Journal articles on the topic 'Economic growth; EPF investment; saving/investment-led-growth'

Over the years, Malaysia has progressively accelerated its economic development, thanks to the adherence to high rates of domestic savings and investment. Of which, the Employees Provident Fund (EPF) is one of the schemes that caters for the private sector workers. Specifically, this paper investigates the relationship between economic growth and EPF investment in Malaysia for the period of 1970 – 2014. The model, which is derived from the Cobb-Douglas production function, is tested by econometric techniques; Johansen cointegration and Granger causality within VECM. While the EPF investment is proven statistically insignificant in the short run, there is evidence of the saving/investment-led-growth hypothesis being the long run phenomenon for Malaysia. In view of the possible over-dependence on investment funds in generalgoing forward, the policy makers are recommended to reinforce the government’s initiative in facilitating more business ventures as means to attract incoming funds, including FDI flows, towards streaming into the country.    

The growing usage of artificial intelligence such as Robo-Advisor has become one of the biggest developments in the global economy and reduces the level of poverty in the country with a safe, affordable and frictionless environment. In practice, Malaysians have low awareness and not financial discipline about personal savings and financial management. Most of Malaysian people have problems with their retirement planning because they really rely on their EPF funds as their primary source of income. The purpose of this product is to create awareness about the importance of savings and investment for all generations, reduce future financial issues faced by consumers, and encourage people to build wealth based on customer preference. As a result, customers will be more likely to develop a good habit of saving their money for the future and achieving their financial goals. This study used quantitative and secondary data which is collected from The World Bank website. We develop an application of financial Robo-Advisor known as Savings2u that focus on savings and Shariah compliance investment features based on customer risk preference such as conservative or aggressive then let the money grow digitally. In conclusion, Savings2u will help the customer to create and manage the portfolio automatically using the data provided. On the other hand, an increase in total savings would have a beneficial effect on the economic growth, which includes significant investments and an improvement in GDP of the country. Furthermore, countries with deeper and established financial systems also experienced stronger economic growth.

Indonesia has received external debt as an external source of finance to fill in the investment-saving gap in achieving economic growth to improve social welfare. Despite Indonesian economy is able to recover to some extent, based on Bank Indonesia (2018), Indonesia’s external debt at the end of Q2/2018 still amounted to USD 355,7 billion; consisting of government and central bank external debt of USD 179.7 billion, as well as private sector (including state-owned enterprises) external debt of USD 176.0 billion. Therefore, this study aims to examine the trend and impact of external debt on economic growth in the context of Indonesia’s economy. If external debt is found to lead to debt trap, or already in the condition of growth-led debt, its benefits for economic development should be reviewed properly and government policies regarding external debt need to be redesigned. This study is a qualitative research in the form of case study of External Debt and its critical impact in Indonesia. Through observation, data comparison and literature study, it is found that external debt of Indonesia has been dominated by US Dollar and Japanese Yen, which assumed to cause surge in debt repayment.

The current economic crisis has long-term causes that are rooted in the economic dynamics of globalization. I argue that globalization (a) increases the world economic growth rate; (b) is consistent with development, underdevelopment and miracle growth; (c) increases inequality in leading countries; and (d) generates a transition path along which the interest rate diminishes if capital accumulates at a faster rate than technological change. This condition is generated by cheap-factor-seeking foreign direct investment (FDI), which by combining advanced technologies with low costs yields extraordinary profits and experiences lower incentives for innovation. Over the period 1980-2007, liberalization unleashed a wave of globalization, and the international sector experienced miracle growth. Profits rose to all time highs and global saving exceeded global investment. This savings glut or investment shortfall fueled a global housing appreciation, after which excessive risk in a deregulated financial market led to a financial meltdown. While restoring financial markets and reducing the housing market fallout have been immediate priorities for the U.S., economic growth can only be recovered by restoring global investment. Lowering interest rates cannot generate very much investment, nor will consumption flows from fiscal spending. To stimulate the global economy, whole new economic sectors and technologies must be developed in advanced countries, and economic development deepened in underdeveloped countries. At the same time, a global harmonization of corporate taxes, ending the corporate tax haven loophole, would raise funds for publicly provided goods that complement private investment and balance incentives between local and international production. It would also reduce the polarization between developed and underdeveloped countries, balance global markets with global governance, and strengthen global cooperation.

This paper aims at investigating the interplay between inequality, innovation dynamics, and investment behaviors in shaping the long-run patterns of growth of a closed economy. By extending the analysis proposed in Caiani et al. [(2018) Journal of Evolutionary Economics], we explore the effects of alternative wage regimes under different investment and technological change scenarios. Experimental results seem to de-emphasize the role of technological progress as a possible source of greater inequality. Overall, simulation results are consistent with the predominance of a wage-led growth regime in most of the scenarios analyzed: A faster growth of low- and middle-level workers’ wages, relative to managers’, generally exert beneficial effects on the economy and allows to counteract the labor-saving effects of technological progress. Furthermore, a distribution more favorable to workers does not compromise firms’ profitability, but rather strengthen it by creating a more favorable macroeconomic environment, which encourages further innovations, stimulates investment, and sustains economic growth.

Resumo: O objetivo deste artigo é analisar as causas da desaceleração do crescimento econômico da China desde 2008. Duas hipóteses principais são apresentadas na literatura. A primeira é que a China teria caído em uma armadilha de renda média devido a uma suposta incapacidade de fazer a transição de uma economia liderada por investimentos para um crescimento baseado em inovação. Acreditamos que essa hipótese não é convincente, uma vez que muitas empresas de manufatura chinesas têm sido extremamente bem sucedidas em alcançar empresas de manufatura do mundo ocidental nos últimos 15 anos. Uma segunda hipótese é que a China, devido a uma taxa de poupança extremamente alta sustentada por mais de 40 anos, está agora enfrentando uma estagnação secular, ou seja, um esgotamento de oportunidades de investimento lucrativas. Isso significa que uma alta taxa de acumulação de capital, como a sustentada pela China até agora, está resultando em uma produtividade decrescente do investimento, o que pode ser comprovado pelo comportamento da relação produto-capital desde 2008. Nossa conclusão é que o ritmo decrescente de crescimento econômico da China se deve à estagnação secular combinada com uma supervalorização da taxa de câmbio que prejudica a expansão das exportações manufatureiras. Palavras- chave: crescimento econômico, China, abordagem novo-desenvolvimentista. Abstract: The aim of this article is to analyse the causes of growth deceleration of the Chinese economy since 2008. Two main hypothesis are advanced in the literature. The first one is that China had fallen in a middle-income trap due to a supposed incapacity to make a transition for a investment-led economy to an innovation based growth. We think that this hypothesis is not convincing, since many Chinese manufacturing companies are extremely successful to catch-up western-world manufacturing firms in the last 15 years. A second hypothesis is that China, due to an extremely high saving rate sustained for more than 40 years, is now facing a secular stagnation, that is, an exhausting of profitable investment opportunities. This means that a high rate of capital accumulation as the one sustained by China up to now is resulting in declining productivity of investment, what can be proved by the behaviour of output-capital ratio since 2008. Our conclusion is that China decelerating pace of economic growth is due to secular stagnation combined with an exchange rate over-valuation that harms the expansion of manufacturing exports. Key-words: economic growth, China, new-developmentalist approach.

This study aims to analyze the impact of the COVID-19 on the energy sector in Jordan. The steps taken by the Jordanian governments to mitigate the economic and financial impacts that would enhance the resilience of the energy sector was considered. Deductive and inductive analysis methods of were used. Such methods aided to systematically consider the economic consequences of the COVID-19. The results of this study showed that the COVID-19 led to a significant decrease in energy consumption, a decline in economic growth, a significant rise in unemployment, an increase in market instability, and a decrease in the financial position of companies. The recommendations concluded that Jordan should begin to change its policies according to the new data, and take Measures to advance the energy sector by reducing fuel consumption and directing investment in energy saving policies and infrastructure equipment in parallel with the population boom in Jordan.

Savings provide the most important economic link between the past, present and future of a country. An adequate rate of national saving is regarded as an essential condition for achieving targets in the investment and growth rates. For these reasons,· the literature relating to savings and consumption with particular emphasis on their determinants-demographic, monetary, fiscal etc., has shown a phenomenal growth during the last half century. An up-to-date and comprehensive review of theoretical and empirical literature on savings made in Kazmi (1991) led to the conclusion that while literature on the determinants of savings (private, corporate and public) had proliferated over time, there was little work on the 'quantification offactors' causing a differential in the savings rates of two particular countries. This paper makes an attempt to fill this gap by a~opting a simple but innovative methodology which has been used for analysing the national savings rates of India and Pakistan and constitutes the following steps: (a) A regression model incorporating the major macroeconomic variables relevant for explaining the national saving behaviour was specified. (b) The estimation· of the model was instrumental in identification of the signs and magnitudes of coefficients of the variables of the model. Thus the variables could be classified in terms of their negative or positive correlation with the national saving rates. (c) The difference in the average values of the relevant macro variables of the two countries was estimated. This information as given in Table 1 for India and Pakistan for 1960-88 indicates that on an average basis Pakistan performed better than India in real growth rate, export ratio,

Abstract This paper is concerned with the role of effective demand in Malthus’s theory of accumulation expounded in his Principles of Political Economy. As is well known, Keynes praised Malthus for being a forerunner in identifying a lack of effective demand as a cause of depression in economic activity and a constraint on growth. There have since been many interpretations in the literature of Malthus’s position by reference to his arguments against Say’s Law in contending the possibility of “general gluts” and to his theory of capital accumulation. We begin by examining Malthus’s conception of the supply-side factors that determine what we call, “potential accumulation”, being accumulation that is not constrained by demand. The paper then considers the role of effective demand in Malthus’s well known contention of the possibility of “general gluts” and, connectedly, in his theory of demand-constrained capital accumulation. On this basis, we then appraise whether Malthus’s theory anticipates Keynes’s principle of effective demand by reference to the debate on this question in the literature, showing that while Malthus lacked a meaningful saving-investment analysis, he does provide insights important to the modern demand-led approach to growth.

With the growth of the global population, energy demand continues to rise, making cross-regional energy transportation less viable as a sustainable solution. As a result, the construction of facilities for agriculture in cold regions has become increasingly important in the development of modern agriculture. However, cold region facility agriculture faces significant energy and environmental challenges, necessitating the advancement and application of energy saving technologies. This study addresses the high energy consumption in cold region facility agriculture by experimentally evaluating the integrated effects of geothermal heat pumps, solar collectors, intelligent light control systems, LED plant lamps, and smart ventilation systems in saving energy. The focus is on analyzing the technical adaptability and economic feasibility of these technologies under extremely cold conditions in Heilongjiang. The research findings indicate an overall energy saving rate of 17.8%, with energy savings in heating, lighting, and ventilation systems being 17.6%, 18.6%, and 17.4%, respectively. Economic analysis shows that geothermal heat pumps and high efficiency insulation materials have a short investment payback period and are suitable for widespread adoption, while solar collectors and intelligent light control systems are more appropriate for long-term application. This study demonstrates that intelligent and integrated energy saving technologies have significant potential in cold region facility agriculture, providing both data support and technical references for the efficient, low-carbon development of agriculture in cold climates. This study not only provides scientific evidence for the sustainable development of cold region facility agriculture but also highlights the practical implications of these technologies for reducing energy consumption and promoting low-carbon agriculture.

Abstract The paper studies the effects that individually funded pension schemes have on inclusive growth. For this, the reform introduced in 2001 in the Dominican Republic is analysed, one of the last to join the wave of reforms in the style of the “Chilean model” started in the eighties. Thus, it is found that the introduction of the individual savings system has led the Dominican Republic to grow more than one additional percentage point each year between the 2003-2019 period in its average estimates, which implies that for each point of growth it has experienced the Dominican GDP, 22% is explained by the operation of the private pension system. It has also been found that the annual impact on the saving-investment ratio has been 0.89% per year, which has resulted in the country's financial development index improving at an additional 0.21% per year and that the rate differential interest has been reduced by an average of 3.15% during the study period. As part of the virtuous circle fostered by the private pension system since its introduction, thanks to the operation of the private pension system, today the poverty rate is almost 4 points lower than in a scenario in which this reform had not been introduced. Keywords: private pensions, social security, economic growth, Latin America.

The paper is devoted to the development of a scientific and methodological approach to determining the indicators of the deposit insurer's ability to influence the financial system stability. The scale and complexity of the tasks of ensuring the immediate and gradual reconstruction of Ukraine, high dynamics and proper quality of economic growth, the functioning of the economy in the conditions of war and a constant external threat actualize the issue of increasing domestic investment potential and intensifying the transformation of household savings into investments. It creates challenges for the deposit insurance system. In the research structural and logical analysis, induction, comparison, and relative values were used. The capacity of a deposit insurer in the context of its impact on financial stability should be considered in the context of operational, resource and payment capacity, each of which can be assessed by an appropriate indicator. The operational capacity reflects the ability of the deposit insurer to influence the situation in the deposit market and perform the function of deposit guaranteeing. The normative value of the operational capacity indicator in Ukraine is proposed to be set at the level which, in the conditions of the dynamic banking sector of Ukraine and the deposit market as its component, will allow considering the slightest deviations of the indicator (μ+2σ). The resource capacity reflects the coverage level of guaranteed deposits by the insurer's financial resources. The normative value of the resource capacity indicator in Ukraine is proposed to be set at the level of 0.8%, which meets the requirements of Directive 2014/49/EU of the European Parliament and of the Council. The payment capacity reflects the sufficiency of the deposit insurer's financial resources to pay compensation to depositors in the future. The normative value of the payment capacity indicator in Ukraine, by analogy with the indicator of the ratio between insurance technical reserves and the average value of insurance payments, is proposed to be set at least 1 in annual terms and not less than 12 in monthly terms.

Global economic security initiatives are aimed at the survival of humanity by increasing the requirements for life cycle quality, the assessment of investment projects, and their environmental efficiency. An urgent task is forming a strategy for the post-war economic development of Ukraine, focused on sustainability, environmental friendliness, deregulation, and demonopolization of industries. It is substantiated that the circular economy is a system of long-term growth of the organization's value that aims to minimize waste and maximize resource efficiency by developing products and processes that can be reused, repaired, recycled, or regenerated. It is a critical component of corporate social responsibility (CSR). It can help businesses reduce their environmental impact, save costs, improve their reputation, and create new opportunities for innovation and collaboration. Applying the cyclical economy approach is possible on condition of awareness of its global role, determination of feasibility components in modern conditions, prediction, and management of associated risks. Even in difficult times, Ukraine demonstrates growth indicators, offers enterprises the availability of energy resources, developed energy infrastructure, and programs for the use of the latest energy-saving technologies, which allows many enterprises to maintain the role of the leader of the national economy, increase the pace of economic development, and be in demand and competitive in the global economic space. The economic catastrophe caused by military aggression reduced energy consumption and increased population migration, which led to a decrease in anthropogenic impact on the environment, which, on the one hand, contributes to the transition to a circular economy, but military actions, increasing other risks, are one of the most significant factors of pollution environment, show a prolonged and long-term adverse effect. With the annual increase in production and life waste and considering the consequences of military conflicts, the need to dispose of the consequences of pollution is an urgent problem of the present and future decades. The risks and priorities of the strategic management of the enterprise's economic security by ensuring sustainable economic development and reducing the ecological burden on the environment in the current state of Ukraine's economy are considered. Economic and socio-political factors are analyzed, and the basic principles that lead to a negative impact are singled out. Awareness of the impact on the economy and society of climate change and the consequence of environmental pollution proves the need to ensure the sustainable use of natural resources, motivates the introduction of "green" technologies, renewable energy sources, and the creation of sustainable partnerships and infrastructure. In today's conditions of instability, the enterprise is offered to develop a set of strategic measures to implement the principles of sustainability and environmental friendliness, which must be followed for production and economic activity to be effective. The economic security strategy should focus on building ESG's reputation for overcoming the risks caused by military aggression and equalizing economic advantages, finding growth opportunities, and investment-oriented access to global markets with the help of "green" partners. It has been proven that ignoring the principles of sustainable development leads to significant reputational risks for organizations and the loss of opportunities for effective communications focused on sustainable development. The studies created the basis for further improvement of the methodology for assessing enterprises' economic security risks. Keywords: safe economic activity, environmentally-oriented concept, "zero waste", risk, environmental, social and management reporting (ESG), enterprise, economic security system, ecological and economic security, sustainability, reputation, ESG indicators, economic growth.

During its economic globalization, China ranked first in the world regarding air pollution since 2005. China's massive carbon dioxide emission that causes global warming, directly or indirectly, can be stimulated by its economic globalization process, which needs to be observed. Hence, this article aims to observe the direct and indirect impacts among foreign direct investment (FDI) inward, energy usage, carbon dioxide emissions, economic globalization, the share of the industry sector in GDP, and economic growth from the exact starting point of globalization, in other words opening the gate of China (1979) to the intensive trade war between China and the USA, that began to change international policies (2013) of China. The vector error correction model (VECM) and the Granger causality tests are performed to obtain the causality directions and impacts among the variables. The empirical results reveal emerging FDI-led economic growth and the existence of cultivating air pollution owing to energy use, FDI inward (polluting-FDI), and economic globalization in China. Regarding the output of Granger causality tests, direct unidirectional causality from energy use to air pollution and indirect unidirectional causality from energy use to economic growth through inward FDI are observed. This study proposes crucial policies to encourage cleaner production and energy-saving technologies that reduce air pollution of China and stimulate China's economic growth during globalization.

Saving is the most important factor for economic growth. It constitutes the basis for investment, capital formation, growth and development. However, household saving behavior is mainly affected by ability, willingness, and the opportunity to save which is revealed in factors such as income, wealth, dependency ratio, education, age, occupation, interest rates and the level of financial intermediation. Thus, this survey aimed to investigate factors that determine rural households saving in Ethiopia in reference to Wolaita and Dawro Zones. To achieve the objective of the study, cross sectional community based study was employed and the data was collected from both primary and secondary sources. The primary data was collected using questionnaire and interview. The 423 sampled respondents were selected from total population using simple random sampling technique. The collected data was analyzed using simple descriptive statistics, and Tobit model was used to explore factors that affect rural household saving. The finding of the survey revealed that age and inactive family members of household were significant and negatively associated with household saving at 5 % significant level. This dictates that as one of these variables increases the households saving decreases. Households? income, total land holds & interest on saving were significant and positively associated with household saving at 5% significant level. This demonstrates that an increment in one of these variables led to increase in household saving. Therefore, it is recommended that the government and other concerned bodies should provide training for households so as to increase their level, culture and attitude of saving.

As the population aging process continues, concerns about how this situation impacts the housing market and social security rise. To address this question, this paper presents a developed and calibrated general equilibrium life-cycle model incorporating two production sectors to analyze the impacts of demographic structure changes and retirement policy reforms on housing price fluctuations and household choices. The model calibrated to the U.S. macroeconomic data between 1968 and 2018 suggests that in an economy with unlimited land supply, the housing supply curve exhibits perfect elasticity, rendering demographic changes insignificant in housing price fluctuations, while technological advancements lead to decreased prices. A 1% growth in productivity in both sectors results in a 2.6% decrease in house prices. Furthermore, a 1% decrease in population and a 5-year early retirement led to significant reductions of 25% and 30% in individual social security payments and 9% and 18% in interest rates, respectively. This suggests that during a recession caused by demographic structural changes, households become more conservative and prioritize precautionary saving strategies, increasing savings and investing more in housing assets. Consistent with empirical findings, during an economic boom, a decline in the capital-output ratio and the real housing price suggests a decrease in savings and housing asset investment. The rise in consumption drives the capital demand of the non-housing sector to increase, stimulating business expansion and labor inflow.

The severe financial crisis and resulting worldwide economic recession we have been forecasting for years are finally unleashing their fury. In fact, the reckless policy of artificial credit expansion that central banks (led by the American Federal Reserve) have permitted and orchestrated over the last fifteen years could not have ended in any other way.
 The expansionary cycle that has now come to a close was set in motion when the American economy emerged from its last recession in 2001 and the Federal Reserve reembarked on the major artificial expansion of credit and investment initiated in 1992, an expansion unbacked by a parallel increase in voluntary household saving. For many years, the money supply in the form of banknotes and deposits has grown at an average rate of over ten percent per year (which means that every seven years the total volume of money circulating in the world has doubled). The media of exchange originating from this severe fiduciary inflation have been placed on the market by the banking system as newly created loans granted at extremely low (and even negative in real terms) interest rates. The above fueled a speculative bubble in the shape of a substantial rise in the prices of capital goods, real estate assets, and the securities that represent them and are exchanged on the stock market, where indexes soared.
 Curiously, as in the «roaring» years prior to the Great Depression of 1929, the shock of monetary growth has not significantly influenced the prices of the subset of goods and services at the final-consumer level of the production structure (approximately only one third of all goods). The decade just past, like the 1920s, has seen a remarkable increase in productivity as a result of the introduction on a massive scale of new technologies and significant entrepreneurial innovations which, were it not for the «money and
 credit binge,» would have given rise to a healthy and sustained reduction in the unit price of the goods and services all citizens consume. Moreover, the full incorporation of the economies of China and India into the globalized market has gradually raised the real productivity of consumer goods and services even further. The absence of a healthy «deflation» in the prices of consumer goods in a period of such considerable growth in productivity as that of recent years provides the main evidence that the monetary shock has seriously disturbed the economic process.
 Economic theory teaches us that, unfortunately, artificial credit expansion and the (fiduciary) inflation of media of exchange offer no shortcut to stable and sustained economic development, no way of avoiding the necessary sacrifice and discipline behind all voluntary saving. (In fact, particularly in the United States, voluntary saving has not only failed to increase, but in some years has even fallen to a negative rate.) Indeed, the artificial expansion of credit and money is never more than a short-term solution, and often not even that. In fact, today there is no doubt about the recessionary consequence that the monetary shock always has in the long run: newly created loans (of money citizens have not first saved) immediately provide entrepreneurs with purchasing power they use in overly ambitious investment projects (in recent years, especially in the building sector and real-estate development). In other words, entrepreneurs act as if citizens had increased their saving, when they have not actually done so.

This study will analyse the overtime public spending in public health (1990-2020) and will also try to highlight how covid-19 pandemic can be a reminder to the government of its public health responsibilities it has been partially evading for too long. Covid-19 pandemic has led to emergence of macroeconomic crises inflated by public health crises. The public policy response to the pandemic has been to choose between twin alternatives of “Livelihood saving versus Life-saving”. A closer examination of the two crises reveals that the Livelihood crises to a large extent was magnified by lifesaving policies in emerging economies like India. Due to weak public health infrastructure these economies were forced to undergo abrupt and harsh lockdowns. In face of inadequate health infrastructure, the lockdowns were the only strategy left with the government-leading to classic supply side shock to macroeconomic aggregates. The inadequacy of health infrastructure can be primarily associated to a consistent tendency on the part of Indian government to evade its public health responsibilities. As of 2018-19 government has allocated 1.9 percent of its national income to health sector as against the standard norm of 3 percent. Apart from “good for growth argument” investment in health care is an important welfare target and a pre-condition to sustained economic growth. Apart from absolute inadequacy, the study found an asymmetric distribution of health infrastructure in the country.

The article defines international advertising as a process of communication and sales organization in foreign markets. The reasons for the intensive development of modern international advertising, including increased production and globalization of markets, reduced costs for packaging and labeling caused by standard approaches, the emergence of a global consumer segment, interpenetration of different cultures, introduction of common cultural standards, accelerated development of global media. The characteristics of evolutionary models of the advertising market are given. The advertising market is defined as a target market of marketing communications, which develops independently, with a system of economic relations between the participants of advertising activity and target consumers and functions in constant connection with the tendencies of the commodity market. It was found that the advertising market is developing in almost all directions, and new types of advertising (Internet, online technology) are characterized by a sharp rise in advertising, which led to the creation of a new type of advertising market - integrated or global advertising space. The modern tendencies of development of the world advertising market are analyzed, the structure of expenses for advertising all over the world is resulted. The strategic directions of development of advertising activity of the leading advertisers in the world market are analyzed. The influence of digital technologies, which continue to stimulate global growth of investment in advertising and transform traditional mass media, is substantiated. Promising directions of development of the main segments of the world advertising market are outlined, among them increase of expenses for digital advertising in the world, growth of a role of social networks and online video as a segment in the field of digital technologies, growth of expenses for mobile advertising, saving on TV and radio advertising. advertising market, the development of outdoor advertising based on the transition from addressing opportunities to expand the customer experience through technologies such as VR and face recognition, the outflow of advertising budgets for print media.

The Canary Islands have great potential for the implementation of sustainable energy systems due to its availability of natural resources. The archipelago is not connected to the mainland electricity grid and the current generation system is mainly based on traditional fossil fuel. Therefore, the islands strongly dependent on fuel importations, with high costs due to logistics. Furthermore, due to the inadequate coverage of residential heating and cooling needs, the per capita energy consumption is far below the Spanish national average. This occurrence has inspired an intense debate on the current development model of the Canary Archipelago, which has led to the implementation of actions and measures aimed at achieving greater energy sustainability in the archipelago. Furthermore, at a local scale, an important investment plan has been carried out by the Spanish grid operator to ensure energy supply, to improve the system security and reliability, and to optimize the integration of renewable energies. Future measures and investments will be crucial to ensure a sustainable growth, both from the economic and the environment point of views. In this framework, this paper aims to discuss and compare the energy solutions, based on renewable energy technologies, identified to boost the sustainable transition of the islands. To this aim, multiple configurations of a wind power plant coupled with reversible hydro power/storage system for the distributed and on-site energy production in the island of Gran Canaria were modeled, simulated, and optimized by a TRNSYS/Matlab algorithm suitably developed. Specifically, along with the proposed system layouts, different scenarios related to diverse annual costs growth rate of fuel were investigated. The proposed analysis covers a time horizon of 20 years, up to 2040, and aims at assessing the impact of the investigated solution on energy demand, energy supply, and population incomes. Depending on the considered fuel cost growth rate, the best system configurations allow a primary energy saving in the range of 58.1–68.1%. Based on the system choice, the enterprise will generate significant revenues to the island population. The net present values are estimated in the range 1.50 × 103 ÷ 1.84 × 103 and 0.85 × 103 ÷ 1.27 × 103 M€, respectively for the two considered scenarios (annual costs growth rate of fuel 2 and −2%). The analysis demonstrates the importance of investments targeted at the implementation of renewables. The proposed scenarios indicate that the current energy model has the potential to radical change and to tackle climate change and energy issues while producing substantial economic savings and better life conditions for the population in the next years.

The Canary Islands have great potential for the implementation of sustainable energy systems due to its availability of natural resources. The archipelago is not connected to the mainland electricity grid and the current generation system is mainly based on traditional fossil fuel. Therefore, the islands strongly dependent on fuel importations, with high costs due to logistics. Furthermore, due to the inadequate coverage of residential heating and cooling needs, the per capita energy consumption is far below the Spanish national average. This occurrence has inspired an intense debate on the current development model of the Canary Archipelago, which has led to the implementation of actions and measures aimed at achieving greater energy sustainability in the archipelago. Furthermore, at a local scale, an important investment plan has been carried out by the Spanish grid operator to ensure energy supply, to improve the system security and reliability, and to optimize the integration of renewable energies. Future measures and investments will be crucial to ensure a sustainable growth, both from the economic and the environment point of views. In this framework, this paper aims to discuss and compare the energy solutions, based on renewable energy technologies, identified to boost the sustainable transition of the islands. To this aim, multiple configurations of a wind power plant coupled with reversible hydro power/storage system for the distributed and on-site energy production in the island of Gran Canaria were modeled, simulated, and optimized by a TRNSYS/Matlab algorithm suitably developed. Specifically, along with the proposed system layouts, different scenarios related to diverse annual costs growth rate of fuel were investigated. The proposed analysis covers a time horizon of 20 years, up to 2040, and aims at assessing the impact of the investigated solution on energy demand, energy supply, and population incomes. Depending on the considered fuel cost growth rate, the best system configurations allow a primary energy saving in the range of 58.1–68.1%. Based on the system choice, the enterprise will generate significant revenues to the island population. The net present values are estimated in the range 1.50 × 103 ÷ 1.84 × 103 and 0.85 × 103 ÷ 1.27 × 103 M€, respectively for the two considered scenarios (annual costs growth rate of fuel 2 and −2%). The analysis demonstrates the importance of investments targeted at the implementation of renewables. The proposed scenarios indicate that the current energy model has the potential to radical change and to tackle climate change and energy issues while producing substantial economic savings and better life conditions for the population in the next years.

Abstract Rapid population growth and urbanization in West Africa have led to profound changes in the lifestyles and diets of urban dwellers. These changes are marked by greater preference for healthier and more nutritious foods, easy to prepare and to consume while saving time. Hence, the development of small-scale food processing and catering activities in the cities. However, despite its importance, the urban food industry still faces several constraints, mainly the lack of equipment that would save cooking time and increase the nutritional quality of final products for consumers. Promoting optimum food processing technologies and business processes has therefore become a major concern for research and policy-makers. This study was conducted as part of the ICOWPEA research project aimed at assessing the economic and sales potential of artisanal food processing microenterprises that produce “atta,” a cowpea fritter or snack, in the city of Cotonou. A sample of twenty-seven women-headed microenterprises was randomly selected from a list of 125 recorded in 22 streets distributed across 13 districts of the city. They were interviewed using a structured questionnaire. The survey allowed us to assess how they function, their production costs, and financial performance. The surveyed microenterprises belonged to woman artisans, average age 45, who ran their own businesses. Microenterprises allow many young family members to enter the informal job market. While knowledge is mostly transmitted from mother to daughter and based on learning by doing, very simple processing tools are used. Although mechanical milling is used at some stages of cowpea processing, overall, artisanal “atta” production is a low-profitability business with a return rate of only 11.7%. However, it contributes to feeding the family and rewards family labor that accounts for up to 27.6% of total production cost. In addition to creating jobs for low-income female youth, the activity accounts for a remarkable share of the urban food business sector in Cotonou. Technological upgrading and business empowerment are required for these women to become real entrepreneurs and to overcome the key constraints they face, including the lack of access to credit and absence of improved technologies, training and government recognition. In that respect, appropriate policies are needed to take them out of poverty and make Benin the emerging economy it aspires to be. In particular, a dedicated investment and business development support scheme is required to better meet the growing domestic urban food demand and, in the near future, to envisage the export of stabilized and safer finished cowpea products.

<em>This study explored the validity of the twin deficit hypothesis in Uganda for the period 1980-2017. The methodology involved employing the Johansen co-integration test to find out whether there exists a long run link among variables current account deficit, fiscal deficit, RGDP, lending Interest rate and real effective exchange rate. The VECM is used to check how stable is the long run link between the variables while the granger causality test was done to conclude the direction of causality between current account deficit and fiscal deficit. The result confirms a long run link between all variables and</em> <em>we supported</em> <em>the Twin Divergence Hypothesis (TDivH) in Uganda since,</em> <em>VECM empirical results propose that fiscal deficit is negatively linked with current account deficit both in short run and long run and this is statistically significant at 5% level with a reasonably high speed of adjustment towards equilibrium.</em> <em>Increase in fiscal deficits improve current account deficits however&nbsp; granger causality test result show that causality is reversed running from current account deficit to the budget deficit.</em> <em>Policy initiatives should be directed towards improving current account deficit through</em> <em>value addition to Agriculture products exported in order to increase foreign exchange earnings. Additionally, maintaining a conducive Marco-economic environment is essential, strengthening external policies, expanding employment generating projects, improving domestic infrastructure inform of roads, electricity supply, and proper storage facilities for agriculture products will</em> <em>further improve domestic production</em> <em>and minimize on massive importation of consumer goods that can be locally produced. If these policies are well implemented, current account deficit balance will improve. Lastly the government of Uganda needs to minimize on excessive non-development expenditures especially in political administrations that in most cases over use tax payers money with no or less profit.&nbsp; </em> &nbsp; &nbsp; <strong>Introduction. </strong> The major issue behind the twin deficit hypothesis is that fiscal expansion increases budget deficit as the government is trying to achieve its economic growth goals (Barro, 1989); this is accompanied by increase in people&rsquo;s disposable incomes since taxes reduce making consumption to increase and lower national savings causing current account deficits. The lower savings cause government borrowing to further finance its expenditures. Furthermore, the twin deficit phenomena asserts that negative budget balances in a non-closed economy increases domestic interest rate and appreciates domestic currency which in turn depreciates current account balance. The impact of these budget deficits on current account balance, interest rates and exchange rate has attracted many researchers&rsquo; attention. Many researchers have found a long-run positive link between the budget and trade deficits using diversified econometric methods and samples while others find negative link between the two deficits (see Epaphra, 2017, Sakyi, 2016, Lau et al., 2010). The Ricardian Equivalence Hypothesis (REH) is one of the theoretical works that explains the link between negative budgetbalance and current account deficits. It postulates that the two deficits are not related at all, real interest rates are not affected by changes in taxes or budget deficits and neither does fiscal expansion affect current consumption and investment. On a contrary, the MundellFlemming model based on Keynesian analysis asserts that the two deficits are positively related with fiscal deficits causing current account deficits hence the twin deficit hypothesis. These deficits lead to less foreign and government investment as investors don&rsquo;t want to risk in the unstable economy and governments also tend to focus on debt repayments rather than investment. Future savings and consumption levels are also affected by the government debt. These deficits can shift from one individual country and affect the global financial system if they are un resolved hence commonly termed as the Macroeconomic problems of all economies(Mendoza et al., 2007). Despite the current growth performance of Uganda, the country is facing internal limitation like negative fiscal balances andtrade deficits for the last two decades (Wambui, 2016). After the liberalization of trade in the mid 1980&rsquo;s, the country involved in the trade of agriculture products across the world however the dependence on a limited variety of exports mainly coffee, tea, horticulture products that are semi-processed has made the country&rsquo;s exports vulnerable to trade shocks hence persistent current account deficits to date (see Figure 1). Due to trade openness, the deficit was increasing specially in the years 2008, 2010 and 2011 that recorded the highest current account deficits while 2014-2017 current account balance is improving due to reduction in trade openness[1].The Ugandan shilling has also lost value in relation to other trading currencies (BOU, 2018). In addition, Loans obtained from abroad appreciate the exchange rates and affect the exporting sector hence current account deficits(Lwanga&amp; Mawejje, 2014) The increasing fiscal deficit for the past decade in Uganda is caused by low levels of revenue accompanied with increased government expenditure of over 20% of GDP. Government expenditure in the 1990s and early 2000&rsquo;s was increasing greatly mainly due to increase in public wages and salaries in government workers, decentralization policies which involved introduction of new districts, civil servants among others all increased the government administrative costs during that period (Lwanga, &amp; Mawejje, 2014). The National Development Plan (NDP1) states that between the years 2010&amp;2015, infrastructure development within the countrywas the main cause of the fiscal deficit and it&rsquo;s expected to reach 9% of GDP in 2019/2020.The country&rsquo;s decline in growth rate from 2010 was to be boasted by embarking on massive infrastructure development (IMF, 2017). Furthermore, increased expenditures on military, energy and social programs that improve people&rsquo;s quality of lifehave contributed to the negative budget balance. The government increased its allocations in the transport sector from $1.3 billion in 2016/17to $7 billion in 2017/18 while the energy sector allocations increased by 26.1 percent in 2017/18[2]. As most researchers have found out that in a non-closed economy budget deficits worsenscurrent account balance as postulated by Keynesian and therefore it&rsquo;s important to find out whether there is a short or long run co-integration between Uganda&rsquo;s fiscal and current account balancesas it helps the government to make adjustments in its fiscal expenditures in order to maintain a reasonable current account balance which in turn helps to draft proper macroeconomic policies. In this context, the question worth investigating is whether there could be a long run association between a country&rsquo;s fiscal and current account deficits. In order to attain a rightful conclusion and answer to this question, we investigated the (i) twin deficits hypothesis (increase in fiscal deficit worsens the external trade deficit), (ii) Ricardian equivalence (i.e. the two deficits are unrelated) or (iii) Twin divergence hypothesis (i.e. an increase in fiscal deficit improves current account deficit) hold. Furthermore, it&rsquo;s of great importance to determine the direction of causality for better policy implementation. Well some few researches have handled the case of Uganda and mixed results have been obtained for example, (Wambui, 2016) found a long run insignificant positive association between the two deficitswhile studying East African countries.(Ahmad &amp;Aworinde, 2015), in their study about the TDH in sub-Saharan countries found a negative link between the deficits for Uganda yet(Mugume&amp;Obwona, 1998) found no co-integration amongthe two deficits. On a contrary (Lwanga&amp; Mawejje, 2014) found a unidirectional causal relationship running from budget deficits to current account deficits and raising interest rates hence confirming the Keynesian hypothesis. Most of these studies above analyzed the co-integration between two variables Current account and fiscal balance. This study uses a model that comprises of five variables namely current account balance, fiscal balances with control variables namely real GDP, Lending interest rate and real effective exchange rate. All these variables are important in explaining the deficits whileReal GDP further shows the economic performance of the Ugandahence the study pursues to find whether there exists a short or long run association between variables during the period of study for future policymeasurements and suggestions. <strong>Figure 1.Trend of fiscal and current account balance in Uganda as a percentage of GDP in the period(1980-2017)</strong> &nbsp; Source:World Bank data. Fiscal deficit has often led to capital outflow as most debts are paid in foreign currencies. In Uganda fiscal deficit increased from -2.6% of GDP in (1990-1999) to -3.8% of GDP in (2010-2017) Similarly, Current account deficit rose from -4.3% of GDP to -8.3% of GDP in the same time period(See Table 1). The current account deficit was slightly lower and improving in the period of 2000-2009, it later increasedafter in 2010 mainly because of the developments in the exchange rates and reduced national savings. In 2014/15 financial year, the Ugandan Shilling was devalued 27% against the US dollar with trade weighted rate index depreciation of 17.5% accompanied by falling export item prices[3].The country is the net exporter of Coffee and any shortages or decline in its exportation affects the exchange rate (Mugume&amp;Obwona, 1998). Furthermore, the growing private sector in the country is importing a lot of capital goods whose demand does not respond to price changeshence capital outflows. (Wambui, 2016) explains that government internal and external borrowing has worsened current account deficits.The gross national savings of Uganda reduced from 35.2% of GDP in 1980 to 21.6% in 2018 and this is estimated to increase to 23% in 2021 (IMF, 2018). The fiscal surplus in 2003-2005 might be due to various debt relief programs[4] and the country experienced a current account surplus within the same period. Besides that, it has adopted policy reforms to have favorable Marco economic performance and also joinedthe East African Monetary union whose criterion is maintaining a less than 3% deficit. These reforms include mainly spending and revenue management reforms (bringing in new taxes like mobile money and social media tax in 2018 among others) in order to finance the public debt whichrose to 38.2% of GDP in 2017 from 23.5% in 2010 (IMF, world economic outlook 2018). These Fiscal policy reforms however affectthe behavior of private consumption and changes in real GDP of a country as consumers might cut the consumption levels because of reduction in their disposal income. &nbsp; &nbsp; <strong>Table 1: Selected Economic Indicators in Uganda 1980-2017</strong> <strong>Indicator&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980-89&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990-99&nbsp;&nbsp;&nbsp;&nbsp; 2000-09&nbsp;&nbsp;&nbsp; 2010-17</strong> Budget balance, % of GDP-0.9&nbsp; -2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.8 Current Account, % of GDP -0.97&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.3-3.1-8.3 External Debt, % of gross national income&nbsp; 40.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lending Interest Rate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.6 Exchange Rate, Local currency per unit of U.S $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.2&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026.4&nbsp;&nbsp;&nbsp;&nbsp; 1805.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2832.9 Real GDP growth rate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.8 Inflation rate % change&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.86.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 Source: Author&rsquo;s computations using data from World bank (2017) The budget and current account deficits are seen to be increasing in the period of 2000-2017, the real GDP declined from 6.3% in 1990-1999 to 4.8% in 2000-2017 while the inflation rate was also declining in the same period. These deficits hinder the nation&rsquo;s development process and economic activities which affect real GDP growth (see Table 1) and future generations due to debt trap. Hence,thisneeds policy maker&rsquo;s urgent intervention. There is a slight increase in lending interest rates (see Table 1) while exchange Rate of Local currency per unit of U.S dollars is increasing throughout the period. Uganda debt accumulated in the 1990&rsquo;s as the government borrowed funds from financial institutions to boast current expenditure like finance public projects and strengthen the economy in order to fulfill IMF objectives adopted in 1980s. The external debt burden gradually reduced in the period of 2000-2017 (see Table 1) as Uganda is was one of the sub-Sahara countries&nbsp; that benefited from the Heavily Indebted Poor Countries (HIPC) Enterprise enhanced in 1999 that emphasized debt relief in poor nations and this was later followed by Multilateral Debt Relief Initiative in 2005. <strong>Research objectives.</strong> The study aims to empirically analyze the validity of twin deficits in Uganda both in short and long run in the period of 1980-2017 and examine direction of causality between the trade deficit and budget deficit for policy implications. <strong>Theoretical Framework and Empirical Literature.</strong> <strong>Theoretical framework.</strong> The short run link between fiscal and external deficit is analyzed in an open economy using the national income identity; Y = C + I + G + (E &ndash; M)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; where: Y is National income (GDP), C is Private consumption expenditure, I is investment expenditure, G is government expenditure, E is the export of goods and services, M is the import of goods and services hence (E-M) is as Current Account Balance (CA). In an open economy savings(S) equals investment (I), the amount available for investment can go beyond domestic savings and if a country is incurring a negative current account that is importing more than exporting, equation (1) can be rearranged as;&nbsp;&nbsp; CA=Y-(C+I+G)(2) The above equation can be rewritten as; CA= S - I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Where I= Y-C-G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Obtaining Total savings of a nation is by adding up the total of Private savings (Sp) and Government savings (Sg). Hence, Total Saving (S) is given by; S= Sp+Sg (5) Inserting private savings (Sp) and government savings in equation (3) gives; &nbsp;CA = Sg + Sp &ndash; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) Private savings is part of income after tax and can be expressed as; Sp= (Y-T)-C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Where, T=Taxes, Also, Government Saving is given by; Sg= T-G (8) Where G= Government spending Substituting equation 7 and 8 in equation 3 gives;&nbsp; CA= (Sp-I) - (G-T)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The above formula indicates that current account balance (CA) depends on the savings deficit (Sp-I) while (G-T) is the fiscal deficit. The budget deficit is caused by the changes in private savings and investment. A rise in budget deficit lowers national savings hence negative current account balance. This in turn brings in the twin deficit hypothesis (Barro, 1974, 1989).The Keynesian analysis assumes that fiscal expansions reduce national savings and investment since consumers have a high marginal propensity to consume their incomes and this cause current account deficit. This deficit is further attributed to increase in government spending beyond the revenue, it upsurges domestic interest rates, and more capital inflows make the exchange rate to appreciate which in turn leads to a negative current account.&nbsp; This appreciated exchange rate increase the consumption of imported goods (Mundell, 1963; Branson, 1976; Marston, 1985). &nbsp; The Ricardian equivalence hypothesis, REH (Barro; 1974, 1989)&nbsp; disapproves the relationship between the external trade deficit and fiscal deficit, it assert that real interest rates is not affected by changes in taxes nor budget deficits and neither do increase in government expenditure affect current consumption and investment. He argues that individuals are rational to fiscal expansions. The country&rsquo;s national saving remains unchanged as increase in private savings covers the low public savings and also used to pay future tax increases. <strong>Related Empirical literature.</strong> Like it has been studied by several economists, the increase in both fiscal and trade account balance are Marco-economic problems that many countries seek to solve and economists haveused various econometric methods to find out their cause and if there is a bi, unit-directional, reversecausal relationship between the two deficits. Some researchers have supported the Keynesian hypothesis, Twin divergence while others the Ricardian Equivalence Hypothesis (REH), below is some of the researchers analysis in different countries. (Senadza1 &amp;Aloryito, 2015) examined the twin deficit hypothesis (TDH) for Ghana in 1980-2014 and observed an insignificant short and long run co-integration among the deficits. Granger causality reveals a reverse causality that current account deficits cause budget deficits hence not supporting the TDH and this is common in commodity-based exporting countries (Alkswani, 2000).The worsening trade deficits negatively affect the country&rsquo;s GDP which increase budget deficits.(Kahssay, 2018) investigated the twin deficit in Ethiopia in the period 1976-2015 using the VEC model and granger causality tests.Results showed a negative and statistically insignificant link between the trade deficit and budget deficit while granger causality test revealed the occurrence of a bi-directional causality between the deficits at 5% significant level. This causality result was similar to (Chaoneka, 2013) study in Botswana while Mozambique supported the Ricardian Equivalence Hypothesis (REH). Countries like Angola, South Africa and Seychelles had results that showed direct causal link from fiscal deficit to external deficit. (Epaphra, M. 2017) examines the association between the two deficits in Tanzania using annual time series data for 1966-2015 and VEC Model. Empirical results support the Keynesian hypothesis and increase in fiscal deficits puts pressure on the current account deficitshence confirming the twin deficit hypothesis which is similar to the result of(Kim &amp; Kim, 2006) for Korea, (Kearney &amp;Monadjemi, 1990) for OECD countries and (Chaoneka, 2013) in Malawi and Zambia.Hence, there is need to adopt effect policies that reduce onthe budget deficits in each specific country. (Ekpenyong, 2014) used Granger Causality test and found out the internal balance in sub-Sahara Africa is as a result of improvements in the external sector. Hence the continent needs to balance trade by diversifying exports which will improve the fiscal balance. (Njoroge et al, 2014) supported the mundell-flemingtheory; the study used the VAR techniques toexamine the TDHvalidity on Kenya using quarterly time series data beginning 1972 to 2012. The results indicate that there exists a long run relationship between the two deficits with variables of interest rates and exchange rates. (Milne, 1977),&nbsp; (Grier and Ye, 2009) supported the existence of long run linkbetween fiscal and current account deficits using OLS regressions on cross country data however&nbsp; study did not account for&nbsp; structural breaks in the variables in the time series data yet. (Mugume&amp;Obwona, 1998) considered structural breaks while studying the deficits of African countries and reviewed that fiscal deficits have no effect on current account deficits in Uganda while (Lwanga&amp; Mawejje, 2014) supported the Keynesian theory in Uganda in the long run using the VAR-VECM approach and concluded that current account deficits are as a result of increase in budget deficits and increasing interest rate.This result is similar to (Osama 2014) analysis in Egypt, (Ratha, 2011) in India and (Ganchev, 2010) in Bulgaria in the short-run while in the long-run period there exists no link between the two deficits in all countries. (Wambui, 2016) used the VAR-GARCH to test the link between budget deficits and current account deficits in East African Countries Kenya, Uganda and Tanzania on time series data from 1980-2016. Bai and Perron Global Optimization approach was used to determine structural breaks and conditional heteroskedasticity in all countries. Results showed the existence of structural breaks in the countries with more in Uganda. Budget and current account balances had a positive and significant link in Kenya and Tanzania while the relationship was insignificant for Uganda. (Ngakosso, A, 2016) does not support the Keynesian theory for the case study of the Republic of Congo, the study usedARDL approach to co-integration and observedthatcertainty current account balance is onlybetter when the budget deficit is combined in the analysis of economic policy to be implemented. (Egwaikhide, 1997) analyzed the impact of fiscal deficit on trade deficit in the period of 1973-1997 in Nigeria since during that time the country experienced rapid trade deficits and other economic variables in the economy responded rapidly. Results reviled that fiscal deficits from increased expenditures were responsible for trade deficits and hence improvement in fiscal deficits was paramount for external balance in Nigeria. (Lloyd &amp;Opeyemi, 2015) re-examined the long run co-integration between trade and budget deficits in Nigeria using a multivariate Granger causality within the VECM. Results revived that, its deteriorating current account that causes budget deficits and this calls for improvements in current account to solve the twin deficit problem. (Osama El-Baz, 2014) supported twin divergence hypothesis in Egypt, (Sakyi&amp;Opoku, 2016) in Ghana and (Nguyen Van Bon, 2014) in 10 Asian countries. Furthermore, many researchers have observed that current account deficits lower the growth of the economy causing fiscal deficits and this is termed as the unidirectional causality running from trade deficits to fiscal deficits. This is commonly found in small non-closed economies that depend on foreign direct investments (Baharumshah et al., 2006). (Mahuni, 2017) confirmed a long- run unidirectional reverse causality in Zambia using the VECM model. (Onafoora&amp;Owoye2006) obtained a unidirectional causality and valid twin deficit in Nigeria and(Vyshnyak, O, 2000) obtained the same result in Ukraine. In Pakistan, (Ateeq&amp;Sumaira, 2017) used time series of 1972-2015 and the empirical study from co-integration techniques confirmed a one way causality running from external deficits to budget deficits in the long run while in the same country, <strong>(</strong>Tufail, M et al, 2014) used time series of 1972-2011 and observed a fiscal deficit has a positive effect on current account deficits in the long run and the two have bi-directional causality. Most of the empirical literature has shown the link between the budget and the external deficits for countries in Africa with quite a few specific studies in Uganda. (Wambui, 2016) who analyzed the link between the two deficits in East African countries including Uganda did not consider the effect of other Marco-economic variables and direction of causality but confirmed a insignificant positive relationship between the two deficits in the long run.(Ahmad &amp;Aworinde, 2015)confirmed a negative relationship between the deficits in Uganda while (Lwanga&amp; Mawejje, 2014) confirmed a positive and significant uni-directional long run relationship running from budget to trade deficits using time series of 1999-2011 although, their study analyzed a shorter period according to the time series. And from 2010 to date the country has had widening fiscal deficits due to massive infrastructure developments which has affected other Marco-economic variables and economic growth in the country. Therefore, this study seeks to use a wider time series of 1980-2017 involving other Marco economic variables to examine the validity of twin deficits in the Uganda. TheVECM and pairwise Granger causality test is used in this case. <strong>Model Specification, Data and Descriptive Statistics</strong> The study uses annual time series data for the period 1980-2017 since during the mid-1980&rsquo;s this is when the country had liberalization of trade of especially agricultural products and after mid 2000&rsquo;s, the country had massive investments in infrastructure and other structural transformations that might be of great use in analyzing the twin deficit hypothesis. The data was collected from the World Bank data bases.The data of fiscal and current account balances was already provided as a percentage of GDP. The real effective exchange rate is used as one of the Marco economic control variable as it has an impact on trade balance and its measured as the value of a Uganda&rsquo;s currency in relation to the average of othercurrencies divided by the index of costs. In case it appreciates, local products are less competitive in the outside market which affects different sectors in the economy. Real GDP further shows the economic performance of the Uganda while Lending interest rate has an effect on consumer spending and all these variables have a substantial effect on current account and international transfer of capital. The VEC Model estimation technique was used and data analyzed using E-VIEWS 8. Therefore, this study estimated a model given as&nbsp; <strong>CA=f(FD,RGDP, r, REERI)</strong>which shows the functional form of the variables and this econometric model can also be written as; <strong>CA(t)= &alpha;₀ + &alpha;₁</strong> <strong>FD(t) + &alpha;₂</strong> <strong>RGDP(t) + &alpha;₃</strong> <strong>r(t) + &alpha;₄</strong> <strong>REERI (t) + &mu;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)</strong> Where CA: Current account; FD: Fiscal Deficit; RGDP: Real Gross Domestic Product; r: Lending interest rate; REERI: Real Effective Exchange rate Index, Ut: Stochastic error term; <strong>&alpha;₀</strong>,..<strong>&alpha;₄</strong>: Regression coefficients and (t) is the time period . <strong>Technique of Estimation</strong> The model is estimated using Ordinary least squares regression technique to determine the statistical significance of the relationship between the variables. The econometric analysis of establishing the link between the fiscal/budget and current account deficits is done using the Granger causality (Amaghionyeodiwe et al 2015, Hiemstra&amp; Jones&nbsp;1994) and Vector Error Correlation model. This study tests for the long run and short run link and direction of causality between fiscal and current account deficit. The Unit root test is employed to understand the stationary variables and co-integration is used to know the long run link among variables in the model. <strong>Description of Variables </strong> <strong><em>Current Account (CA):</em></strong> This is the total sum of imports minus exports of goods and services adding net income from abroad. The current account deficit occurs when a country has insufficient funds to pay for foreign goods hence it will resort to borrowing. It is worse when current account deficit go beyond 3-4% of GDP. Current Account deficit is the dependent variable in the model of the twin deficit and expressed as a percentage of GDP. <strong><em>Fiscal Deficit (FD):</em></strong> This is the excess of government spending over revenues earned.And in the model it&rsquo;s expressed as a percentage of GDP. <strong><em>Real Gross Domestic Product (RGDP):</em></strong>This is the measure of total worth of goods and services a country produces in a given period of time usually one year and adjusted to changes in prices. In the model it&rsquo;s expressed in percentage form. <strong><em>Interest Rate (r):</em></strong> This is the lending rate of the bank charged to the private sector as a result of short and medium loans obtained from the bank. Its normally given out for investment according to creditworthiness of borrowers. In the model is expressed in percentage form. <strong><em>Real Effective Exchange Rate Index (REERI):</em></strong>This is the measure as the value of Uganda&rsquo;s currency in relation to the average of other currencies divided by the index of costs. &nbsp; <strong>Descriptive Statistics.</strong> The descriptive statistics is carried out using E-Views 8 software to analyze the initial characteristics of the data sets. Table 2 below presents descriptive summary of the data. The mean of current account (CA) was -4.003 with a minimum of -10.34 and maximum 2.86 while the mean of fiscal deficit (FD) was -2.02 with minimum -5.67 and maximum 0.38, both the mean of CA and FD are negatives which implies persistent deficits with in the period of 38 years.The Kurtosis value of RGDP, In REERI, In r, are greater than 3and Jarque-Bera test of RGDP, In REERI has probability value less than 5% which shows that they are not normality distributed in their frequency distribution of initial data, this is because there skewness values is different from the normal distribution value of zero. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <strong>Table 2; Descriptive summary of data </strong> <strong>Variable</strong> <strong>Obser.</strong> <strong>Mean</strong> <strong>Standard Deviation</strong> <strong>Min</strong> <strong>Max</strong> <strong>Kurtosis</strong> <strong>Jarque- Bera</strong> <strong>Prob</strong> <strong>CA</strong> 38 &nbsp; -4.0031 &nbsp; &nbsp; &nbsp;3.0966 &nbsp; &nbsp; -10.340 &nbsp; &nbsp; 2.8600 &nbsp; 2.7996 1.3809 0.5013 <strong>FD</strong> 38 &nbsp; -2.0172 &nbsp; &nbsp; &nbsp;1.5661 &nbsp; &nbsp; -5.6720 &nbsp; &nbsp; 0.3880 &nbsp; 2.3071 2.7113 0.2577 <strong>RGDP</strong> 38 &nbsp; &nbsp;5.3868 &nbsp; &nbsp; &nbsp;3.3489 &nbsp; &nbsp; -3.4000 &nbsp; &nbsp; 10.400 &nbsp; 4.0698 10.4202 0.0054 <strong>InREERI</strong> 38 &nbsp; &nbsp;2.2462 &nbsp; &nbsp; 0.3444 &nbsp; &nbsp; 1.9740 &nbsp; &nbsp; 3.3390 &nbsp; 4.8821 21.5138 0.0000 <strong>In r</strong> 38 &nbsp; 1.3531 &nbsp; &nbsp; 0.1229 &nbsp; &nbsp; &nbsp;1.0791 &nbsp; 1.6020 3.2270 0.4885 0.7832 Source: Author&rsquo;s estimations in E-Views 8. Furthermore, Table 3 shows the correlation matrix which explains the magnitude of thelink between the variables. The results show that fiscal deficit (FD)and Real effective exchange rate index (In REERI) have apositive but weak correlation with the current account deficit of approximately 40 and 30percent respectively while other variables interest rate(r) and RGDP have a negative correlation with Current account. &nbsp; <strong>Table3 : Correlation matrix</strong> &nbsp; <strong>CA</strong> <strong>FD</strong> <strong>In <em>r</em></strong> <strong>In REERI</strong> <strong>RGDP</strong> <strong>CA</strong> 1.000 &nbsp; &nbsp; &nbsp; &nbsp; <strong>FD</strong> 0.399 1.000 &nbsp; &nbsp; &nbsp; <strong>In <em>r</em></strong> -0.108 -0.050 1.000 &nbsp; &nbsp; <strong>In REERI</strong> 0.291 0.416 -0.167 1.000 &nbsp; <strong>RGDP</strong> -0.247 -0.057 -0.005 -0.474 1.000 Source: Author&rsquo;s estimations in E-Views 8. &nbsp; <strong>Analysis of Results </strong> <strong>Unit Root Test</strong> In order to test for stationary of time series, a unit root test is done using the Augmented Dickey-Fuller ADF (1979) Test to avoidthe generation of unauthentic results and ensuring proper estimation methods (see also Epaphra, M. 2017, Sakyi&amp;Opoku, 2016). The variables have a unit root is the null hypothesis andthis is not accepted if the unconditional value of the test statistic is greater than any critical values which implies stationary of variables.Also, there is non-stationary of variables if the null hypothesis is accepted. According to table 4,results show that all variables are non-stationary at I(0) and after the transformation to first difference I(I) they become stationary. &nbsp; <strong>Table 4; ADF unit root tests at Intercept &amp; Trend, Lag length selection is based on Schwarz information criterion (SIC).</strong> <strong>Variable </strong> <strong>At Lag 0</strong> <strong>Level of Significance</strong> <strong>At Level(0)</strong> <strong>At First Difference</strong> <strong>CA</strong> &nbsp; &nbsp; &nbsp; <strong>critical value </strong> 1% -4.226 -4.234 &nbsp; 5% -3.536 -3.540 &nbsp; 10% -3.200 -3.202 &nbsp; <strong>Test statistics</strong> <strong>-3.909</strong> <strong>-9.008</strong> &nbsp; &nbsp; <strong>FD</strong> Critical Value 1% -4.226 -4.234 &nbsp; 5% -3.536 -3.540 &nbsp; 10% -3.200 -3.254 &nbsp; <strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Test statistics</strong> <strong>-2.636</strong> <strong>-6.739</strong> &nbsp; &nbsp; <strong>In R</strong> Critical Value 1% -4.226 -4.234 &nbsp; 5% -3.536 -3.540 &nbsp; 10% -3.200 -3.202 &nbsp; <strong>Test statistics</strong> <strong>-2.537</strong> <strong>-4.682</strong> &nbsp; <strong>RGDP</strong> &nbsp; Critical value 1% -4.226 -4.234 &nbsp; 5% -3.536 -3.540 &nbsp; 10% -3.200 -3.202 &nbsp; <strong>Test statistics</strong> <strong>-4.083</strong> <strong>-6.538</strong> &nbsp; &nbsp; <strong>In(REERI)</strong> Critical value 1% -4.226 -4.234 &nbsp; 5% -3.536 -3.540 &nbsp; 10% -3.200 -3.202 &nbsp; <strong>Test statistics</strong> <strong>-3.664</strong> <strong>-4.273</strong> &nbsp; &nbsp; *MacKinnon (1996) one-sided p-values. Null Hypothesis: there is a unit root Source: Author&rsquo;s estimations using E-Views 8. &nbsp; &nbsp; &nbsp; &nbsp; <strong>Table 5: Lag Selection.</strong> <strong>Lag</strong> <strong>LogL</strong> <strong>LR</strong> <strong>FRE</strong> <strong>AIC</strong> <strong>SC</strong> <strong>HQ</strong> <strong>0</strong> -178.2503 NA&nbsp; 0.033045 10.77943 11.00389 10.85598 <strong>1</strong> -79.27126 163.0242 0.000434 &nbsp;6.427721 7.774510* 6.887015 <strong>2</strong> -44.62374 46.87605* 0.000272 &nbsp;5.860220 8.329333 6.702258 <strong>3</strong> -18.07462 28.11083 0.000330 5.769095 9.360532 &nbsp;6.993878 <strong>4</strong> <strong>22.80512</strong> <strong>31.26098</strong> <strong>0.000244*</strong> <strong>4.834993*</strong> <strong>9.548753</strong> <strong>6.442520*</strong> *indicates lag order selected by the criterion. Source: Author&rsquo;s Computation, 2019. &nbsp; The research used lag 4 for the model since FRE, AIC, HQ propose lag 4 at a 5% significance level as shown in Table 5 and this lag is used in running the johansen Co-integration results in table 6. &nbsp; <strong>Johansen Co-integration Tests</strong> In order to determine the long run link between fiscal and current account deficits plus other variables, the co-integration test is carried out using the trace and maximum Eigen value as suggested by (Johansen &amp;Juselius, 1990). The advantage of Johansen technique isthat it strengthens the ADF stationary results (Teamrat, 2018) and estimates the long run equation giving the number of those that are co-integrating. The null hypothesis is no co-integration (r = 0) of models and this is rejected if both trace (&lambda;iz) and maximum statistics (&lambda;mx) are greater than the 5% critical value. According to the output in Table 6, the alternative hypothesis is strongly accepted that there is co-integration of 4 models. The results suggest a stable long run relationship between theseries which implies rejection of the Ricardian equivalence hypothesis (REH) for Uganda in the long run however the validation of twin deficits in the country will depend on the direction of causality shown by the granger test and the corresponding statistical significance of the link. The maximum Eigen values indicate that some variables don&rsquo;t deviate away from each other in the long run equilibrium path. &nbsp; <strong>Table 6: Johansen Co integration test.</strong> <strong>Sample </strong>(adjusted): 1985-2017 Included observations: 33 after adjustments Series: <em>CA, FD, In r, In REERI, RGDP</em> &nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5% Cointegrating&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statistic(&lambda;mx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Critical&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trace&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5% Ranks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statistic(&lambda;iz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Critical value. &nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86.973&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.876&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232.946&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.818 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65.352&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.584&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145.972&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.856 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51.061&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.131&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80.619&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.797 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.264&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.557&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.494 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.547&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.841&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.547&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.841 Source: Authors estimations in E-views. &nbsp; Additionally, table 7 belowshows normalized co-integrating coefficients and the related standard errorbelow each coefficient. The result indicate that in the long run, 1 percentage increase in fiscal deficit and Real effective exchange rate index will roughly lead to 2.046%&nbsp; and 4.962% improvement&nbsp; in current account deficit respectively ceteris peribus. Furthermore, 1 percent increase in lending interest rate and Real GDP worsenscurrent account deficit by 26.503% and 1.117% respectively and this is all significant at 5% level. <strong>Table 7: Normalized co-integrating coefficients (standard error in parentheses)</strong> &nbsp;&nbsp;&nbsp;&nbsp; CA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In r&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In REERI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGDP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C 1.000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;-2.046&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.503&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -4.962&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.117&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -32.240 &nbsp; Source: Authors computations from E-views 8. &nbsp; <strong>VectorError Correction Model (VECM)</strong> The error correction model is used to find out the long run stability of the current and budget deficitat first difference.&nbsp; This model shows both the long run and short run disequilibrium or equilibrium in the variables (Senadza et al., 2016&amp; Osama El-Baz, 2014).The variables are integrated at the same order, regression VECM results are summarized in Tables 8a) &amp; 8b)of the main model when current account is the dependent variable and diagnostic tests are performed.&nbsp; The value of R² is more than 60% which implies that the model is desirableandFigure 2 in appendix shows that the model satisfies the stability condition.&nbsp; The (Breusch&amp; Pagan, 1979) analysis of testing heteroscedasticity is done in table 12 in appendix section and the null hypothesis of no heteroscedasticity is not rejected since the probability of the chi-square is more than 0.05. Table 13 shows the Autocorrelation test for VECM model which indicates no evidence of serial correlation in all the 4 lags as the p-value is more than 5% significant level. <strong>Table 8a) : Estimates of long-run Coefficients when CA is the dependent variable.</strong> <strong>Variable </strong> <strong>Long-run coefficients </strong> <strong>T-statistic</strong> <strong>FD</strong> <strong>-2.046</strong> <strong>-12.867</strong> <strong>In r</strong> <strong>26.503&nbsp;&nbsp; </strong> <strong>8.771</strong> <strong>In REERI</strong> <strong>-4.962</strong> <strong>-3.111</strong> <strong>RGDP</strong> <strong>1.117</strong> <strong>6.888</strong> <strong>Constant </strong> <strong>-32.240</strong> <strong>-</strong> <strong>ECT</strong> <strong>-0.913</strong> <strong>-2.461</strong> <strong>Durbin-Watson stat&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong> 2.343 <strong>R-Squared&nbsp;&nbsp;&nbsp;&nbsp; </strong> &nbsp; &nbsp; 0.658 &nbsp; <strong>Source: authors estimates from E-views. </strong> &nbsp; <strong>Table 8b): Estimates of Short run Coefficients when CA is the dependent variable</strong> <strong>Variable</strong> <strong>Short run coefficients</strong> <strong>T-statistic</strong> <strong>FD(-3)</strong> <strong>-1.5157</strong> <strong>-2.6338</strong> <strong>RGDP(-1)</strong> <strong>1.1143</strong> <strong>2.7625</strong> <strong>C</strong> <strong>-0.355</strong> <strong>-0.6549</strong> <strong>Source: Authors estimates from E-views and only significant ones are selected. </strong> Long run and short run estimates in table 8a) and 8b) above show that FD has a negative effect on CA and this is significant at 5% significant level. <strong>Table 9: Wald test</strong> <strong>Null Hypothesis</strong>: C(6)=C(7)=C(8)=C(9)=0<strong><em>from Eq(11)</em></strong> <strong>(FD&rarr; CA)</strong> Test Statistic Value Df Probability &nbsp; F-statistic &nbsp;1.886072 (4, 11) &nbsp;0.1831 Chi-square &nbsp;7.544289 &nbsp;4 &nbsp;0.1098 &nbsp; <strong>Null Hypothesis</strong>: C(6)=C(7)=C(8)=C(9)=0<strong><em>from Eq(12)</em></strong> <strong>(CA&rarr; FD)</strong> Test Statistic Value Df Probability &nbsp; F-statistic &nbsp;2.842361 (4, 11) &nbsp;0.0765 Chi-square &nbsp;11.36944 &nbsp;4 &nbsp;0.0227 &nbsp; Source: Authors estimates from E-views According to the Wald test result in Table 9 above, there is no short run causality running from Fiscal deficit to current account deficit since the lagged values of FD are jointly statistically insignificant and therefore is no evidence of twin deficits hypothesis in the short run. On the other hand Wald results shows that there is short run causality running from CA to FD hence CA has fundamental effect on FD in Uganda since the lagged values of CA are jointly statistically significant at 5% level. Hence, there exists a uni-directional causality running from Current account deficits to Fiscal deficits in the short run.&nbsp; As portrayed in Tables 8 a) and 8 b) above,&nbsp; the coefficient of Fiscal deficit is negative both in short run and long run and hence fiscal deficit is found to have a negative relationship with current account and statistically significant at 5% significant level. These results support a Twin Divergence Hypothesis(TDivH)in Uganda and opposing firstly, the Ricardian Equivalence proposition that postulates that Fiscal deficit has no effect current account deficitand secondly the Keynesian Hypothesis that claims a positive link between CA and FD. The (TDivH)implies that budget deficits can either worsen or improve trade deficits or trade deficits can either worsen or improve budget deficits. In economic recessions associated with reductions aggregate demand and investment, fiscal deficits increase and current account is improved while in economic booms,aggregate demand increases the fiscal deficit and with improved investment which worsens trade deficits (sees also Baxter, 1995,Kim &amp;Roubini, 2008, Van Bon, N. 2014). Finding show that increase in budget deficits improve trade deficits however this does not signify that the government should increase its expenses to improve trade deficits. In factin this scenario, it needs to take caution about any policy that might increase fiscal deficits especially during unstable economic periods. Therefore public expenditure should be in development projects that increase employment. According to (Sakyi&amp;Opoku, 2016) the government should increase expenditures only in short run periods in productive sectors and lowering taxes for private export oriented firms. However much this can make it run a deficit but at the same time it will boast exports and encourage more private sector investment plus improved people&rsquo;s incomes. The estimates of the VECM model in Table 11 in the appendix when CA is the dependent variable show that the probability of the target variable C(1) which is the speed of adjustment or error correlation co-efficient is negative and significant at 5% level which implies long run convergence of about 91%disequilibrium in CA obtained each period. There is a stable long run influence from the Independent variables to the dependent variable which is the current account. <strong>Granger Causality Test. </strong> &nbsp; <strong>Table 10: Pairwise Granger Causality test. </strong> &nbsp; &nbsp; <strong>Null Hypothesis (H0)</strong> &nbsp; <strong>Observations</strong> &nbsp; <strong>F-statistic</strong> &nbsp; &nbsp; <strong>Probability</strong> &nbsp; <strong>Decision</strong> &nbsp; &nbsp; <strong>&nbsp;FD does not Granger Cause CA</strong> &nbsp; 34 1.16877 0.3483 Accept Ho <strong>CA does not Granger Cause FD</strong> 34 5.39374 0.0028 Reject Ho <strong>Inr does not Granger Cause CA</strong> 34 0.2009 0.9355 Accept Ho <strong>CA does not Granger Cause Inr</strong> 34 &nbsp; &nbsp;0.76579 &nbsp; &nbsp; 0.5504 &nbsp; Accept Ho <strong>In REERI does not Granger Cause CA</strong> 34 &nbsp; &nbsp; 0.96593 &nbsp; &nbsp; &nbsp; 0.4435 &nbsp; Accept Ho <strong>CA does not Granger Cause In REERI</strong> 34 &nbsp; &nbsp;0.77728 &nbsp; &nbsp; 0.5504 &nbsp; Accept Ho <strong>RGDP does not Granger Cause CA</strong> 34 &nbsp; &nbsp;0.37311 &nbsp; &nbsp; 0.8255 &nbsp; Accept Ho <strong>CA does not Granger Cause RGDP</strong> 34 &nbsp; &nbsp;0.35424 &nbsp; &nbsp; 0.8386 &nbsp; Accept Ho <strong>Source: Authors estimates in E-Views. </strong> &nbsp; Different literature has discussed the link and dynamics between the current and fiscal deficits and many have come up with contradicting results due to the different statistical methods and time periods taken. For effective policy purposes the direction of causality is determined in line with previous studies and the Granger-Causality result in table 10 still indicates auni-directional causality. CA is granger causing FD since the p-value is less than 5% and the null hypothesis of no causality is rejected, supporting the reverse causality proposition. Hence for the Ugandan economy, there is a revered causality and this implies that fiscal expenditure responds strongly to current account changes and if current account deficit is improved, fiscal expenditure reduces and this leads to improvement in fiscal deficits. It is also observed that none of the individual variables granger causes current account. Theexistence of twin divergence in Uganda is contrary to majority of the studies done in Uganda and other countries, for example (Mugume&amp;Obwona, 1998) who disqualified the link between the two deficits in Uganda,(Lwanga&amp; Mawejje, 2014) confirmed the Keynesian hypothesis in Uganda with budget deficits causing trade deficits while (Wambui, 2016) confirmed a positive insignificant link between the deficits. The results are similar to (Ahmad &amp;Aworinde, 2015) who confirmed a negative link between the deficits in Uganda, (Osama El-Baz, 2014) who found reverse causality and twin divergence in Egypt, (Sakyi&amp;Opoku, 2016) in Ghana, Javid et al. 2010 for Pakistan, Nguyen Van Bon (2014) in 10 Asian countries. The causalityresults collaborate with the analysis of (Bernardin et al., 2016) in Ghana, (Sobrino, 2013) in Peru, (Egwaikhide et al., 2002), (Lloyd, 2015) for Nigeria, (Suchismita&amp;Sudiptal, 2011) for India among otherswho confirm a uni-directional causality running from external deficits to budget deficits. However much the granger causalitytest revealsthat Real GDP growth and current account deficits are not related in Uganda, the coefficient of RGDP is positive and hence increase in RGDP worsens Current account and this is significant at 5% level. This might be caused by increased economic activities due to Uganda&rsquo;s growing private sector that employ different peopleand improve their realincomes which boast demand. Theincrease in demand formore industrialized capital and consumer goods which are imported like motor vehicles, construction materials, alcoholic products among othersincrease import invoices and hence atrade deficit (see also Epaphra, M. 2017, Bernardin et al 2016). It is also most expected that increase in RGDP is associated with expansion in production levels which improves the export volume hence improving current account deficits.&nbsp; Findings also show that the lagged interest rate coefficients are negative and insignificant. This implies that increase in this interest rate does not necessarily improve CA deficits. In fact in the long run, increase in interest rate worsens current account deficits. Uganda&rsquo;s lending interest rates have been high as the Bank of Uganda is trying to achieve its policy priority of curbing inflation, strengthen exchange rates and allowing banks to extend credit to more risky projects.However interest rate impact on trade deficits is most times un predictable. Trade deficits worsen with increase in interest rate if the exchange rate has appreciated making imports cheaper leading to high import invoices and low export receipts. However this is contrary to Uganda&rsquo;s case because the Ugandan Shillings has often depreciated as imports are increasing and the lagged exchange rate is insignificant. Infact (Bawumia, 2014) and (Sakyi&amp;Opoku, 2016) observed the same scenario in Ghana. Despite the country&rsquo;s urge to increase interest rate and solve some economic problems, in the process people are discouraged from borrowing to investsince it becomes expensive and there is also increase in price of goods and services (see Kwakye, 2010) causing low consumption levels.Since most consumed goods in Uganda are imported, low consumption levels will result in improved trade deficits hence a contrary link between trade deficit and interest rates. <strong>Summary of Findings, Policy Suggestions, Conclusion.</strong> The study sought to empirically analyze the validity of twin deficits in Uganda both in short and long run in the period of 1980-2017 and examine direction of causality between the trade deficit and budget deficit since there was a persistent co-movement of both deficits over the past three decades. Augmented Dickey-Fuller ADF (1979) test is performed on time series and all variables are stationary at first difference. Empirical VECM results have shown that considered Marco-economic variables current account deficits, fiscal deficits, real GDP,Real effective exchange rate index and lending interest rate are co-integrated. The speed of adjustment is negative and significant which indicates a steady long run link among variables. The VECM confirms a statistically significant negative link between budget deficits and current account deficits both in short run and long run which indicates evidence of Twin divergence hypothesisfor Uganda. This implies that budget deficits can either improve or worsen trade deficits or trade deficits can either worsen or improve budget deficits. The findings show that increase in Fiscal deficits improves current account however not necessarily meaning that government should increase its expenses to improve trade deficits as this might negatively affect the economy especially in unstable economic periods. That is why granger causality test helps in determining the direction of causality for better policy implication. The results show a unidirectional causal link which is reversed running from current account deficits to fiscal deficits. This is due to trade openness of Ugandan economy,increasing the country&rsquo;s import invoices much higher than the export receipts. It is exposed to external price shocks and the exportation of a limited variety plus low valued agricultural products that are out competed or attract less prices on external market. Policy initiatives should be directed to supervising current account deficit like increasing production and value addition to Agriculture products exported in order to increase foreign exchange earnings. Maintaining a conducive Marco-economic environment with reduced inflation rates, improved real exchange rate,improving domestic infrastructure inform of roads, electricity supply, proper storage facilities for agriculture products will boast domestic production, expand employmentand minimize on massive importation of consumer goods. In all these, the governmentdoes not only collect more revenues to cover the budget deficitbut alsotrade deficits are lowered. The Ugandan government needs to adopt to import substitution and export promotion industrial strategies that will further boast domestic firm production, this also saves that country from imported inflation, and increase earnings of people. The findings suggest that government should strengthen external policiesand if well implemented will improve foreign earnings, national savings hence improved current account balance which reduces fiscal deficits.Lastly the government of Uganda needs to minimize on excessive non-development expenditures especially in&nbsp; political administrations that in most cases over consume tax payers money with no or less profit. &nbsp; [1]https://www.theglobaleconomy.com/Uganda/trade_openness. &nbsp; [2]https://www.theeastafrican.co.ke/business/uganda-budget-focus-on-infrastructure-does-not-bear-fruit-/2560-3875812-29eigoz/index.html &nbsp; [3]https://ugandabankers.org/here-is-why-the-uganda-shilling-is-weakening/ &nbsp; [4] These debt relief programs were supported by the IMF under the program of Heavy Indebted Poor Countries(HIPC) which totaled up to US$ 2billion and other poverty reduction programs.

Photo ID 158378414 © Eduard Muzhevskyi | Dreamstime.com ABSTRACT There is a debate about the ethical implications of using human embryos in stem cell research, which can be influenced by cultural, moral, and social values. This paper argues for an adaptable framework to accommodate diverse cultural and religious perspectives. By using an adaptive ethics model, research protections can reflect various populations and foster growth in stem cell research possibilities. INTRODUCTION Stem cell research combines biology, medicine, and technology, promising to alter health care and the understanding of human development. Yet, ethical contention exists because of individuals’ perceptions of using human embryos based on their various cultural, moral, and social values. While these disagreements concerning policy, use, and general acceptance have prompted the development of an international ethics policy, such a uniform approach can overlook the nuanced ethical landscapes between cultures. With diverse viewpoints in public health, a single global policy, especially one reflecting Western ethics or the ethics prevalent in high-income countries, is impractical. This paper argues for a culturally sensitive, adaptable framework for the use of embryonic stem cells. Stem cell policy should accommodate varying ethical viewpoints and promote an effective global dialogue. With an extension of an ethics model that can adapt to various cultures, we recommend localized guidelines that reflect the moral views of the people those guidelines serve. BACKGROUND Stem cells, characterized by their unique ability to differentiate into various cell types, enable the repair or replacement of damaged tissues. Two primary types of stem cells are somatic stem cells (adult stem cells) and embryonic stem cells. Adult stem cells exist in developed tissues and maintain the body’s repair processes.[1] Embryonic stem cells (ESC) are remarkably pluripotent or versatile, making them valuable in research.[2] However, the use of ESCs has sparked ethics debates. Considering the potential of embryonic stem cells, research guidelines are essential. The International Society for Stem Cell Research (ISSCR) provides international stem cell research guidelines. They call for “public conversations touching on the scientific significance as well as the societal and ethical issues raised by ESC research.”[3] The ISSCR also publishes updates about culturing human embryos 14 days post fertilization, suggesting local policies and regulations should continue to evolve as ESC research develops.[4] Like the ISSCR, which calls for local law and policy to adapt to developing stem cell research given cultural acceptance, this paper highlights the importance of local social factors such as religion and culture. I. Global Cultural Perspective of Embryonic Stem Cells Views on ESCs vary throughout the world. Some countries readily embrace stem cell research and therapies, while others have stricter regulations due to ethical concerns surrounding embryonic stem cells and when an embryo becomes entitled to moral consideration. The philosophical issue of when the “someone” begins to be a human after fertilization, in the morally relevant sense,[5] impacts when an embryo becomes not just worthy of protection but morally entitled to it. The process of creating embryonic stem cell lines involves the destruction of the embryos for research.[6] Consequently, global engagement in ESC research depends on social-cultural acceptability. a. US and Rights-Based Cultures In the United States, attitudes toward stem cell therapies are diverse. The ethics and social approaches, which value individualism,[7] trigger debates regarding the destruction of human embryos, creating a complex regulatory environment. For example, the 1996 Dickey-Wicker Amendment prohibited federal funding for the creation of embryos for research and the destruction of embryos for “more than allowed for research on fetuses in utero.”[8] Following suit, in 2001, the Bush Administration heavily restricted stem cell lines for research. However, the Stem Cell Research Enhancement Act of 2005 was proposed to help develop ESC research but was ultimately vetoed.[9] Under the Obama administration, in 2009, an executive order lifted restrictions allowing for more development in this field.[10] The flux of research capacity and funding parallels the different cultural perceptions of human dignity of the embryo and how it is socially presented within the country’s research culture.[11] b. Ubuntu and Collective Cultures African bioethics differs from Western individualism because of the different traditions and values. African traditions, as described by individuals from South Africa and supported by some studies in other African countries, including Ghana and Kenya, follow the African moral philosophies of Ubuntu or Botho and Ukama, which “advocates for a form of wholeness that comes through one’s relationship and connectedness with other people in the society,”[12] making autonomy a socially collective concept. In this context, for the community to act autonomously, individuals would come together to decide what is best for the collective. Thus, stem cell research would require examining the value of the research to society as a whole and the use of the embryos as a collective societal resource. If society views the source as part of the collective whole, and opposes using stem cells, compromising the cultural values to pursue research may cause social detachment and stunt research growth.[13] Based on local culture and moral philosophy, the permissibility of stem cell research depends on how embryo, stem cell, and cell line therapies relate to the community as a whole. Ubuntu is the expression of humanness, with the person’s identity drawn from the “’I am because we are’” value.[14] The decision in a collectivistic culture becomes one born of cultural context, and individual decisions give deference to others in the society. Consent differs in cultures where thought and moral philosophy are based on a collective paradigm. So, applying Western bioethical concepts is unrealistic. For one, Africa is a diverse continent with many countries with different belief systems, access to health care, and reliance on traditional or Western medicines. Where traditional medicine is the primary treatment, the “’restrictive focus on biomedically-related bioethics’” [is] problematic in African contexts because it neglects bioethical issues raised by traditional systems.”[15] No single approach applies in all areas or contexts. Rather than evaluating the permissibility of ESC research according to Western concepts such as the four principles approach, different ethics approaches should prevail. Another consideration is the socio-economic standing of countries. In parts of South Africa, researchers have not focused heavily on contributing to the stem cell discourse, either because it is not considered health care or a health science priority or because resources are unavailable.[16] Each country’s priorities differ given different social, political, and economic factors. In South Africa, for instance, areas such as maternal mortality, non-communicable diseases, telemedicine, and the strength of health systems need improvement and require more focus[17] Stem cell research could benefit the population, but it also could divert resources from basic medical care. Researchers in South Africa adhere to the National Health Act and Medicines Control Act in South Africa and international guidelines; however, the Act is not strictly enforced, and there is no clear legislation for research conduct or ethical guidelines.[18] Some parts of Africa condemn stem cell research. For example, 98.2 percent of the Tunisian population is Muslim.[19] Tunisia does not permit stem cell research because of moral conflict with a Fatwa. Religion heavily saturates the regulation and direction of research.[20] Stem cell use became permissible for reproductive purposes only recently, with tight restrictions preventing cells from being used in any research other than procedures concerning ART/IVF. Their use is conditioned on consent, and available only to married couples.[21] The community's receptiveness to stem cell research depends on including communitarian African ethics. c. Asia Some Asian countries also have a collective model of ethics and decision making.[22] In China, the ethics model promotes a sincere respect for life or human dignity,[23] based on protective medicine. This model, influenced by Traditional Chinese Medicine (TCM), [24] recognizes Qi as the vital energy delivered via the meridians of the body; it connects illness to body systems, the body’s entire constitution, and the universe for a holistic bond of nature, health, and quality of life.[25] Following a protective ethics model, and traditional customs of wholeness, investment in stem cell research is heavily desired for its applications in regenerative therapies, disease modeling, and protective medicines. In a survey of medical students and healthcare practitioners, 30.8 percent considered stem cell research morally unacceptable while 63.5 percent accepted medical research using human embryonic stem cells. Of these individuals, 89.9 percent supported increased funding for stem cell research.[26] The scientific community might not reflect the overall population. From 1997 to 2019, China spent a total of $576 million (USD) on stem cell research at 8,050 stem cell programs, increased published presence from 0.6 percent to 14.01 percent of total global stem cell publications as of 2014, and made significant strides in cell-based therapies for various medical conditions.[27] However, while China has made substantial investments in stem cell research and achieved notable progress in clinical applications, concerns linger regarding ethical oversight and transparency.[28] For example, the China Biosecurity Law, promoted by the National Health Commission and China Hospital Association, attempted to mitigate risks by introducing an institutional review board (IRB) in the regulatory bodies. 5800 IRBs registered with the Chinese Clinical Trial Registry since 2021.[29] However, issues still need to be addressed in implementing effective IRB review and approval procedures. The substantial government funding and focus on scientific advancement have sometimes overshadowed considerations of regional cultures, ethnic minorities, and individual perspectives, particularly evident during the one-child policy era. As government policy adapts to promote public stability, such as the change from the one-child to the two-child policy,[30] research ethics should also adapt to ensure respect for the values of its represented peoples. Japan is also relatively supportive of stem cell research and therapies. Japan has a more transparent regulatory framework, allowing for faster approval of regenerative medicine products, which has led to several advanced clinical trials and therapies.[31] South Korea is also actively engaged in stem cell research and has a history of breakthroughs in cloning and embryonic stem cells.[32] However, the field is controversial, and there are issues of scientific integrity. For example, the Korean FDA fast-tracked products for approval,[33] and in another instance, the oocyte source was unclear and possibly violated ethical standards.[34] Trust is important in research, as it builds collaborative foundations between colleagues, trial participant comfort, open-mindedness for complicated and sensitive discussions, and supports regulatory procedures for stakeholders. There is a need to respect the culture’s interest, engagement, and for research and clinical trials to be transparent and have ethical oversight to promote global research discourse and trust. d. Middle East Countries in the Middle East have varying degrees of acceptance of or restrictions to policies related to using embryonic stem cells due to cultural and religious influences. Saudi Arabia has made significant contributions to stem cell research, and conducts research based on international guidelines for ethical conduct and under strict adherence to guidelines in accordance with Islamic principles. Specifically, the Saudi government and people require ESC research to adhere to Sharia law. In addition to umbilical and placental stem cells,[35] Saudi Arabia permits the use of embryonic stem cells as long as they come from miscarriages, therapeutic abortions permissible by Sharia law, or are left over from in vitro fertilization and donated to research.[36] Laws and ethical guidelines for stem cell research allow the development of research institutions such as the King Abdullah International Medical Research Center, which has a cord blood bank and a stem cell registry with nearly 10,000 donors.[37] Such volume and acceptance are due to the ethical ‘permissibility’ of the donor sources, which do not conflict with religious pillars. However, some researchers err on the side of caution, choosing not to use embryos or fetal tissue as they feel it is unethical to do so.[38] Jordan has a positive research ethics culture.[39] However, there is a significant issue of lack of trust in researchers, with 45.23 percent (38.66 percent agreeing and 6.57 percent strongly agreeing) of Jordanians holding a low level of trust in researchers, compared to 81.34 percent of Jordanians agreeing that they feel safe to participate in a research trial.[40] Safety testifies to the feeling of confidence that adequate measures are in place to protect participants from harm, whereas trust in researchers could represent the confidence in researchers to act in the participants’ best interests, adhere to ethical guidelines, provide accurate information, and respect participants’ rights and dignity. One method to improve trust would be to address communication issues relevant to ESC. Legislation surrounding stem cell research has adopted specific language, especially concerning clarification “between ‘stem cells’ and ‘embryonic stem cells’” in translation.[41] Furthermore, legislation “mandates the creation of a national committee… laying out specific regulations for stem-cell banking in accordance with international standards.”[42] This broad regulation opens the door for future global engagement and maintains transparency. However, these regulations may also constrain the influence of research direction, pace, and accessibility of research outcomes. e. Europe In the European Union (EU), ethics is also principle-based, but the principles of autonomy, dignity, integrity, and vulnerability are interconnected.[43] As such, the opportunity for cohesion and concessions between individuals’ thoughts and ideals allows for a more adaptable ethics model due to the flexible principles that relate to the human experience The EU has put forth a framework in its Convention for the Protection of Human Rights and Dignity of the Human Being allowing member states to take different approaches. Each European state applies these principles to its specific conventions, leading to or reflecting different acceptance levels of stem cell research. [44] For example, in Germany, Lebenzusammenhang, or the coherence of life, references integrity in the unity of human culture. Namely, the personal sphere “should not be subject to external intervention.”[45] Stem cell interventions could affect this concept of bodily completeness, leading to heavy restrictions. Under the Grundgesetz, human dignity and the right to life with physical integrity are paramount.[46] The Embryo Protection Act of 1991 made producing cell lines illegal. Cell lines can be imported if approved by the Central Ethics Commission for Stem Cell Research only if they were derived before May 2007.[47] Stem cell research respects the integrity of life for the embryo with heavy specifications and intense oversight. This is vastly different in Finland, where the regulatory bodies find research more permissible in IVF excess, but only up to 14 days after fertilization.[48] Spain’s approach differs still, with a comprehensive regulatory framework.[49] Thus, research regulation can be culture-specific due to variations in applied principles. Diverse cultures call for various approaches to ethical permissibility.[50] Only an adaptive-deliberative model can address the cultural constructions of self and achieve positive, culturally sensitive stem cell research practices.[51] II. Religious Perspectives on ESC Embryonic stem cell sources are the main consideration within religious contexts. While individuals may not regard their own religious texts as authoritative or factual, religion can shape their foundations or perspectives. The Qur'an states: “And indeed We created man from a quintessence of clay. Then We placed within him a small quantity of nutfa (sperm to fertilize) in a safe place. Then We have fashioned the nutfa into an ‘alaqa (clinging clot or cell cluster), then We developed the ‘alaqa into mudgha (a lump of flesh), and We made mudgha into bones, and clothed the bones with flesh, then We brought it into being as a new creation. So Blessed is Allah, the Best of Creators.”[52] Many scholars of Islam estimate the time of soul installment, marked by the angel breathing in the soul to bring the individual into creation, as 120 days from conception.[53] Personhood begins at this point, and the value of life would prohibit research or experimentation that could harm the individual. If the fetus is more than 120 days old, the time ensoulment is interpreted to occur according to Islamic law, abortion is no longer permissible.[54] There are a few opposing opinions about early embryos in Islamic traditions. According to some Islamic theologians, there is no ensoulment of the early embryo, which is the source of stem cells for ESC research.[55] In Buddhism, the stance on stem cell research is not settled. The main tenets, the prohibition against harming or destroying others (ahimsa) and the pursuit of knowledge (prajña) and compassion (karuna), leave Buddhist scholars and communities divided.[56] Some scholars argue stem cell research is in accordance with the Buddhist tenet of seeking knowledge and ending human suffering. Others feel it violates the principle of not harming others. Finding the balance between these two points relies on the karmic burden of Buddhist morality. In trying to prevent ahimsa towards the embryo, Buddhist scholars suggest that to comply with Buddhist tenets, research cannot be done as the embryo has personhood at the moment of conception and would reincarnate immediately, harming the individual's ability to build their karmic burden.[57] On the other hand, the Bodhisattvas, those considered to be on the path to enlightenment or Nirvana, have given organs and flesh to others to help alleviate grieving and to benefit all.[58] Acceptance varies on applied beliefs and interpretations. Catholicism does not support embryonic stem cell research, as it entails creation or destruction of human embryos. This destruction conflicts with the belief in the sanctity of life. For example, in the Old Testament, Genesis describes humanity as being created in God’s image and multiplying on the Earth, referencing the sacred rights to human conception and the purpose of development and life. In the Ten Commandments, the tenet that one should not kill has numerous interpretations where killing could mean murder or shedding of the sanctity of life, demonstrating the high value of human personhood. In other books, the theological conception of when life begins is interpreted as in utero,[59] highlighting the inviolability of life and its formation in vivo to make a religious point for accepting such research as relatively limited, if at all.[60] The Vatican has released ethical directives to help apply a theological basis to modern-day conflicts. The Magisterium of the Church states that “unless there is a moral certainty of not causing harm,” experimentation on fetuses, fertilized cells, stem cells, or embryos constitutes a crime.[61] Such procedures would not respect the human person who exists at these stages, according to Catholicism. Damages to the embryo are considered gravely immoral and illicit.[62] Although the Catholic Church officially opposes abortion, surveys demonstrate that many Catholic people hold pro-choice views, whether due to the context of conception, stage of pregnancy, threat to the mother’s life, or for other reasons, demonstrating that practicing members can also accept some but not all tenets.[63] Some major Jewish denominations, such as the Reform, Conservative, and Reconstructionist movements, are open to supporting ESC use or research as long as it is for saving a life.[64] Within Judaism, the Talmud, or study, gives personhood to the child at birth and emphasizes that life does not begin at conception:[65] “If she is found pregnant, until the fortieth day it is mere fluid,”[66] Whereas most religions prioritize the status of human embryos, the Halakah (Jewish religious law) states that to save one life, most other religious laws can be ignored because it is in pursuit of preservation.[67] Stem cell research is accepted due to application of these religious laws. We recognize that all religions contain subsets and sects. The variety of environmental and cultural differences within religious groups requires further analysis to respect the flexibility of religious thoughts and practices. We make no presumptions that all cultures require notions of autonomy or morality as under the common morality theory, which asserts a set of universal moral norms that all individuals share provides moral reasoning and guides ethical decisions.[68] We only wish to show that the interaction with morality varies between cultures and countries. III. A Flexible Ethical Approach The plurality of different moral approaches described above demonstrates that there can be no universally acceptable uniform law for ESC on a global scale. Instead of developing one standard, flexible ethical applications must be continued. We recommend local guidelines that incorporate important cultural and ethical priorities. While the Declaration of Helsinki is more relevant to people in clinical trials receiving ESC products, in keeping with the tradition of protections for research subjects, consent of the donor is an ethical requirement for ESC donation in many jurisdictions including the US, Canada, and Europe.[69] The Declaration of Helsinki provides a reference point for regulatory standards and could potentially be used as a universal baseline for obtaining consent prior to gamete or embryo donation. For instance, in Columbia University’s egg donor program for stem cell research, donors followed standard screening protocols and “underwent counseling sessions that included information as to the purpose of oocyte donation for research, what the oocytes would be used for, the risks and benefits of donation, and process of oocyte stimulation” to ensure transparency for consent.[70] The program helped advance stem cell research and provided clear and safe research methods with paid participants. Though paid participation or covering costs of incidental expenses may not be socially acceptable in every culture or context,[71] and creating embryos for ESC research is illegal in many jurisdictions, Columbia’s program was effective because of the clear and honest communications with donors, IRBs, and related stakeholders. This example demonstrates that cultural acceptance of scientific research and of the idea that an egg or embryo does not have personhood is likely behind societal acceptance of donating eggs for ESC research. As noted, many countries do not permit the creation of embryos for research. Proper communication and education regarding the process and purpose of stem cell research may bolster comprehension and garner more acceptance. “Given the sensitive subject material, a complete consent process can support voluntary participation through trust, understanding, and ethical norms from the cultures and morals participants value. This can be hard for researchers entering countries of different socioeconomic stability, with different languages and different societal values.[72] An adequate moral foundation in medical ethics is derived from the cultural and religious basis that informs knowledge and actions.[73] Understanding local cultural and religious values and their impact on research could help researchers develop humility and promote inclusion. IV. Concerns Some may argue that if researchers all adhere to one ethics standard, protection will be satisfied across all borders, and the global public will trust researchers. However, defining what needs to be protected and how to define such research standards is very specific to the people to which standards are applied. We suggest that applying one uniform guide cannot accurately protect each individual because we all possess our own perceptions and interpretations of social values.[74] Therefore, the issue of not adjusting to the moral pluralism between peoples in applying one standard of ethics can be resolved by building out ethics models that can be adapted to different cultures and religions. Other concerns include medical tourism, which may promote health inequities.[75] Some countries may develop and approve products derived from ESC research before others, compromising research ethics or drug approval processes. There are also concerns about the sale of unauthorized stem cell treatments, for example, those without FDA approval in the United States. Countries with robust research infrastructures may be tempted to attract medical tourists, and some customers will have false hopes based on aggressive publicity of unproven treatments.[76] For example, in China, stem cell clinics can market to foreign clients who are not protected under the regulatory regimes. Companies employ a marketing strategy of “ethically friendly” therapies. Specifically, in the case of Beike, China’s leading stem cell tourism company and sprouting network, ethical oversight of administrators or health bureaus at one site has “the unintended consequence of shifting questionable activities to another node in Beike's diffuse network.”[77] In contrast, Jordan is aware of stem cell research’s potential abuse and its own status as a “health-care hub.” Jordan’s expanded regulations include preserving the interests of individuals in clinical trials and banning private companies from ESC research to preserve transparency and the integrity of research practices.[78] The social priorities of the community are also a concern. The ISSCR explicitly states that guidelines “should be periodically revised to accommodate scientific advances, new challenges, and evolving social priorities.”[79] The adaptable ethics model extends this consideration further by addressing whether research is warranted given the varying degrees of socioeconomic conditions, political stability, and healthcare accessibilities and limitations. An ethical approach would require discussion about resource allocation and appropriate distribution of funds.[80] CONCLUSION While some religions emphasize the sanctity of life from conception, which may lead to public opposition to ESC research, others encourage ESC research due to its potential for healing and alleviating human pain. Many countries have special regulations that balance local views on embryonic personhood, the benefits of research as individual or societal goods, and the protection of human research subjects. To foster understanding and constructive dialogue, global policy frameworks should prioritize the protection of universal human rights, transparency, and informed consent. In addition to these foundational global policies, we recommend tailoring local guidelines to reflect the diverse cultural and religious perspectives of the populations they govern. Ethics models should be adapted to local populations to effectively establish research protections, growth, and possibilities of stem cell research. For example, in countries with strong beliefs in the moral sanctity of embryos or heavy religious restrictions, an adaptive model can allow for discussion instead of immediate rejection. In countries with limited individual rights and voice in science policy, an adaptive model ensures cultural, moral, and religious views are taken into consideration, thereby building social inclusion. While this ethical consideration by the government may not give a complete voice to every individual, it will help balance policies and maintain the diverse perspectives of those it affects. Embracing an adaptive ethics model of ESC research promotes open-minded dialogue and respect for the importance of human belief and tradition. By actively engaging with cultural and religious values, researchers can better handle disagreements and promote ethical research practices that benefit each society. This brief exploration of the religious and cultural differences that impact ESC research reveals the nuances of relative ethics and highlights a need for local policymakers to apply a more intense adaptive model. - [1] Poliwoda, S., Noor, N., Downs, E., Schaaf, A., Cantwell, A., Ganti, L., Kaye, A. D., Mosel, L. I., Carroll, C. B., Viswanath, O., &amp; Urits, I. (2022). Stem cells: a comprehensive review of origins and emerging clinical roles in medical practice. Orthopedic reviews, 14(3), 37498. https://doi.org/10.52965/001c.37498 [2] Poliwoda, S., Noor, N., Downs, E., Schaaf, A., Cantwell, A., Ganti, L., Kaye, A. D., Mosel, L. I., Carroll, C. B., Viswanath, O., &amp; Urits, I. (2022). Stem cells: a comprehensive review of origins and emerging clinical roles in medical practice. Orthopedic reviews, 14(3), 37498. https://doi.org/10.52965/001c.37498 [3] International Society for Stem Cell Research. (2023). Laboratory-based human embryonic stem cell research, embryo research, and related research activities. International Society for Stem Cell Research. https://www.isscr.org/guidelines/blog-post-title-one-ed2td-6fcdk; Kimmelman, J., Hyun, I., Benvenisty, N. et al. Policy: Global standards for stem-cell research. Nature 533, 311–313 (2016). https://doi.org/10.1038/533311a [4] International Society for Stem Cell Research. (2023). Laboratory-based human embryonic stem cell research, embryo research, and related research activities. International Society for Stem Cell Research. https://www.isscr.org/guidelines/blog-post-title-one-ed2td-6fcdk [5] Concerning the moral philosophies of stem cell research, our paper does not posit a personal moral stance nor delve into the “when” of human life begins. To read further about the philosophical debate, consider the following sources: Sandel M. J. (2004). Embryo ethics--the moral logic of stem-cell research. The New England journal of medicine, 351(3), 207–209. https://doi.org/10.1056/NEJMp048145; George, R. P., &amp; Lee, P. (2020, September 26). Acorns and Embryos. The New Atlantis. https://www.thenewatlantis.com/publications/acorns-and-embryos; Sagan, A., &amp; Singer, P. (2007). The moral status of stem cells. Metaphilosophy, 38(2/3), 264–284. http://www.jstor.org/stable/24439776; McHugh P. R. (2004). Zygote and "clonote"--the ethical use of embryonic stem cells. The New England journal of medicine, 351(3), 209–211. https://doi.org/10.1056/NEJMp048147; Kurjak, A., &amp; Tripalo, A. (2004). The facts and doubts about beginning of the human life and personality. Bosnian journal of basic medical sciences, 4(1), 5–14. https://doi.org/10.17305/bjbms.2004.3453 [6] Vazin, T., &amp; Freed, W. J. (2010). Human embryonic stem cells: derivation, culture, and differentiation: a review. Restorative neurology and neuroscience, 28(4), 589–603. https://doi.org/10.3233/RNN-2010-0543 [7] Socially, at its core, the Western approach to ethics is widely principle-based, autonomy being one of the key factors to ensure a fundamental respect for persons within research. For information regarding autonomy in research, see: Department of Health, Education, and Welfare, &amp; National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research (1978). The Belmont Report. Ethical principles and guidelines for the protection of human subjects of research.; For a more in-depth review of autonomy within the US, see: Beauchamp, T. L., &amp; Childress, J. F. (1994). Principles of Biomedical Ethics. Oxford University Press. [8] Sherley v. Sebelius, 644 F.3d 388 (D.C. Cir. 2011), citing 45 C.F.R. 46.204(b) and [42 U.S.C. § 289g(b)]. https://www.cadc.uscourts.gov/internet/opinions.nsf/6c690438a9b43dd685257a64004ebf99/$file/11-5241-1391178.pdf [9] Stem Cell Research Enhancement Act of 2005, H. R. 810, 109th Cong. (2001). https://www.govtrack.us/congress/bills/109/hr810/text; Bush, G. W. (2006, July 19). Message to the House of Representatives. National Archives and Records Administration. https://georgewbush-whitehouse.archives.gov/news/releases/2006/07/20060719-5.html [10] National Archives and Records Administration. (2009, March 9). Executive order 13505 -- removing barriers to responsible scientific research involving human stem cells. National Archives and Records Administration. https://obamawhitehouse.archives.gov/the-press-office/removing-barriers-responsible-scientific-research-involving-human-stem-cells [11] Hurlbut, W. B. (2006). Science, Religion, and the Politics of Stem Cells. Social Research, 73(3), 819–834. http://www.jstor.org/stable/40971854 [12] Akpa-Inyang, Francis &amp; Chima, Sylvester. (2021). South African traditional values and beliefs regarding informed consent and limitations of the principle of respect for autonomy in African communities: a cross-cultural qualitative study. BMC Medical Ethics. 22. 10.1186/s12910-021-00678-4. [13] Source for further reading: Tangwa G. B. (2007). Moral status of embryonic stem cells: perspective of an African villager. Bioethics, 21(8), 449–457. https://doi.org/10.1111/j.1467-8519.2007.00582.x , see also Mnisi, F. M. (2020). An African analysis based on ethics of Ubuntu - are human embryonic stem cell patents morally justifiable? African Insight, 49(4). [14] Jecker, N. S., &amp; Atuire, C. (2021). Bioethics in Africa: A contextually enlightened analysis of three cases. Developing World Bioethics, 22(2), 112–122. https://doi.org/10.1111/dewb.12324 [15] Jecker, N. S., &amp; Atuire, C. (2021). Bioethics in Africa: A contextually enlightened analysis of three cases. Developing World Bioethics, 22(2), 112–122. https://doi.org/10.1111/dewb.12324 [16] Jackson, C.S., Pepper, M.S. Opportunities and barriers to establishing a cell therapy programme in South Africa. Stem Cell Res Ther 4, 54 (2013). https://doi.org/10.1186/scrt204; Pew Research Center. (2014, May 1). Public health a major priority in African nations. Pew Research Center’s Global Attitudes Project. https://www.pewresearch.org/global/2014/05/01/public-health-a-major-priority-in-african-nations/ [17] Department of Health Republic of South Africa. (2021). Health Research Priorities (revised) for South Africa 2021-2024. National Health Research Strategy. https://www.health.gov.za/wp-content/uploads/2022/05/National-Health-Research-Priorities-2021-2024.pdf [18] Oosthuizen, H. (2013). Legal and Ethical Issues in Stem Cell Research in South Africa. In: Beran, R. (eds) Legal and Forensic Medicine. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-32338-6_80, see also: Gaobotse G (2018) Stem Cell Research in Africa: Legislation and Challenges. J Regen Med 7:1. doi: 10.4172/2325-9620.1000142 [19] United States Bureau of Citizenship and Immigration Services. (1998). Tunisia: Information on the status of Christian conversions in Tunisia. UNHCR Web Archive. https://webarchive.archive.unhcr.org/20230522142618/https://www.refworld.org/docid/3df0be9a2.html [20] Gaobotse, G. (2018) Stem Cell Research in Africa: Legislation and Challenges. J Regen Med 7:1. doi: 10.4172/2325-9620.1000142 [21] Kooli, C. Review of assisted reproduction techniques, laws, and regulations in Muslim countries. Middle East Fertil Soc J 24, 8 (2020). https://doi.org/10.1186/s43043-019-0011-0; Gaobotse, G. (2018) Stem Cell Research in Africa: Legislation and Challenges. J Regen Med 7:1. doi: 10.4172/2325-9620.1000142 [22] Pang M. C. (1999). Protective truthfulness: the Chinese way of safeguarding patients in informed treatment decisions. Journal of medical ethics, 25(3), 247–253. https://doi.org/10.1136/jme.25.3.247 [23] Wang, L., Wang, F., &amp; Zhang, W. (2021). Bioethics in China’s biosecurity law: Forms, effects, and unsettled issues. Journal of law and the biosciences, 8(1). https://doi.org/10.1093/jlb/lsab019 https://academic.oup.com/jlb/article/8/1/lsab019/6299199 [24] Wang, Y., Xue, Y., &amp; Guo, H. D. (2022). Intervention effects of traditional Chinese medicine on stem cell therapy of myocardial infarction. Frontiers in pharmacology, 13, 1013740. https://doi.org/10.3389/fphar.2022.1013740 [25] Li, X.-T., &amp; Zhao, J. (2012). Chapter 4: An Approach to the Nature of Qi in TCM- Qi and Bioenergy. In Recent Advances in Theories and Practice of Chinese Medicine (p. 79). InTech. [26] Luo, D., Xu, Z., Wang, Z., &amp; Ran, W. (2021). China's Stem Cell Research and Knowledge Levels of Medical Practitioners and Students. Stem cells international, 2021, 6667743. https://doi.org/10.1155/2021/6667743 [27] Luo, D., Xu, Z., Wang, Z., &amp; Ran, W. (2021). China's Stem Cell Research and Knowledge Levels of Medical Practitioners and Students. Stem cells international, 2021, 6667743. https://doi.org/10.1155/2021/6667743 [28] Zhang, J. Y. (2017). Lost in translation? accountability and governance of Clinical Stem Cell Research in China. Regenerative Medicine, 12(6), 647–656. https://doi.org/10.2217/rme-2017-0035 [29] Wang, L., Wang, F., &amp; Zhang, W. (2021). Bioethics in China’s biosecurity law: Forms, effects, and unsettled issues. Journal of law and the biosciences, 8(1). https://doi.org/10.1093/jlb/lsab019 https://academic.oup.com/jlb/article/8/1/lsab019/6299199 [30] Chen, H., Wei, T., Wang, H. et al. Association of China’s two-child policy with changes in number of births and birth defects rate, 2008–2017. BMC Public Health 22, 434 (2022). https://doi.org/10.1186/s12889-022-12839-0 [31] Azuma, K. Regulatory Landscape of Regenerative Medicine in Japan. Curr Stem Cell Rep 1, 118–128 (2015). https://doi.org/10.1007/s40778-015-0012-6 [32] Harris, R. (2005, May 19). Researchers Report Advance in Stem Cell Production. NPR. https://www.npr.org/2005/05/19/4658967/researchers-report-advance-in-stem-cell-production [33] Park, S. (2012). South Korea steps up stem-cell work. Nature. https://doi.org/10.1038/nature.2012.10565 [34] Resnik, D. B., Shamoo, A. E., &amp; Krimsky, S. (2006). Fraudulent human embryonic stem cell research in South Korea: lessons learned. Accountability in research, 13(1), 101–109. https://doi.org/10.1080/08989620600634193. [35] Alahmad, G., Aljohani, S., &amp; Najjar, M. F. (2020). Ethical challenges regarding the use of stem cells: interviews with researchers from Saudi Arabia. BMC medical ethics, 21(1), 35. https://doi.org/10.1186/s12910-020-00482-6 [36]Association for the Advancement of Blood and Biotherapies. https://www.aabb.org/regulatory-and-advocacy/regulatory-affairs/regulatory-for-cellular-therapies/international-competent-authorities/saudi-arabia [37] Alahmad, G., Aljohani, S., &amp; Najjar, M. F. (2020). Ethical challenges regarding the use of stem cells: Interviews with researchers from Saudi Arabia. BMC medical ethics, 21(1), 35. https://doi.org/10.1186/s12910-020-00482-6 [38] Alahmad, G., Aljohani, S., &amp; Najjar, M. F. (2020). Ethical challenges regarding the use of stem cells: Interviews with researchers from Saudi Arabia. BMC medical ethics, 21(1), 35. https://doi.org/10.1186/s12910-020-00482-6 Culturally, autonomy practices follow a relational autonomy approach based on a paternalistic deontological health care model. The adherence to strict international research policies and religious pillars within the regulatory environment is a great foundation for research ethics. However, there is a need to develop locally targeted ethics approaches for research (as called for in Alahmad, G., Aljohani, S., &amp; Najjar, M. F. (2020). Ethical challenges regarding the use of stem cells: interviews with researchers from Saudi Arabia. BMC medical ethics, 21(1), 35. https://doi.org/10.1186/s12910-020-00482-6), this decision-making approach may help advise a research decision model. For more on the clinical cultural autonomy approaches, see: Alabdullah, Y. Y., Alzaid, E., Alsaad, S., Alamri, T., Alolayan, S. W., Bah, S., &amp; Aljoudi, A. S. (2022). Autonomy and paternalism in Shared decision‐making in a Saudi Arabian tertiary hospital: A cross‐sectional study. Developing World Bioethics, 23(3), 260–268. https://doi.org/10.1111/dewb.12355; Bukhari, A. A. (2017). Universal Principles of Bioethics and Patient Rights in Saudi Arabia (Doctoral dissertation, Duquesne University). https://dsc.duq.edu/etd/124; Ladha, S., Nakshawani, S. A., Alzaidy, A., &amp; Tarab, B. (2023, October 26). Islam and Bioethics: What We All Need to Know. Columbia University School of Professional Studies. https://sps.columbia.edu/events/islam-and-bioethics-what-we-all-need-know [39] Ababneh, M. A., Al-Azzam, S. I., Alzoubi, K., Rababa’h, A., &amp; Al Demour, S. (2021). Understanding and attitudes of the Jordanian public about clinical research ethics. Research Ethics, 17(2), 228-241. https://doi.org/10.1177/1747016120966779 [40] Ababneh, M. A., Al-Azzam, S. I., Alzoubi, K., Rababa’h, A., &amp; Al Demour, S. (2021). Understanding and attitudes of the Jordanian public about clinical research ethics. Research Ethics, 17(2), 228-241. https://doi.org/10.1177/1747016120966779 [41] Dajani, R. (2014). Jordan’s stem-cell law can guide the Middle East. Nature 510, 189. https://doi.org/10.1038/510189a [42] Dajani, R. (2014). Jordan’s stem-cell law can guide the Middle East. Nature 510, 189. https://doi.org/10.1038/510189a [43] The EU’s definition of autonomy relates to the capacity for creating ideas, moral insight, decisions, and actions without constraint, personal responsibility, and informed consent. However, the EU views autonomy as not completely able to protect individuals and depends on other principles, such as dignity, which “expresses the intrinsic worth and fundamental equality of all human beings.” Rendtorff, J.D., Kemp, P. (2019). Four Ethical Principles in European Bioethics and Biolaw: Autonomy, Dignity, Integrity and Vulnerability. In: Valdés, E., Lecaros, J. (eds) Biolaw and Policy in the Twenty-First Century. International Library of Ethics, Law, and the New Medicine, vol 78. Springer, Cham. https://doi.org/10.1007/978-3-030-05903-3_3 [44] Council of Europe. Convention for the protection of Human Rights and Dignity of the Human Being with regard to the Application of Biology and Medicine: Convention on Human Rights and Biomedicine (ETS No. 164) https://www.coe.int/en/web/conventions/full-list?module=treaty-detail&amp;treatynum=164 (forbidding the creation of embryos for research purposes only, and suggests embryos in vitro have protections.); Also see Drabiak-Syed B. K. (2013). New President, New Human Embryonic Stem Cell Research Policy: Comparative International Perspectives and Embryonic Stem Cell Research Laws in France. Biotechnology Law Report, 32(6), 349–356. https://doi.org/10.1089/blr.2013.9865 [45] Rendtorff, J.D., Kemp, P. (2019). Four Ethical Principles in European Bioethics and Biolaw: Autonomy, Dignity, Integrity and Vulnerability. In: Valdés, E., Lecaros, J. (eds) Biolaw and Policy in the Twenty-First Century. International Library of Ethics, Law, and the New Medicine, vol 78. Springer, Cham. https://doi.org/10.1007/978-3-030-05903-3_3 [46] Tomuschat, C., Currie, D. P., Kommers, D. P., &amp; Kerr, R. (Trans.). (1949, May 23). Basic law for the Federal Republic of Germany. https://www.btg-bestellservice.de/pdf/80201000.pdf [47] Regulation of Stem Cell Research in Germany. Eurostemcell. (2017, April 26). https://www.eurostemcell.org/regulation-stem-cell-research-germany [48] Regulation of Stem Cell Research in Finland. Eurostemcell. (2017, April 26). https://www.eurostemcell.org/regulation-stem-cell-research-finland [49] Regulation of Stem Cell Research in Spain. Eurostemcell. (2017, April 26). https://www.eurostemcell.org/regulation-stem-cell-research-spain [50] Some sources to consider regarding ethics models or regulatory oversights of other cultures not covered: Kara MA. Applicability of the principle of respect for autonomy: the perspective of Turkey. J Med Ethics. 2007 Nov;33(11):627-30. doi: 10.1136/jme.2006.017400. PMID: 17971462; PMCID: PMC2598110. Ugarte, O. N., &amp; Acioly, M. A. (2014). The principle of autonomy in Brazil: one needs to discuss it ... Revista do Colegio Brasileiro de Cirurgioes, 41(5), 374–377. https://doi.org/10.1590/0100-69912014005013 Bharadwaj, A., &amp; Glasner, P. E. (2012). Local cells, global science: The rise of embryonic stem cell research in India. Routledge. For further research on specific European countries regarding ethical and regulatory framework, we recommend this database: Regulation of Stem Cell Research in Europe. Eurostemcell. (2017, April 26). https://www.eurostemcell.org/regulation-stem-cell-research-europe [51] Klitzman, R. (2006). Complications of culture in obtaining informed consent. The American Journal of Bioethics, 6(1), 20–21. https://doi.org/10.1080/15265160500394671 see also: Ekmekci, P. E., &amp; Arda, B. (2017). Interculturalism and Informed Consent: Respecting Cultural Differences without Breaching Human Rights. Cultura (Iasi, Romania), 14(2), 159–172.; For why trust is important in research, see also: Gray, B., Hilder, J., Macdonald, L., Tester, R., Dowell, A., &amp; Stubbe, M. (2017). Are research ethics guidelines culturally competent? Research Ethics, 13(1), 23-41. https://doi.org/10.1177/1747016116650235 [52] The Qur'an (M. Khattab, Trans.). (1965). Al-Mu’minun, 23: 12-14. https://quran.com/23 [53] Lenfest, Y. (2017, December 8). Islam and the beginning of human life. Bill of Health. https://blog.petrieflom.law.harvard.edu/2017/12/08/islam-and-the-beginning-of-human-life/ [54] Aksoy, S. (2005). Making regulations and drawing up legislation in Islamic countries under conditions of uncertainty, with special reference to embryonic stem cell research. Journal of Medical Ethics, 31:399-403.; see also: Mahmoud, Azza. "Islamic Bioethics: National Regulations and Guidelines of Human Stem Cell Research in the Muslim World." Master's thesis, Chapman University, 2022. https://doi.org/10.36837/ chapman.000386 [55] Rashid, R. (2022). When does Ensoulment occur in the Human Foetus. Journal of the British Islamic Medical Association, 12(4). ISSN 2634 8071. https://www.jbima.com/wp-content/uploads/2023/01/2-Ethics-3_-Ensoulment_Rafaqat.pdf. [56] Sivaraman, M. &amp; Noor, S. (2017). Ethics of embryonic stem cell research according to Buddhist, Hindu, Catholic, and Islamic religions: perspective from Malaysia. Asian Biomedicine,8(1) 43-52. https://doi.org/10.5372/1905-7415.0801.260 [57] Jafari, M., Elahi, F., Ozyurt, S. &amp; Wrigley, T. (2007). 4. Religious Perspectives on Embryonic Stem Cell Research. In K. Monroe, R. Miller &amp; J. Tobis (Ed.), Fundamentals of the Stem Cell Debate: The Scientific, Religious, Ethical, and Political Issues (pp. 79-94). Berkeley: University of California Press. https://escholarship.org/content/qt9rj0k7s3/qt9rj0k7s3_noSplash_f9aca2e02c3777c7fb76ea768ba458f0.pdf https://doi.org/10.1525/9780520940994-005 [58] Lecso, P. A. (1991). The Bodhisattva Ideal and Organ Transplantation. Journal of Religion and Health, 30(1), 35–41. http://www.jstor.org/stable/27510629; Bodhisattva, S. (n.d.). The Key of Becoming a Bodhisattva. A Guide to the Bodhisattva Way of Life. http://www.buddhism.org/Sutras/2/BodhisattvaWay.htm [59] There is no explicit religious reference to when life begins or how to conduct research that interacts with the concept of life. However, these are relevant verses pertaining to how the fetus is viewed. ((King James Bible. (1999). Oxford University Press. (original work published 1769)) Jerimiah 1: 5 “Before I formed thee in the belly I knew thee; and before thou camest forth out of the womb I sanctified thee…” In prophet Jerimiah’s insight, God set him apart as a person known before childbirth, a theme carried within the Psalm of David. Psalm 139: 13-14 “…Thou hast covered me in my mother's womb. I will praise thee; for I am fearfully and wonderfully made…” These verses demonstrate David’s respect for God as an entity that would know of all man’s thoughts and doings even before birth. [60] It should be noted that abortion is not supported as well. [61] The Vatican. (1987, February 22). Instruction on Respect for Human Life in Its Origin and on the Dignity of Procreation Replies to Certain Questions of the Day. Congregation For the Doctrine of the Faith. https://www.vatican.va/roman_curia/congregations/cfaith/documents/rc_con_cfaith_doc_19870222_respect-for-human-life_en.html [62] The Vatican. (2000, August 25). Declaration On the Production and the Scientific and Therapeutic Use of Human Embryonic Stem Cells. Pontifical Academy for Life. https://www.vatican.va/roman_curia/pontifical_academies/acdlife/documents/rc_pa_acdlife_doc_20000824_cellule-staminali_en.html; Ohara, N. (2003). Ethical Consideration of Experimentation Using Living Human Embryos: The Catholic Church’s Position on Human Embryonic Stem Cell Research and Human Cloning. Department of Obstetrics and Gynecology. Retrieved from https://article.imrpress.com/journal/CEOG/30/2-3/pii/2003018/77-81.pdf. [63] Smith, G. A. (2022, May 23). Like Americans overall, Catholics vary in their abortion views, with regular mass attenders most opposed. Pew Research Center. https://www.pewresearch.org/short-reads/2022/05/23/like-americans-overall-catholics-vary-in-their-abortion-views-with-regular-mass-attenders-most-opposed/ [64] Rosner, F., &amp; Reichman, E. (2002). Embryonic stem cell research in Jewish law. Journal of halacha and contemporary society, (43), 49–68.; Jafari, M., Elahi, F., Ozyurt, S. &amp; Wrigley, T. (2007). 4. Religious Perspectives on Embryonic Stem Cell Research. In K. Monroe, R. Miller &amp; J. Tobis (Ed.), Fundamentals of the Stem Cell Debate: The Scientific, Religious, Ethical, and Political Issues (pp. 79-94). Berkeley: University of California Press. https://escholarship.org/content/qt9rj0k7s3/qt9rj0k7s3_noSplash_f9aca2e02c3777c7fb76ea768ba458f0.pdf https://doi.org/10.1525/9780520940994-005 [65] Schenker J. G. (2008). The beginning of human life: status of embryo. Perspectives in Halakha (Jewish Religious Law). Journal of assisted reproduction and genetics, 25(6), 271–276. https://doi.org/10.1007/s10815-008-9221-6 [66] Ruttenberg, D. (2020, May 5). The Torah of Abortion Justice (annotated source sheet). Sefaria. https://www.sefaria.org/sheets/234926.7?lang=bi&amp;with=all&amp;lang2=en [67] Jafari, M., Elahi, F., Ozyurt, S. &amp; Wrigley, T. (2007). 4. Religious Perspectives on Embryonic Stem Cell Research. In K. Monroe, R. Miller &amp; J. Tobis (Ed.), Fundamentals of the Stem Cell Debate: The Scientific, Religious, Ethical, and Political Issues (pp. 79-94). Berkeley: University of California Press. https://escholarship.org/content/qt9rj0k7s3/qt9rj0k7s3_noSplash_f9aca2e02c3777c7fb76ea768ba458f0.pdf https://doi.org/10.1525/9780520940994-005 [68] Gert, B. (2007). Common morality: Deciding what to do. Oxford Univ. Press. [69] World Medical Association (2013). World Medical Association Declaration of Helsinki: ethical principles for medical research involving human subjects. JAMA, 310(20), 2191–2194. https://doi.org/10.1001/jama.2013.281053 Declaration of Helsinki – WMA – The World Medical Association.; see also: National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research. (1979). The Belmont report: Ethical principles and guidelines for the protection of human subjects of research. U.S. Department of Health and Human Services. https://www.hhs.gov/ohrp/regulations-and-policy/belmont-report/read-the-belmont-report/index.html [70] Zakarin Safier, L., Gumer, A., Kline, M., Egli, D., &amp; Sauer, M. V. (2018). Compensating human subjects providing oocytes for stem cell research: 9-year experience and outcomes. Journal of assisted reproduction and genetics, 35(7), 1219–1225. https://doi.org/10.1007/s10815-018-1171-z https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6063839/ see also: Riordan, N. H., &amp; Paz Rodríguez, J. (2021). Addressing concerns regarding associated costs, transparency, and integrity of research in recent stem cell trial. Stem Cells Translational Medicine, 10(12), 1715–1716. https://doi.org/10.1002/sctm.21-0234 [71] Klitzman, R., &amp; Sauer, M. V. (2009). Payment of egg donors in stem cell research in the USA. Reproductive biomedicine online, 18(5), 603–608. https://doi.org/10.1016/s1472-6483(10)60002-8 [72] Krosin, M. T., Klitzman, R., Levin, B., Cheng, J., &amp; Ranney, M. L. (2006). Problems in comprehension of informed consent in rural and peri-urban Mali, West Africa. Clinical trials (London, England), 3(3), 306–313. https://doi.org/10.1191/1740774506cn150oa [73] Veatch, Robert M. Hippocratic, Religious, and Secular Medical Ethics: The Points of Conflict. Georgetown University Press, 2012. [74] Msoroka, M. S., &amp; Amundsen, D. (2018). One size fits not quite all: Universal research ethics with diversity. Research Ethics, 14(3), 1-17. https://doi.org/10.1177/1747016117739939 [75] Pirzada, N. (2022). The Expansion of Turkey’s Medical Tourism Industry. Voices in Bioethics, 8. https://doi.org/10.52214/vib.v8i.9894 [76] Stem Cell Tourism: False Hope for Real Money. Harvard Stem Cell Institute (HSCI). (2023). https://hsci.harvard.edu/stem-cell-tourism, See also: Bissassar, M. (2017). Transnational Stem Cell Tourism: An ethical analysis. Voices in Bioethics, 3. https://doi.org/10.7916/vib.v3i.6027 [77]Song, P. (2011) The proliferation of stem cell therapies in post-Mao China: problematizing ethical regulation, New Genetics and Society, 30:2, 141-153, DOI: 10.1080/14636778.2011.574375 [78] Dajani, R. (2014). Jordan’s stem-cell law can guide the Middle East. Nature 510, 189. https://doi.org/10.1038/510189a [79] International Society for Stem Cell Research. (2024). Standards in stem cell research. International Society for Stem Cell Research. https://www.isscr.org/guidelines/5-standards-in-stem-cell-research [80] Benjamin, R. (2013). People’s science bodies and rights on the Stem Cell Frontier. Stanford University Press.