial banks to provide loans is determined by various factors. In this regard, this paper provides empirical evidence on determinants of bank lending in Nigeria. The parsimonious model of this study investigates the impact of growth in loan-to-deposit ratio, growth in inflation, growth in broad money, and growth in bank capital on growth in bank lending using annual data from 1961 to 2016. This study adopts the autoregressive distributed lag (ARDL) bounds testing approach and Granger causality tests to investigate the relationship and direction of causality among the variables, respectively. The Granger causality tests show that growth in broad money Granger-causes growth in bank lending, while there is no causality from other explanatory variables to bank lending in Nigeria. Also, this study shows that growth in bank lending Granger-causes growth in loan-to-deposit ratio and growth in inflation in Nigeria. Thus, this paper argues that commercial banks in Nigeria exhibit stern concern for their liquidity and capital adequacy positions while acting as financial intermediaries. Additionally, this paper argues that the Central Bank of Nigeria (CBN) possesses “paper-based” independence.
商业银行提供贷款的意愿是由多种因素决定的。在这方面,本文提供了尼日利亚银行贷款决定因素的实证证据。本研究的简约模型使用1961年至2016年的年度数据,考察了存贷比增长、通胀增长、广义货币增长和银行资本增长对银行贷款增长的影响。本研究分别采用自回归分布滞后(ARDL)界检验方法和格兰杰因果检验来考察变量之间的因果关系和方向。格兰杰因果检验表明,广义货币格兰杰增长导致银行贷款增长,而其他解释变量对尼日利亚银行贷款没有因果关系。此外,本研究表明,银行贷款格兰杰的增长导致尼日利亚存贷比的增长和通货膨胀的增长。因此,本文认为,尼日利亚的商业银行在充当金融中介机构的同时,对其流动性和资本充足率状况表现出严格的关注。此外,本文认为尼日利亚中央银行(CBN)具有“纸面上的”独立性。
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引用次数: 8
Nigerian Governance Challenge: Exploring the Role of Natural Resource Rents 尼日利亚治理挑战:探索自然资源租金的作用
Q2 Economics, Econometrics and Finance Pub Date : 2020-05-25 DOI: 10.1177/0974910120919001
Fisayo Fagbemi, Grace Omowumi Adeoye
Nigeria is a glaring example of a country where weak public institutions are pervasive in spite of its huge natural resource wealth. The presence of natural resource abundance has exacerbated the overwhelming development challenge in the economy. While the upshot of most empirical findings of the resource impact covers how the growth path is determined through the channel of institutions, the question as to why resource rents often fail to stimulate improved governance is more critical than ever. Hence, the study examines the effect of natural resource rents on the quality of governance in Nigeria for the period 1984–2017, using ARDL bounds test approach, Dynamic Least Squares (DOLS), and Granger Causality test based on Vector Error Correction Model (VECM). Results reveal that natural resource rents have an insignificant effect on governance indicators in the long-run as well in the short-run, suggesting that natural resource windfalls have a shallow effect on the development of good governance. However, further evidence indicates that pervasive institutional gaps in Nigeria could be stimulated or caused by the overdependence on natural resource rents and entrenched mismanagement tendencies. Thus, the study suggests that maintaining strong political commitment, curtailing overdependence on natural resources, and ensuring sound management of natural resource wealth are central for improved governance.
尼日利亚是一个明显的例子,尽管拥有巨大的自然资源财富,但其公共机构却普遍薄弱。自然资源丰富,加剧了经济发展面临的巨大挑战。虽然资源影响的大多数实证结果涵盖了增长路径是如何通过机构渠道确定的,但为什么资源租金往往无法刺激改善治理的问题比以往任何时候都更为关键。因此,该研究使用ARDL边界检验方法、动态最小二乘法(DOLS)和基于向量误差校正模型(VECM)的Granger因果关系检验,检验了1984-2017年期间自然资源租金对尼日利亚治理质量的影响。结果表明,从长期和短期来看,自然资源租金对治理指标的影响都不显著,这表明自然资源横财对善治的发展影响很浅。然而,进一步的证据表明,过度依赖自然资源租金和根深蒂固的管理不善倾向可能会刺激或造成尼日利亚普遍存在的体制差距。因此,该研究表明,保持强有力的政治承诺、减少对自然资源的过度依赖以及确保对自然资源财富的健全管理是改善治理的核心。
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引用次数: 8
A Study of the Mechanism of Government Intervention on Excess Capacity Through the Enterprise Overinvestment in China 中国政府通过企业过度投资干预产能过剩的机制研究
Q2 Economics, Econometrics and Finance Pub Date : 2020-05-01 DOI: 10.1177/0974910120919347
Biliang Hu, Zhiyi Liu, Sha-sha Fan
This article summarizes government publications focusing on excess capacity from the 1990s to 2016 and argues that the market-oriented principle needs to be established to deal with the long-standing excess capacity issues in China. Based on the specificity of the long-term excess capacity in China, this article puts forward the hypothesis: The excess capacity in China is derived from the enterprise’s overinvestment, and the government intervention is one of the main drivers of the problem. The intervention is actuated by the GDP-based government performance assessment through such means as offering privileges on land use, environmental ignorance, natural resource provision and financial support. This article (a) calculates capacity utilization of 30 manufacturing industries, (b) builds a ‘mediation effect model of overinvestment’, and (c) makes use of the industrial data, economic development data and capacity utilization from 1998 to 2017 to test the hypothesis. The result shows that government intervention indeed has a significant influence on excess capacity. The support for land use and the tolerance for environmental pollution are two of the most persuasive reasons. Therefore, the Chinese government needs to make greater efforts to deepen the market reforms, standardize and improve the factor market so as to accelerate innovation, and push for industrial upgrading.
本文总结了20世纪90年代至2016年关注产能过剩的政府出版物,并认为需要建立市场化原则来解决中国长期存在的产能过剩问题。基于中国长期产能过剩的特殊性,本文提出假设:中国的产能过剩源于企业的过度投资,政府干预是问题的主要驱动因素之一。干预是由基于GDP的政府绩效评估推动的,通过提供土地使用特权、环境无知、自然资源提供和财政支持等手段。本文(a)计算了30个制造业的产能利用率,(b)建立了“过度投资的中介效应模型”,(c)利用1998年至2017年的工业数据、经济发展数据和产能利用率来检验这一假设。结果表明,政府干预确实对产能过剩产生了显著影响。支持土地使用和容忍环境污染是两个最有说服力的原因。因此,中国政府需要加大力度深化市场改革,规范和完善要素市场,以加快创新,推动产业升级。
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引用次数: 5
The Nexus Between Infrastructure and Export: An Empirical Evidence from Pakistan 基础设施与出口的关系:来自巴基斯坦的经验证据
Q2 Economics, Econometrics and Finance Pub Date : 2020-05-01 DOI: 10.1177/0974910120930529
F. Rehman, Yibing Ding, A. Noman, Muhammad Asif Khan
This research, by using the autoregressive distributive lag method, examines the long- and short-term causal relationship between infrastructure and exports in Pakistan over the period 1990–2017. The empirical results revealed the existence of short- and long-term bi-directional causality concerning infrastructure and export in Pakistan. The results demonstrated that infrastructure strongly improves export in the short and long run. Conversely, export encourages the quality and availability of infrastructure in Pakistan in the long run. Furthermore, this study also uses sub-indices of infrastructure individually as dependent and independent variables. The study result demonstrated that the long- and short-term effects of infrastructure and its sub-indices (transport, electricity, communication, finance) on export is positive and significant. Also, when infrastructure sub-indices are used as dependent variables, the results indicate that the effect of export on sub-indices is positive and significant in the long run; however, in the short run, it is insignificant. The bi-directional linkage between infrastructure and export suggests that improving the quality and increasing the availability of infrastructure would enable Pakistan’s economy to catch up with the advanced economies, specifically in export. Furthermore, control variables of per-capita GDP, exchange rates, human capital, and domestic spending also expand the bi-directional causal relationship between Pakistan’s infrastructure and exports.
本研究采用自回归分布滞后法,考察了1990-2017年巴基斯坦基础设施与出口之间的长期和短期因果关系。实证结果表明,巴基斯坦基础设施和出口存在短期和长期双向因果关系。结果表明,从短期和长期来看,基础设施大大改善了出口。相反,从长远来看,出口鼓励了巴基斯坦基础设施的质量和可用性。此外,本研究还分别使用基础设施的分项指数作为因变量和自变量。研究结果表明,基础设施及其分项指数(运输、电力、通信、金融)对出口的长期和短期影响是积极和显著的。此外,当基础设施分项指数用作因变量时,结果表明,出口对分项指数的影响是积极的,从长远来看是显著的;然而,从短期来看,这是微不足道的。基础设施和出口之间的双向联系表明,提高基础设施的质量和增加基础设施的可用性将使巴基斯坦的经济能够赶上发达经济体,特别是在出口方面。此外,人均GDP、汇率、人力资本和国内支出的控制变量也扩大了巴基斯坦基础设施和出口之间的双向因果关系。
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引用次数: 15
期刊
Global Journal of Emerging Market Economies
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