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Exploring the moderating role of financial development in environmental Kuznets curve for South Africa:fresh evidence from the novel dynamic ARDL simulations approach 被引量:2
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作者 Maxwell Chukwudi Udeagha Marthinus Christoffel Breitenbach 《Financial Innovation》 2023年第1期79-130,共52页
The extant literature has produced mixed evidence on the relationship between finan-cial development and ecological sustainability.This work addresses this conundrum by investigating financial development’s direct an... The extant literature has produced mixed evidence on the relationship between finan-cial development and ecological sustainability.This work addresses this conundrum by investigating financial development’s direct and indirect consequences on ecologi-cal quality utilizing the environmental Kuznets curve(EKC)methodological approach.Our empirical analysis is based on the novel dynamic autoregressive distributed lag simulations approach for South Africa between 1960 and 2020.The results,which used five distinct financial development measures,demonstrate that financial develop-ment boosts ecological integrity and environmental sustainability over the long and short terms.In the instance of South Africa,we additionally confirm the validity of the EKC theory.More importantly,the outcomes of the indirect channels demonstrate that financial development increases energy usage’s role in causing pollution while attenuating the detrimental impacts of economic growth,trade openness,and foreign direct investment on ecological quality.Moreover,the presence of an inadequate financial system is a requirement for the basis of the pollution haven hypothesis(PHH),which we examine using trade openness and foreign direct investment variables.PHH for both of these variables disappears when financial development crosses specified thresholds.Finally,industrial value addition destroys ecological quality while tech-nological innovation enhances it.This research provides some crucial policy recom-mendations and fresh perspectives for South Africa as it develops national initiatives to support ecological sustainability and reach its net zero emissions goal. 展开更多
关键词 financial development Trade openness CO_(2)emissions Dynamic ARDL simulations Energy consumption EKC COINTEGRATION Economic growth Foreign direct investment Industrial value-added South Africa
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Effects of financial development and capital accumulation on labor productivity in sub‑Saharan Africa:new insight from cross sectional autoregressive lag approach
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作者 Joshua Dzankar Zoaka Hasan Gungor 《Financial Innovation》 2023年第1期1-18,共18页
This study aims to shed light on the effects of financial development and accumula-tion of capital on the productivity of labor in the sub-Sahara African region within the period of 1990–2018.In this work,we used the... This study aims to shed light on the effects of financial development and accumula-tion of capital on the productivity of labor in the sub-Sahara African region within the period of 1990–2018.In this work,we used the(dynamic)common correlated effects estimator-mean group and additional techniques such as cross-section autoregressive distributed lag to calibrate the sample into the African subregion to ensure robustness.The findings reveal that financial progress in the region over time leads to an increase in productivity of labor and also the accumulation of capital.Furthermore,financial markets have a progressive impact on the productivity of labor within sub-Saharan African regions.We extend the very limited literature on the nexus between financial development and labor productivity by incorporating capital accumulation into our model which has not been previously studied. 展开更多
关键词 Productivity of labor financial development CS-ARDL Capital accumulation Sub-Saharan Africa
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Does financial development moderate the link between technological innovation and environmental indicators?An advanced panel analysis
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作者 Hossein Ali Fakher Zahoor Ahmed 《Financial Innovation》 2023年第1期2885-2903,共19页
This study analyzes the role of financial development(FD)on the impact of technologi-cal innovation(TI)on six environmental quality indicators for the 25 economies that are part of the Organization for Economic Cooper... This study analyzes the role of financial development(FD)on the impact of technologi-cal innovation(TI)on six environmental quality indicators for the 25 economies that are part of the Organization for Economic Cooperation and Development for the period from 2000 to 2019.We use a two-step dynamic generalized method of moments approach to understand this relationship.The results show that FD augments the posi-tive effects of TI on four of the six environmental indicators,namely ecological foot-print,adjusted net savings,pressure on nature,and environmental performance.However,no significant effects on environmental sustainability and environmental vulnerability indices were found.When considering all of the environmental quality indicators,TI appears to enhance environmental quality.We find evidence to support the existence of the environmental Kuznets curve in the context of each environmen-tal indicator and economic growth.Moreover,FD and energy consumption appear to accelerate environmental degradation.Based on these results,FD should be viewed as an important parameter in designing policies for innovation to achieve the goal of net-zero carbon emissions.Highlights.Technological innovation and environmental quality nexus is studied.The moderating role of financial development is analyzed.Six different environmental quality indicators are used for OECD countries.Financial development intensifies the environmental benefits of innovation.•The EKC hypothesis is confirmed for all six environmental indicators. 展开更多
关键词 Technological innovation financial development Two-step dynamic Sys-GMM estimator Environmental quality indicators Environmental sustainability
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Fintech,regtech,and financial development:evidence from China 被引量:8
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作者 Tadiwanashe Muganyi Linnan Yan +3 位作者 Yingkai Yin Huaping Sun Xiangbin Gong Farhad Taghizadeh-Hesary 《Financial Innovation》 2022年第1期268-287,共20页
This study investigates the influence of fintech on developments in China’s financial sector across 290 cities and 31 provinces between 2011 and 2018.Using a two-stage least squares instrumental variable regression a... This study investigates the influence of fintech on developments in China’s financial sector across 290 cities and 31 provinces between 2011 and 2018.Using a two-stage least squares instrumental variable regression approach and correcting for cross-sectional dependency,simultaneity,and endogeneity of regressors,the results establish a positive link between fintech and financial development.Our findings show that fintech supports financial sector development by enhancing access(loans),depth(deposits),and savings within China’s financial institutions.We also show that the emergence of fintech in the area of financial regulation(regulatory technology:regtech)can significantly improve financial development outcomes.Therefore,it is imperative for regulators to pursue policies that balance growth in the fintech sector while mitigating the associated risks.In addition,we use the difference-in-differences approach to show that policy measures such as interest rates liberalization also positively impacted finan-cial development during the analysis period.In our conclusion,we suggest a policy framework for balanced fintech sector growth in developing countries. 展开更多
关键词 Fintech Regtech financial development China
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Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China 被引量:2
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作者 LIU Yong LI Weiping 《Chinese Geographical Science》 SCIE CSCD 2010年第3期269-274,共6页
There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution... There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage. 展开更多
关键词 financial development regional economic growth INSTITUTION Granger Causality Analysis
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Remittances,financial development and economic growth in sub-Saharan African countries:evidence from a PMG-ARDL approach 被引量:2
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作者 D.O.Olayungbo Ahmod Quadri 《Financial Innovation》 2019年第1期142-166,共25页
The study investigated the relationship among remittances,financial development and economic growth in a panel of 20 sub-Saharan African countries over the period of 2000 and 2015.The study used both Pooled Mean Group... The study investigated the relationship among remittances,financial development and economic growth in a panel of 20 sub-Saharan African countries over the period of 2000 and 2015.The study used both Pooled Mean Group and Mean Group/ARDL estimations with panel unit root and cointegration tests.After establishing cointegration,remittances and financial development were found to have positive effects on economic growth both in the short and the long run.The interactive term showed that financial development acted as a substitute in the remittances-growth relationship.Finally,unidirectional causal relationships were found to exist from GDP to remittances and from financial development to GDP.However,no causality existed between remittances and financial development in the SSA countries. 展开更多
关键词 Remittances financial development GROWTH PMG/MG-ARDL Granger causality test African countries
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Alternative measure of financial development and investment-cash flow sensitivity:evidence from an emerging economy 被引量:1
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作者 Gaurav Gupta Jitendra Mahakud 《Financial Innovation》 2019年第1期1-28,共28页
This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-... This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective. 展开更多
关键词 Business groups Cash flow Corporate investment financial constraints financial development Firm size Generalized method of moments
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Impact of petroleum and non-petroleum indices on financial development in Oman 被引量:1
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作者 Faris Nasif Alshubiri Omar Ikbal Tawfik Syed Ahsan Jamil 《Financial Innovation》 2020年第1期268-289,共22页
This study analyzes the impact of petroleum and non-petroleum indices on the financial development of the Sultanate of Oman from 1978 to 2017.To this end,it uses the petroleum proxy of oil rents(%of gross domestic pro... This study analyzes the impact of petroleum and non-petroleum indices on the financial development of the Sultanate of Oman from 1978 to 2017.To this end,it uses the petroleum proxy of oil rents(%of gross domestic product,GDP)and the non-petroleum proxy of industry(including construction)value added(%of GDP);agriculture,forestry,and fishing value added(%of GDP);and services value added(%of GDP)to determine the effect on financial development,measured by the amount of domestic credit extended to the private sector by banks(%of GDP).It applies an autoregressive distributed lag(ARDL)model.The long-term equation illustrates that the agriculture and industry GDPs have a negative and significant relationship with domestic credit in Oman.However,the oil and service sector GDPs promote financial development.The short-term equation illustrates that the oil,agricultural,and service sectors have positive and significant effects on domestic credit.The conclusion is that the economy of Oman is still in the first phase of economic diversification.Accordingly,the government should use oil revenues to develop various non-oil industrial sectors.This would enhance the country’s competitiveness in the global economy and positively contribute to improving the liquidity of the banking sector for stimulating credit at the macroeconomic level. 展开更多
关键词 Petroleum index Non-petroleum index financial development ARDL model Oman
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Empirical Analysis on Financial Development,Urbanization,and Urban and Rural Resident Income in Jiangsu Province 被引量:1
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作者 Yiqiu WANG Lei LIU 《Asian Agricultural Research》 2016年第8期21-26,共6页
On the basis of the time series data of Jiangsu Province in 1990-2013,this paper made an empirical analysis on the dynamic relation between financial development,urbanization,and urban and rural resident income,and in... On the basis of the time series data of Jiangsu Province in 1990-2013,this paper made an empirical analysis on the dynamic relation between financial development,urbanization,and urban and rural resident income,and income gap.Studies have shown that expansion of financial development scale and increase in financial development efficiency can promote increase in urban and rural resident income.However,due to existence of rural financial repression problem,the increase in financial efficiency widens the urban and rural income gap;the urbanization level of Jiangsu Province remains stable stage;the increase in urbanization level practically raises urban and rural resident income level.Since the traditional extensive growth mode of urbanization lacks concern for balanced urban and rural development,urbanization development widens the urban and rural income gap.In view of these,it came up with policy recommendations including deepening financial reform,expanding the scale of rural financial institutions,increasing rural financial efficiency,and attaching great importance to the quality of urbanization development. 展开更多
关键词 financial development URBANIZATION Resident income Income gap
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Financial development during COVID‑19 pandemic:the role of coronavirus testing and functional labs
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作者 Muhammad Khalid Anser Muhammad Azhar Khan +4 位作者 Khalid Zaman Abdelmohsen A.Nassani Sameh E.Askar Muhammad Moinuddin Qazi Abro Ahmad Kabbani 《Financial Innovation》 2021年第1期193-205,共13页
The outbreak of the SARS-CoV-2 virus in early 2020,known as COVID-19,spread to more than 200 countries and negatively affected the global economic output.Financial activities were primarily depressed,and investors wer... The outbreak of the SARS-CoV-2 virus in early 2020,known as COVID-19,spread to more than 200 countries and negatively affected the global economic output.Financial activities were primarily depressed,and investors were reluctant to start new financial investments while ongoing projects further declined due to the global lockdown to curb the disease.This study analyzes the money supply reaction to the COVID-19 pandemic using a cross-sectional panel of 115 countries.The study used robust least square regression and innovation accounting techniques to get sound parameter estimates.The results show that COVID-19 infected cases are the main contributing factor that obstructs financial activities and decrease money supply.In contrast,an increasing number of recovered cases and COVID-19 testing capabilities gave investors confidence to increase stock trade across countries.The overall forecast trend shows that COVID-19 infected cases and recovered cases followed the U-shaped trend,while COVID-19 critical cases and reported deaths showed a decreasing trend.Finally,the money supply and testing capacity show a positive trend over a period.The study concludes that financial development can be expanded by increasing the testing capacity and functional labs to identify suspected coronavirus cases globally. 展开更多
关键词 financial development COVID-19 pandemic Infected cases Testing capacity Robust least square estimator Innovation accounting matrix
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At what levels of financial development does information sharing matter?
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作者 Simplice A.Asongu Jacinta C.Nwachukwu 《Financial Innovation》 2017年第1期116-145,共30页
Background:The purpose of this study is to investigate how an increase in information-sharing bureaus affects financial access.Methods:We employed contemporary and non-contemporary interactive quantile regressions in ... Background:The purpose of this study is to investigate how an increase in information-sharing bureaus affects financial access.Methods:We employed contemporary and non-contemporary interactive quantile regressions in 53 African countries for the period 2004–2011.Information-sharing bureaus are proxied with public credit registries and private credit offices.Financial development dynamics involving depth(at overall economic and financial system levels),efficiency(at banking and financial system levels),activity(from banking and financial system perspectives),and size are used.Results:Two key findings are established.First,the effect of an increase in private credit bureaus is not clearly noticeable on financial access,probably because private credit agencies are still to be established in many countries.Second,an increase in public credit registries for the most part improves financial allocation efficiency and activity(or credit)between the 25th and 75th quartiles.Conclusions:As a main policy implication,countries in the top and bottom ends of the financial efficiency and activity distributions are unlikely to benefit from enhanced financial allocation efficiency as a result of an increase in public credit registries. 展开更多
关键词 Information sharing financial development Quantile regression
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Impact of Financial Development on the Environmental Quality in Iran
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作者 Hadi Esmaeilpour Moghadam Mohammad Reza Lotfalipour 《Chinese Business Review》 2014年第9期537-551,共15页
In recent decades, undesirable environmental changes, such as global warming and greenhouse gases emission, have raised worldwide concerns. In order to achieve higher growth rate, environmental problems emerged from e... In recent decades, undesirable environmental changes, such as global warming and greenhouse gases emission, have raised worldwide concerns. In order to achieve higher growth rate, environmental problems emerged from economic activities have turned into a controversial issue. The aim of this study is to investigate the effect of financial development on environmental quality in Iran. For this purpose, the statistical data over the period from 1970 to 2011 were used. Also by using the Auto Regression Model Distributed Lag (ARDL), short-term and long-term relationships among the variables of model were estimated and analyzed. The results show that financial development accelerates the degradation of the environment; however, the increase in trade openness reduces the damage to environment in Iran. Error correction coefficient shows that in each period, 53% of imbalances would be justified and will approach their long-run procedure. Structural stability tests show that the estimated coefficients were stable over the period. 展开更多
关键词 financial development TRADE Auto Regression Model Distributed Lag (ARDL)
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Financial Development, Trade Openness, and Economic Growth in Zambia
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作者 Chibvalo Zombe Venkatesh Seshamani 《Journal of Modern Accounting and Auditing》 2014年第7期803-815,共13页
This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used: broad money and domestic ... This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used: broad money and domestic credit to the private sector, each as a ratio of gross domestic product (GDP). In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model (VECM) was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen. 展开更多
关键词 financial development trade openness economic growth vector error correction model (VECM)
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Research on the Impact of Financial Development on TFP—— DEA-Malmquist Index and Hansen Threshold Model Based on Panel Data of Shandong Province, China
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作者 Fushuai Wang Ruichao Xi Wenxia Cai 《Journal of Finance Research》 2020年第2期71-79,共9页
Shandong’s TFP growth is higher than Chinese average,but the growth rate has slowed in recent years,appearing the phenomenon that the growth momentum of Shandong’s TFP is insufficient.Using DEA-Malmquist Index to me... Shandong’s TFP growth is higher than Chinese average,but the growth rate has slowed in recent years,appearing the phenomenon that the growth momentum of Shandong’s TFP is insufficient.Using DEA-Malmquist Index to measure Shandong’s TFP growth rate,empirical research from the perspective of financial development finds that financial scale,efficiency of financial institutions,fiscal intervention,and scale of foreign capital utilization have significant nonlinear effects on the growth of TFP.Furtherly,through threshold analysis,the efficiency of financial institutions has a significant threshold effect on TFP growth.Financial scale and fiscal intervention are the main core variables that affect the growth of TFP under the threshold effect,and they have the same effect direction on TFP before and after the threshold value.However,the effect intensity of these two core variables on TFP is different. 展开更多
关键词 TFP financial development Economic growth Threshold effect
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The Relationship between Financial Development and Industrial Restructuring --Based on Panel Data of 17 Areas of Shandong
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作者 Kong Fanchao 《Review of Global Academics》 2014年第4期304-306,共3页
Based on the Panel Data of Shan dong Province of 17 regions, by estimating varying coefficient models, studies the relationship between financial development and industrial structure.The results show that, on the whol... Based on the Panel Data of Shan dong Province of 17 regions, by estimating varying coefficient models, studies the relationship between financial development and industrial structure.The results show that, on the whole, the financial development indicators-the scale and the efficiency can effectively promote industrial restructuring in all regions of Shandong province, but its role has obvious differences in different regions, so it can provide a basis for economic decision-making and financial policy advice. 展开更多
关键词 financial development Industrial restructuring panel data
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Research on the Impact of Financial Development on Industrial Structure Upgrading: Evidence from China’s Provincial Panel Data
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作者 Lina Wang 《Proceedings of Business and Economic Studies》 2022年第6期30-36,共7页
On the basis of analyzing the mechanism of the impact of financial development on industrial structure upgrading,this paper comprehensively considers the state of the industrial structure among provinces from three di... On the basis of analyzing the mechanism of the impact of financial development on industrial structure upgrading,this paper comprehensively considers the state of the industrial structure among provinces from three dimensions:rationalization,optimization,and equalization.This research finds that financial development promotes the rationalization and optimization of industrial structure but has no significant effect on the equalization of industrial structure. 展开更多
关键词 financial development RATIONALIZATION OPTIMIZATION EQUALIZATION
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Financial Development Report Released in New York
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《China Textile》 2009年第10期19-20,共2页
New York, USA, on 8 October 2009-The world’s largest economies took the biggest hit in the World Economic Forum’s second annual Financial Development Report released today.
关键词 FDI financial development Report Released in New York
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Is Financial Development Another Source of Comparative Advantage? Evidence from China 被引量:9
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作者 Qun Bao Jiayu Yang 《China & World Economy》 SCIE 2009年第2期15-34,共20页
Using panel data for 29 provinces in China during 1990-2004, the present paper attempts to explore a possible link between financial development and China's foreign trade. Three measures of comparative advantage in m... Using panel data for 29 provinces in China during 1990-2004, the present paper attempts to explore a possible link between financial development and China's foreign trade. Three measures of comparative advantage in manufactured goods have been applied in our study, including Balassa's revealed comparative advantage, the net manufactured export index, and the Michaely index. We also use four indicators of financial development to identify the different functions of regional financial development, and to determine both size and efficiency features of financial institutions. The estimation results suggest that besides factor endowments, foreign firms and infrastructure, financial development has a quantitatively large and robust effect on China ' s manufactured goods trade. Therefore, further reform of China's financial system should be encouraged to fully exploit the comparative advantage of China's foreign trade. 展开更多
关键词 comparative advantage financial development manufactured goods panel data
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Financial Development,Economic Growth and Adaptive Efficiency:A Comparison between China and Pakistan 被引量:3
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作者 Ying Ma Abdul Jalil 《China & World Economy》 SCIE 2008年第6期97-111,共15页
The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China's financial development and growth can be explained through a dynamic criterion of adaptive eff... The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China's financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China's high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan. 展开更多
关键词 adaptive efficiency financial development GROWTH
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Change of Regional Financial Development Disparity in China(1978-1999) 被引量:1
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作者 Hu An-gang Zhou Li 《China & World Economy》 SCIE 2002年第1期38-47,共10页
A large country will undoubtedly show development disparity among its regions: it is not surprising therefore that China would not have developed evenly. In analyzing China’s development features and its manner of en... A large country will undoubtedly show development disparity among its regions: it is not surprising therefore that China would not have developed evenly. In analyzing China’s development features and its manner of enforcing relative policies, the various financial sectors in China cannot be simply regarded as a whole unit: a unified policy would not be suitable for the local conditions of a given area, otherwise it will lost its future direction. This paper measures China’s disparity of financial development during the period 展开更多
关键词 In Change of Regional financial development Disparity in China GDP THAN CEF DLR FIR
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