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1
Samuelson, Larry, et Larry Samuelson. « Inflation, indexing and economic development ». World Development 15, no 8 (août 1987) : 1119–30. http://dx.doi.org/10.1016/0305-750x(87)90176-8.
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Hung, Fu-Sheng. « Inflation, financial development, and economic growth ». International Review of Economics & ; Finance 12, no 1 (mars 2003) : 45–67. http://dx.doi.org/10.1016/s1059-0560(02)00109-0.
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Arefiev, Serhii, Iryna Miahkykh, Samira Piletska et Iryna Sopilko. « Inflation processes as determinants of development of the economic activity subjects : economic and legal aspects ». SHS Web of Conferences 67 (2019) : 04001. http://dx.doi.org/10.1051/shsconf/20196704001.
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Today, inflation takes one of the leading places among the factors that give rise to social and economic destabilization. The purpose of the study is to determine the nature of inflation and its impact on the real sector of the economy, as well as factors that it generates in the process of distributing and redistributing financial resources and justifying measures to offset the negative effects of inflationary impact on the Ukrainian economy. The authors used the following methods of research: systematic approach, theoretical and empirical methods of scientific knowledge. The essence of inflation and its influence on the real sector of economy are investigated. The factors that generate inflation during the distribution and redistribution of financial resources are indicated: political and social factors contributing to anticipating inflationary expectations, which accumulates inflationary potential; the institutional support of economic development is to assume stabilization of inflation through the mechanism of managing the money supply; factors of inflation reflections, capable of generating further unmanaged negative behavior of economic agents, which can be disclosed through the concept of "inflation of the conflict"; inflationary expectations require the implementation of monetary policy of the state.
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Et. al., Dinh Tran Ngoc Huy ,. « Banking Sustainability for Economic Growth and Socio-Economic Development – Case in Vietnam ». Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no 2 (10 avril 2021) : 2544–53. http://dx.doi.org/10.17762/turcomat.v12i2.2208.
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In the context China-US commerce war and Covid 19 and Industry 4.0, wht happens to banking sustainability in emerging markets such as Vietnam?
By using both quantitative analysis with statistics, charts and comparison, combined with qualitative analysis with synthesis, inductive and explanatory methods, research results show us that June is the month banks experience highest or lowest values of market risks, and during pre low inflation time , more beta values (max, mean, median) are equal to 1 or lower than 1. Whereas during post low inflation stage, several more beta values (max, mean, median) higher than 1.
Then, Main findings could be used for socio-economic policy implications in Vietnam. And research model can be applied for other countries, esp. Emerging markets
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ISHIHARA, Kyōichi. « INFLATION AND ECONOMIC REFORM IN CHINA ». Developing Economies 28, no 2 (juin 1990) : 180–201. http://dx.doi.org/10.1111/j.1746-1049.1990.tb00180.x.
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Mau, V. A., S. G. Sinel'nikov et G. Yu Trofimov. « Economic policy alternatives and inflation in Russia ». Communist Economies and Economic Transformation 8, no 3 (septembre 1996) : 299–319. http://dx.doi.org/10.1080/14631379608427859.
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Azam, Muhammad, et Chandra Emirullah. « The role of governance in economic development ». International Journal of Social Economics 41, no 12 (25 novembre 2014) : 1265–78. http://dx.doi.org/10.1108/ijse-11-2013-0262.
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Purpose – The purpose of this paper is to explore the impact of corruption as an important element of weak governance, with control variables such as inflation rate, openness to trade and dependency ratio on gross domestic product (GDP) per capita income of nine selected countries in Asia and the Pacific. Design/methodology/approach – This study is based on an annual panel data covering the period from 1985 to 2012, and a simple multiple regression for empirical investigation is used. Both fixed effects and random effects models were used as analytical techniques. Findings – The study reveals that both corruption and inflation rate are negatively related to GDP per capita and are statistically significant. As to the impacts of the control variables i.e., dependency ratio is found to be negative and openness to trade to be statistically significant which shows a positive impact on GDP per capita. Practical implications – The results resoundingly confirmed the importance of good governance, therefore, reducing endemic corruption and controlling inflation needs to be among the foremost factors for consideration for policymakers in adopting and implementing macroeconomic and public policies. In order to be most effective in tackling corruption, it is important to get to the root of the problem. In light of the study findings, it is suggested that corruption need to be put under control and economies be made more open to attain more benefits and accelerate economic growth and development. Originality/value – Explicitly, this study provides some valuable evidence on the linkage between endemic corruption and economic growth in some Asia and the Pacific countries in particular and on developing world in general. Presumably, this is the first inclusive investigation on the subject under the study in the context of Asia and the Pacific countries and will emphatically contribute to the literature as well.
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Duskobilov, Umidjon. « Impact of Economic Regulation through Monetary Policy : Impact Analysis of Monetary Policy Tools on Economic Stability in Uzbekistan ». INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 3, no 1 (2017) : 65–69. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.35.2005.
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Monetary policy is an integral part of economic development strategy in any economy due to its significant impact on economic sustainability. It has been an effective tool for regulating the economy through several tools. Nowadays the use of monetary policy tools to manage economic growth processes is a common practice in all market economies by balancing money supply and demand in domestic markets, increasing the benefits from foreign trade by exchange rate and overall financial flows by monitoring inflation rate trends. However, most effective tools are refinancing rate, mandatory reserve requirements and sterilization operations, which have direct linkages to financial flows, money supply, inflation, and exchange rate. In this paper, the author examined the impact of monetary policy tools on economic regulation in Uzbekistan by analyzing the relationship between monetary policy tools and economic growth. Empiric analysis revealed that monetary policy tools influenced positively on economic growth with a long-term relationship.
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Matte, Rogers. « Inflation Thresholds, Economic Growth and Investment Planning In Uganda ». Economics, Law and Policy 2, no 1 (3 janvier 2019) : 55. http://dx.doi.org/10.22158/elp.v2n1p55.
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<p><em>Economic Planners, monetary policy custodians and civil society in Uganda often disagree on the target for inflation when their development objectives are not harmonised. When development economists argue for increased deficit spending in support of infrastructure development and capital accumulation, they are challenged in regards how much pressure the development budget should put on likely macroeconomic stability, particularly where inflation could rise above the inflation target. This paper examined the effect of inflation on economic growth in Uganda and evaluates the equilibrium rate of inflation in the country, given the macroeconomic environment.</em><em></em></p><p><em>Using the threshold model</em><em> </em><em>and data for the period 1991-2017 it is established that</em><em>:</em><em> a) below 7.3</em><em> </em><em>percent inflation level, the relationship between inflation and economic growth is positive and inflation is not harmful to growth, while at levels above 7.3 percent, inflation was detrimental to economic growth and the relationship become negative; b) at economic growth rates above 7.8 percent, inflation was an incentive for further growth, yet at economic growth rates below 7.8 percent per annum, increases in inflation served as a dis-incentive to economic growth. Therefore Uganda in the current conditions is better off maintaining inflation below 7.3 percent as long as the anticipated economic growth is 7.8 percent.</em></p>
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Pradhan, Rudra P., Mak B. Arvin, Neville R. Norman et Sahar Bahmani. « The dynamics of bond market development, stock market development and economic growth ». Journal of Economics, Finance and Administrative Science 25, no 49 (12 octobre 2019) : 119–47. http://dx.doi.org/10.1108/jefas-09-2018-0087.
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Purpose The paper investigates whether Granger causal relationships exist between bond market development, stock market development, economic growth and two other macroeconomic variables, namely, inflation rate and real interest rate. The study aims to expand the domain of economic growth by including a more in-depth analysis of the possible impact that bond market and stock market development has on economic growth than is normally found in the literature. Design/methodology/approach This paper uses a panel data set of the G-20 countries for the period 1991-2016. It uses a panel vector auto-regression model to reveal the nature of any Granger causality among the five variables. Findings The paper provides empirical insights that both bond market development and stock market development are cointegrated with economic growth, inflation rate and real interest rate. The most robust result from the panel Granger causality test is that bond market development, stock market development, inflation rate and real interest rate are demonstrable drivers of economic growth in the long run. Research limitations/implications Because of the chosen research approach, the research results may lack theoretical foundations. Therefore, perhaps the more fully grounded interactive findings of this study can inspire theorists to fill the missing gap. Practical implications This paper includes lessons for policymakers in the G-20 countries seeking to stimulate economic growth in the long run and how they need to ensure greater stability of the interest rate and inflation rate as well as fully developing their financial markets, as both bond markets and stock markets are obvious drivers of economic growth. Originality/value This paper fulfills an identified need to study causal relationships between bond market development, stock market development, economic growth and two other macroeconomic variables, i.e. inflation rate and real interest rate.
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Nurlaili, Rizqi Ulfa, et Malik Malik Cahyadin. « Economic and Non-Economic Factors Effect Per Capita Income in Indonesia ». Economics Development Analysis Journal 8, no 4 (11 février 2020) : 315–23. http://dx.doi.org/10.15294/edaj.v8i4.31105.
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Indonesia per capita income tends to increase during 2013 – 2016. It indicates that Indonesian people are able to achieve welfare improvement. This research aims to analyze the effects of inflation, Human Development Index (HDI), population, Gross Regional Domestic Product (GRDP) growth, Minimum Wage, and technology utilization on per capita income in Indonesia. It becomes a reference for local economic policies at local governments in Indonesia. The estimation model uses panel data under the Fixed Effects Model (FEM). FEM is chosen based on the Chow and Hausman test. This research uses time series from 2013 – 2016 and cross-section of 34 provinces in Indonesia. The findings show that inflation and GRDP have a significant effect on per capita income with negative direction, while HDI and minimum wage have a significant effect with positive direction, whereas population and technology utilization for workers do not have a significant effect. The coefficient of determination (Adjusted R2) is about 0.999754. It means that 99.975% of the dependent variable is explained by the variation of the independent variables. The implication of policies, namely: a) the local governments should control the inflation rate; b) the local governments should increase the domestic investment in health, education, and accessibility; and c) the local governments should promote technology utilization to the workers.
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Ahmeti, Dr Sc Skender, BSc Feste Gjonbalaj, BSc Ejona Blyta et BSc Laura Lumezi. « Corruption and Economic Development ». ILIRIA International Review 2, no 1 (30 juin 2012) : 91. http://dx.doi.org/10.21113/iir.v2i1.164.
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There is no sustainable economic development without a functioning rule of law. Besides sustainable economic policies like low interest rates, low inflation, low budget deficit, reasonable taxes and economic freedom for business development, the necessary ones for country’s economic growth are functioning of state institutions, support and development of reforms as well as successful fight against corruption.Corruption is a phenomena often encountered and spread in countries that have problems with rule of law as well as with judiciary system. Corruption manifestation is inevitable in circumstances when state institutions are weak. The phenomena is especially problematic in countries that go through transition periods since these countries are often characterized as nonefficient in fighting this phenomena1 . Countries in transition continue to have the image of countries with high level of corruption, which causes serious crisis from local opinion and continuous demand from international community due to the unsuccessful fight against this malevolence.World Bank considers corruption as the biggest obstacle in the fight for poverty eradication, since it undermines the rule of law, weakens state institutions and most of all it affects the poor. Politically, it undermines democracy and good governance, economic equal growth and development, as well as people’s trust in state institutions.Lately, several anti-corruption laws have been adopted in Kosovo, but they have not been implemented in practice and were not sufficient in fight against corruption. Kosovo’s long lasting dream of integrating in European Union, necessarily demands to built and functionalize anti-corruptive measures with priority, as a fundamental precondition for EU pre-accession process
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Byun, Hyung Yoon. « Economic development and inflation : Lessons from the Korean experience ». Journal of Asian Economics 4, no 2 (septembre 1993) : 313–31. http://dx.doi.org/10.1016/1049-0078(93)90046-f.
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Gharraie, Raha, et Zahra Khalilnejad. « Financial development and economic growth : the inflation threshold effect ». International Journal of Economic Policy in Emerging Economies 1, no 1 (2020) : 1. http://dx.doi.org/10.1504/ijepee.2020.10034477.
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Roncaglia de Carvalho, André, Rafael S. M. Ribeiro et André M. Marques. « Economic development and inflation : a theoretical and empirical analysis ». International Review of Applied Economics 32, no 4 (18 juillet 2017) : 546–65. http://dx.doi.org/10.1080/02692171.2017.1351531.
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Lorenz, Hans-Walter. « Complexity in Economic Theory and Real Economic Life ». European Review 17, no 2 (mai 2009) : 403–21. http://dx.doi.org/10.1017/s1062798709000799.
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Complex dynamic behaviour in terms of chaotic motion, catastrophic events or other seemingly irregular and unexpected features of and in theoretical economic models – aimed at describing real-world phenomena – are nowadays known as a common property of many nonlinear approaches to an understanding of the motion of actual time series, such as inflation rates, unemployment figures, and many other – mainly macroeconomic – economic variables. Since most existing models in economic dynamics are constructed in the tradition of classical mechanics, this result does not appear as a real surprise. However, the real ‘complexity challenge’ for economic theory still persists in identifying the complex structure of economic reality, which cannot be satisfactorily represented by simple deterministic laws of motion, although such ‘laws’ might possess the possibility of very complicated dynamic motion.
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Gan, Wee-Beng. « Stock Returns, Inflation, Money and Economic Activity in Malaysia ». Asian Economic Journal 6, no 1 (mars 1992) : 1–24. http://dx.doi.org/10.1111/j.1467-8381.1992.tb00078.x.
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Aulia, Rts Ivo Tri, Siti Hodijah et Etik Umiyati. « Pengaruh Inflasi Dan Pertumbuhan Ekonomi Terhadap Tingkat Pengangguran Di Indonesia Periode 2001-2017 ». e-Jurnal Ekonomi Sumberdaya dan Lingkungan 9, no 1 (31 mars 2020) : 26–34. http://dx.doi.org/10.22437/jels.v9i1.11946.
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The creation of jobs as a real impact of development policies that have been implemented in determining the success of economic development that occured in a country. The purpose of this study is to determine the effect of inflation and economic growth on the unemployment rate in Indonesia. The type of data used in this study is secondary data in the form 2001-2017 in Indonesia, with a method of multiple linear regression data analysis and analysis of development models. The results of the study with a significant level of 10% indicate that Simultaneously the variables of inflation and economic growth have a significant effect on the variable unemployment rate in Indonesia. In fact, economic growth variables have no significant effect on the unemployment rate while the inflation variable has a significant effect on the unemployment rate. R-square 0.280170, this means that the unemployment rate in the period 2001-2017 in Indonesia is influenced by inflation and economic growth while the rest is explained by other factors not discussed in this model. The results of the analysis in development show that the inflation and economic growth variables experience fluctuating developments.
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Odehnal, Jakub, Jiří Neubauer, Lukáš Dyčka et Tereza Ambler. « Development of Military Spending Determinants in Baltic Countries—Empirical Analysis ». Economies 8, no 3 (20 août 2020) : 68. http://dx.doi.org/10.3390/economies8030068.
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The article presents the use of the ARDL model to identify military expenditure determinants of the Baltic States (Lithuania, Latvia, and Estonia). Factors influencing military expenditure include the variables characterizing the economic environment of the analyzed countries (GDP per Capita, Government Deficit/Surplus, General Government Gross Debt, Inflation), and the security environment measured by Risk of Foreign Pressures, Risk of Cross-border Conflict, and Democratic Accountability. General conclusions about the analysis of relationships between the military expenditure level and selected economics and security determinants were confirmed in the cases of Government Deficit/Surplus, GDP per Capita and Inflation. The results, therefore, indicate that the military expenditure of Estonia and Lithuania depended on the state budget deficit where military expenditure tended to go down in relation to an increasing deficit within the assessed period. As far as Estonia is concerned, the findings about relationship between the economic position and military expenditure was validated as an increasing economic performance tended to increase military expenditure.
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Sumithra, R. « Monetary Policy Goals for Economic Stability in India ». Shanlax International Journal of Economics 8, no 2 (1 mars 2020) : 5–11. http://dx.doi.org/10.34293/economics.v8i2.2155.
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This paper focused on the goals of monetary policy on how to take action to reduce the inflation rate and achieve economic stability in India. The monetary policy the arm of public policy the usual goals of monetary policy are to achieve full employment, to achieve high rate of economic growth, and to stabilize prices and wages, to maintain equilibrium the balance of payment, influencing the cost and availability of credit and increasing the repo rate by central bank and Government of India. Every country needs to achieve price stability in economic development. The inflation rate below close to 2% is low enough to allow the economy to benefit fully from price stability and avoid deflation risk and, beyond the level of inflation above 3 to 10% in any economy of the country, it’s harmful to the economy. Present India’s consumer price inflation rate was (CPI) 3.9% and the whole sale inflation rate of (WPI) 1.8% in the Financial Year of 2019. According to Econometric models estimated in 2020, India’s inflation rate is projected around 4.5%.
In this study, we study whether inflation is an effective tool for controlling inflation and achieving economic stability in India?
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Sultan, Julius Jhonny Sarungu, Albertus Maqnus Soesilo et Siti Aisyah Tri Rahayu. « Oil price and Indonesian economic growth ». Problems and Perspectives in Management 17, no 1 (5 mars 2019) : 152–62. http://dx.doi.org/10.21511/ppm.17(1).2019.14.
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Oil prices and economic growth are important indicators to see the success of Indonesia’s development performance. The use of oil as the world’s main energy source in general and Indonesia in particular is driven by industrialization. The more industries, the greater the energy resources needed. In the same context, economic growth will also increase oil demand. The purpose of this study is to examine and create empirical evidence of the relationship between world oil prices and economic growth towards domestic oil prices. Furthermore, to test and create empirical evidence on the relationship of domestic oil prices, agriculture, trade, investment, inflation, interest rates, industry, labor, exchange rates and balance of payments to economic growth. The expected output of this research will be to provide information on the policy of the transmission mechanism of oil prices and economic growth in Indonesia. The method used is descriptive and econometric approach to the analysis of simultaneous equation models with two stages of the least squares method. The results of the study indicate that there is a simultaneous relationship between oil prices and economic growth. Economic growth, world oil prices and domestic oil prices a year ago had a positive effect on domestic oil prices. The second result shows that domestic oil, agriculture, investment, interest rates, industry, exchange rates, balance of payments and economic growth in the previous year have a positive effect on economic growth, while trade, inflation and labor have a negative influence on economic growth.
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Shahbaz, Muhammad, Khalil Ahmad et A. R. Chaudhary. « Economic Growth and Its Determinants in Pakistan ». Pakistan Development Review 47, no 4II (1 décembre 2008) : 471–86. http://dx.doi.org/10.30541/v47i4iipp.471-486.
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Economically developed countries have been able to reduce their poverty level, strengthen their social and political institutions, improve their quality of life, preserve natural environments and achieve political stability [Barro (1996); Easterly (1999); Dollar and Kraay (2002a); Fajnzylber, Lederman, et al. (2002)]. After the World War II, most of the countries adopted aggressive economic policies to improve the growth rate of real gross domestic product (GDP). The neoclassical growth models imply that during the evolution between steady states; technology, exogenous rate of savings, population growth and technical progress generate higher growth levels [Solow (1956)]. Endogenous growth model developed by Romer (1986) and Lucas (1988) argue that permanent increase in growth rate depends on the assumption of constant and increasing returns to capital.1 Similarly, Barro and Lee (1994) investigate the empirical association between human capital and economic growth. They seem to support endogenous growth model by Romer (1990) that highlight the role of human capital in economic activity. Fischer (1993) argues that long-term growth is negatively linked with inflation and positively correlated with better fiscal performance and factual foreign exchange markets. In the context of developing countries, investment both in capital and human capital, labour force, ability to adapt technological changes, open trade polices and low inflation are necessary for economic growth.
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Uddin, Md Nezum. « Dynamic Inflation and Economic Growth Nexus in Bangladesh ». Journal of Accounting, Business and Management (JABM) 26, no 2 (10 octobre 2019) : 35. http://dx.doi.org/10.31966/jabminternational.v26i2.411.
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This scholarly article seeks to spotlight the inextricable link between economic expansion and inflation in Bangladesh for the past three decades from 1987 to 2017. The nature of the relationship between these two macroeconomic variables is a boiling topic of research. The data on both the GDP growth and inflation rates supplied by the World Bank have been used to study the nexus. Different relevant tests (DF, ADF, PP and KPSS test) found unit root in the variables, but this problem is disappeared at the first difference. Cointegration tests display the long-run connection between the variables at the period. Max-Eigen value Statistic Trace Statistic expose there may be a second integrating vector. The vector error correction model (VECM) finds short dynamics among inflation and economic development, and the adjustment speed at 39% and 82% respectively for the variables—GDP growth rate and inflation. This empirical study has found a significant correlation between inflation and economic growth in Bangladesh during the study period
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Zuhro, Fatimatuz. « Pengembangan Ekonomi Syariah terhadap Potensi Pariwisata Besar oleh Bank Indonesia ». Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah 5, no 1 (24 août 2019) : 65–80. http://dx.doi.org/10.36908/isbank.v5i1.70.
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Management of a large tourism industry based on sharia economy is one of the breakthroughs that attracts the attention of financial institutions to promote economic growth equally. Economic resources that must be supported by financial institutions to maintain economic equality are the trade, textile, electronics, agriculture and large tourism sectors. With that, without the support of Islamic financial institutions will not be implemented stable and equitable economic growth. The purpose of this research is to support the distribution of Islamic economics to the industrial sector which can create economic growth and maintain the stability of public financial inflation. The research method used by the author uses qualitative methods or literature research studies with the Indonesian Banking system approach to solving Islamic financial problems. The results of this study indicate that the development of the sharia economy to the industry's large tourism potential can be a development in opening access to economic growth and can create an increase in sharia-based economy and can maintain national financial inflation.
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Paul, Wina, Rachmad Faudji et Hasan Bisri. « Cash Waqf Linked Sukuk Alternative Development of Sustainable Islamic Economic Development Sustainable Development Goals (SDG's) ». International Journal of Nusantara Islam 9, no 1 (13 juin 2021) : 134–48. http://dx.doi.org/10.15575/ijni.v9i1.12215.
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Economic development itself is defined as a continuous process that has the aim of increasing a country's Gross Domestic Product (GDP) and per capita income of a country's population in the long term which has an impact on various aspects, both economic, social, and science and technology. The purpose of economic development in Indonesia is not only to increase per capita income but also to accelerate economic growth. Technological advances as a result of this development will also improve the quality of human resources, improve community welfare, reduce inequality, and reduce unemployment. The government continues to face various forms of economic development problems in Indonesia, including high unemployment, rampant poverty, high population, inflation resulting in low purchasing power, low productivity resulting in low per capita income, and export commodities dominated by the primary sector. Today, the development of Islamic economics, both in academia and practice, is very important to pay attention to. This is also related to how to develop thoughts and applications of the Islamic economic system in Indonesia. Various perspectives in the field of Islamic economics associated with the Sustainable Development Goals (SDGs) themselves were created to answer the demands of world leadership in overcoming poverty, inequality and climate change in the form of real action. Establish a set of targets that can be applied universally and can be measured in balancing the three dimensions of sustainable development such as environmental, social and economic. Islamic economic objectives in several points of view are philosophical goals consisting of Al-Falah (holistic prosperity) and Maqasid al-Shariah and operational objectives consisting of increasing faith, creating maslahah, preventing concentration of wealth, and avoiding dangerous activities and even distribution. On the basis of this Islamic economic objective, the response was the issuance of a Cash Waqf Linked Sukuk as a product of the government through the Ministry of Finance to serve as an alternative to increasing Islamic-based economic development. The method used in this article is descriptive qualitative method with literature review. Through this article, we will try to discuss how this cash waqf linked sukuk can be used as an alternative for sustainable Islamic economic development. Sustainable Development Goals (SDG's).
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Martin, Vesna. « Development of Inflation Expectations in Serbia and a Comparative Analysis ». Journal of Central Banking Theory and Practice 9, no 1 (1 janvier 2020) : 61–79. http://dx.doi.org/10.2478/jcbtp-2020-0004.
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AbstractInflation expectations are very important when it comes to monetary policy and its decisions. In countries which are applying inflation targeting, inflation expectations reflect prediction of economic agents of movement of inflation rate in mid and long term. Anchored inflation expectations and their movements within target tolerance band are pointing to effectiveness of the inflation targeting strategy. Consistent with the best international practice, after introducing the inflation targeting regime in January 2009, the National Bank of Serbia began monitoring and analysing inflation expectations of economic agents (financial sector, corporate sector, trade unions, and households). The aim of this paper is to analyse inflation expectations in Serbia, but also to give a comparative analysis of inflation expectation of other countries which are using inflation targeting and floating exchange rate, as is the case of the National Bank of Serbia.
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Butuzova, A. S. « What is the impact of inflation targeting on economic development ? » Финансы и кредит 23, no 18 (15 mai 2017) : 1063–71. http://dx.doi.org/10.24891/fc.23.18.1063.
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Van Dinh, Doan. « Comparison of the impact of lending and inflation rates on economic growth in Vietnam and China ». Banks and Bank Systems 15, no 4 (23 décembre 2020) : 193–203. http://dx.doi.org/10.21511/bbs.15(4).2020.16.
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Inflation and lending rates are two important macroeconomic indicators as they affect economic growth. The correlation between the inflation rate and the lending rate in Vietnam and China is analyzed to determine whether the lending rate causes inflation or not. An ordinary least square model (OLS) and a unit root test are applied to check the correlation and cointegration related to the inflation and lending rates to avoid spurious regression. The research time series data were collected from 1996 to 2017. The correlation of Vietnam’s variables is 56%, the correlation of China’s variables is 55%, which is a close correlation. The empirical cointegration test results for Vietnam and China are suitable for two research models. The relationship between these two indicators influences each other. In the short term, inflation stimulates economic growth through loose monetary policy through the lending rate. However, in the long term, if the money supply increases continuously, inflation will slow economic growth and increase bad debt. The empirical results are to make accurate forecasts and determine monetary policy for micro-managers who set the goal of sustainable economic growth and have a strategy for economic development in the short and long term.
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COSSIGA, Giovanni Antonio. « The Instability of Economic System and the Errors in Economics ». Journal of Asian Research 3, no 2 (24 mai 2019) : p162. http://dx.doi.org/10.22158/jar.v3n2p162.
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The instability of an economic system is an almost normal condition, because it’s widespread. But it is a distortion if compared to the path of a stable economy. A stable economy follows a straight growth, with a steadily rising slope. In the world of instability, however, the economy follows a sinuous path, because the recession and the monetary signals come into play. Inflation and deflation are only the messengers of the unstable state and also signals to change course. They are ectoplasms created by the world of instability, to stimulate the return to the stable condition. A full frontal against the messengers makes no sense. Instead we need to hold the message and eliminate from the management of the economy those errors which derail from the compatible path and in parallel from the environment around us. The derailment is not definitive, because the events of the unstable sub-world show that the forces acting therein (the recession and the speculative excess) and the monetary messengers have the function of correcting the errors. The cycle of the conjuncture and, in extreme ratio, the speculative excesses are the correction tools, to bring the economic system back to the stable condition. Basically, the recession is a sequential intervention curbing the economy growth, to rebalance the systems’ potential according to the distinct but coherent course followed by our planet. The inflation is the messenger that measures the intensity of the gap between the two levels of development: the humanity and our natural environment. The deflation is instead the measure of the excesses suffered by the economy for the improvident idea to push the economy development beyond the limits imposed by compatibility. The deflation is the measure of excesses in terms of private and public indebtedness, and cheap credit. It is accompanied by a weak growth, which also requires new debt and money availability. The process, if not interrupted, starts the phase of misleading and doped speculation, which will end with a serious economic depression and new social troubles. We should not fight these instability monsters. We need to prevent them, instead. Our world seems to be running towards a new speculative fire. Trying to force the exhausted systems’ course is to light up the smoldering fire. The economy needs a period of calm to heal and reabsorb excesses. Monetary policy must raise up its guard, while fiscal policy must renounce the belief that we have the tools to tame the conjuncture cycle and to submit it to the wishes of our unscrupulousness.
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Kim Thi Tran, Oanh, Hac Dinh Le et Anh Hong Viet Nguyen. « Role of institutional quality in economic development : A case study of Asian countries ». Problems and Perspectives in Management 19, no 2 (24 juin 2021) : 357–69. http://dx.doi.org/10.21511/ppm.19(2).2021.29.
Texte intégralRésumé :
The paper investigates the impact of institutional quality on economic growth by taking 48 countries in Asia between 2005 and 2018. By using the quantile regression methods with panel data, institutional quality is found to be a key factor of economic development. However, in the lower-income Asian countries, the institution with better quality appears to promote the growth more effectively than in the higher-income ones. Moreover, the paper also finds out a nonlinear relationship between institutions and economic growth. The results show that there is an institutional threshold for economic growth to reach its highest level. If the institution indicator exceeds the threshold, it causes the reverse effect on the growth. Moreover, the economic growth of Asian countries is also affected by inflation (INF), labor force (LABO), trade openness (OPEN), and infrastructure (TELE). From that, the study suggests some policy implications for Asian countries and Vietnam, in particular, in order to improve institutions contributing to economic growth.
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Hasibuan, Lailan Syafrina, Rahma Nurjanah et Etik Umiyati. « Faktor–faktor yang mempengaruhi inflasi Provinsi-Provinsi di Sumatera ». e-Jurnal Perspektif Ekonomi dan Pembangunan Daerah 8, no 1 (4 mars 2019) : 1–14. http://dx.doi.org/10.22437/pdpd.v8i1.4899.
Texte intégralRésumé :
This study aims to: 1) analyze inflationary developments, road infrastructure, government spending, provincial minimum wage, and economic growth provincial in Sumatra; 2) analyze the influence of road infrastructure, government spending, provincial minimum wage, and economic growth provincial in Sumatra. This research uses a descriptive analysis method to determine the development of each research variable and quantitative methods using panel data regression approach random effect. Based on the descriptive analysis of inflationary development, road infrastructure stagnated, government spending, provincial minimum wage, and economic growth was increased every year. The regression of panel data with random effect approach variable of the provincial minimum wage has a positive and significant influence on the inflation of provincial in Sumatra. While road infrastructure, government spending, economic growth have no significant effect on provincial inflation in Sumatra. Keywords: Inflation, Government spending, Economic growth.
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Honningdal Grytten, Ola, et Viktoriia Koilo. « Financial instability, institutional development and economic crisis in Eastern Europe ». Investment Management and Financial Innovations 16, no 3 (6 septembre 2019) : 167–81. http://dx.doi.org/10.21511/imfi.16(3).2019.16.
Texte intégralRésumé :
This paper sheds light on the financial crisis of 2008–2010 in eleven emerging Eastern European economies (EE11): Armenia, Azerbaijan, Belarus, Bulgaria, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, Romania, Tajikistan and Ukraine. The aim is twofold. In the first place it seeks to find out if the financial instability hypothesis, as put forward by Minsky and Kindleberger, is a valid explanatory factor for the crisis. Secondly, it tries to map if general institutional frameworks of these countries were developed in order to stand against the factors leading into the financial crisis.To answer these research problems the paper maps cycles of three parameters representing the real economy, i.e. gross domestic product, manufacturing output and unemployment and four parameters representing the financial markets, i.e. money supply, credit volumes, inflation and government debt. The cycle approach is carried out with the help of a structural time series analysis to isolate cycles in time series. The paper concludes that there were substantial positive financial cycles previous to the financial crisis mirrored by similar cycles in the real economy. Similarly, the results show negative cycles in the same parameters during the years of crisis. It seems that an uncontrolled increase in money and credit caused the economy to overheat and thereafter contract into financial and real economy crises.Also, the paper compiles twelve different indices of institutional development. These are standardized and presented in an institutional development matrix, showing that the general institutional framework for the eleven economies was weak previous to and under the meltdown of the economies. The construction of an integrated institutional development index on the basis of the same twelve parameters confirms institutional shortcomings, which may have made the economies less able to guard themselves from a crisis initiated by both domestically and internationally financial instability.
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Romadhoni, Dian, Amril Amril et Emilia Emilia. « Analisis pengaruh pertumbuhan ekonomi, inflasi dan suku bunga terhadap pertumbuhan UMKM di Provinsi Jambi ». e-Journal Perdagangan Industri dan Moneter 8, no 3 (14 décembre 2020) : 127–34. http://dx.doi.org/10.22437/pim.v8i3.13743.
Texte intégralRésumé :
This study entitled the analysis of economic growth, inflation, and interest rates on the development of MSMEs in Jambi Province. To analyze Indonesia's economic growth, inflation, and interest rates on the number of MSME business units in Jambi Province in 2003 – 2018. The analytical method used in this study is a descriptive qualitative analysis and quantitative analysis. Data processing is done by using multiple linear regression. The estimation results using the statistical f test show that all variables, namely economic growth, inflation, and Indonesian interest rates, together affect the development of MSMEs in Jambi Province, with statistical t-tests showing that economic growth variables have a significant effect on MSME growth in Jambi Province, inflation has a significant impact on the growth of MSMEs in Jambi Province, and Indonesian interest rates have a substantial impact on the development of MSMEs in Jambi Province.
Keywords: Economic growth, Inflation, Interest rates, MSME growth
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WEBSTER, THOMAS J. « MALAYSIAN ECONOMIC DEVELOPMENT, LEADING INDUSTRIES AND INDUSTRIAL CLUSTERS ». Singapore Economic Review 59, no 05 (9 novembre 2014) : 1450044. http://dx.doi.org/10.1142/s0217590814500441.
Texte intégralRésumé :
This paper briefly reviews six decades of Malaysia's economic development strategy, which may be described as bounded industrial policy that favors export-led growth. The objective of the current Tenth Malaysia Plan (2011–2015) is to achieve high-income status by 2020 by promoting high-value-added production through increased investments in human capital, adopting new technologies, promoting entrepreneurship to drive innovation and creativity, and elevating domestic demand as an engine of economic growth. Principal components analysis (PCA) and medoid partitioning applied to inflation-adjusted industrial production suggests that Malaysia satisfies the necessary, although not necessarily the sufficient, conditions to achieve this goal.
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Inim, Victor, Udo Emmanuel Samuel et Abner Ishaku Prince. « Other Determinants of Inflation in Nigeria ». European Journal of Sustainable Development 9, no 2 (1 juin 2020) : 338–48. http://dx.doi.org/10.14207/ejsd.2020.v9n2p338.
Texte intégralRésumé :
Inflation is a continuous macroeconomic concern that has dominated thoughts at major economic fora due to its pervasive effect on the economy. The quantity theory of money isolates money supply as the major cause of inflation. The economic reality in Nigeria contravenes the theory. The study examines other determinants of inflation in Nigeria using the autoregressive distributed lag (ARDL) method on quarterly data from January 1999- December 2018. Findings show that poor infrastructural development, exchange rate, political instability, corruption, and double taxation significantly stimulate inflation rather than just money supply. The results show a causal relationship between other determining factors and inflation. The ARDL result shows a significant long-short run relationship. The study recommends that non-monetary factors of instigating inflation should be controlled and security expenditure should be review along with-related mechanisms to achieve low inflation at single digits at most and economic growth and development. Keywords: inflation rate, money supply, Nigeria, economic indicators, ARDL Error Correction Model
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Schorfheide, Frank. « FORECASTING ECONOMIC TIME SERIES ». Econometric Theory 16, no 3 (juin 2000) : 441–50. http://dx.doi.org/10.1017/s0266466600003066.
Texte intégralRésumé :
The prediction of future events and developments is an exciting and perhaps mysterious task, often associated with the aura of prophets and seers instead of probabilistic models and computer screens. The reality of macroeconomic forecasting, however, is quite mundane. Predictions of macroeconomic aggregates play an important role in the decision making of private enterprises, central banks, and governments. In general, forecasts become less popular if they turn out to be inaccurate ex post, and the postwar history of macroeconomic forecasting has had its share of disappointments. For instance, in the early 1980's, economists tested inflation forecasts taken over the previous 20 years and found that the forecasts were poor, partly as a result of the oil price shocks in the 1970's. A recent study (Croushore, 1998) with data up to 1996 provides a more favorable assessment of the quality of inflation forecasts.
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Putri, Riris Prantika, Heriberta Heriberta et Emilia Emilia. « Pengaruh inflasi, investasi asing langsung dan pengeluaran pemerintah terhadap pertumbuhan ekonomi Indonesia ». Jurnal Paradigma Ekonomika 13, no 2 (29 décembre 2018) : 95–104. http://dx.doi.org/10.22437/paradigma.v13i2.6625.
Texte intégralRésumé :
This study aims to analyze the development of inflation, foreign direct investment (FDI) and government expenditure to economic growth in Indonesia also to identify and analyze the effect of inflation, FDI and government expenditure to economic growth in Indonesia. The data used is secondary data in the form of time series. Based on the data obtained, the average development of economic growth in Indonesia during the period 2000-2017 was 5.29%. Based on the F test the independent variables tend to influence the dependent variable. In the t-test is known that inflation does not affect the economic growth in Indonesia, while FDI and government expenditure has a positive and significant impact on economic growth in Indonesia. The R2 value is 0,594602, amounting to 59.46% means that economic growth is affected by inflation, FDI and government expenditure, 40.54% influenced by other factors that were not included in this study
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Yetty, Chairullah Amin et Zulkifli Waibot. « Peran Konektivitas Dalam Pembangunan Ekonomi Kepulauan Provinsi Maluku Utara ». JFRES : Journal of Fiscal and Regional Economy Studies 4, no 1 (30 mars 2021) : 50–60. http://dx.doi.org/10.36883/jfres.v4i1.53.
Texte intégralRésumé :
The study emphasizes the importance of connectivity in the economic development of the islands of North Maluku province. The research method uses path analysis techniques to explain the causal relationship between connectivity variables, inflation, economic growth, and poverty. The results show a negative relationship between inflation and economic growth, a positive relationship with economic growth, a negative relationship between economic growth and poverty, and a negative relationship between connectivity and poverty. The results emphasize the importance of developing connectivity in archipelagic areas with a high level of vulnerability in their economic development.
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Anam Bibi, Syed Tahir Hussain Shah, Syed Imran Rais, Khalid Zaman, Abdul Mansoor et Shakira Ejaz. « Relationship between Monetary Policy, Domestic Prices, Financial Development and Economic Growth : Evidence from Pakistan ». Journal of Economic Info 7, no 1 (3 mai 2020) : 11–25. http://dx.doi.org/10.31580/jei.v7i1.1178.
Texte intégralRésumé :
The objective of the study is to examine the relationship between monetary policy, domestic prices, financial development and economic growth in a context of Pakistan by using a consistent time series data from 1980 to 2016. The results show that real interest rate increases exchange rate that negatively influenced on country’s economic growth, which confirmed that contractionary monetary policy is ineffective to stabilize country’s economic growth. The trade linearization policies hurt Pakistan’s economic growth, which invalidate the positive effect of globalization in developing countries. The inbound FDI has a positive impact on economic growth, whereas exchange rate and changes in price level both have a negative impact on inbound FDI in a country. The domestic saving rate substantially increases inbound FDI in a country. The positive impact of money supply on inflation confirmed the monetarist view of inflation, i.e., money supply leads to inflation. Thus, the overall conclusion confirmed the sound viability of expansionary monetary policy in a given country for sustained growth.
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Gerring, John, et Strom C. Thacker. « Do Neoliberal Economic Policies Kill or Save Lives ? » Business and Politics 10, no 3 (décembre 2008) : 1–31. http://dx.doi.org/10.2202/1469-3569.1212.
Texte intégralRésumé :
Do neoliberal economic policies help or hinder human development? Many have argued that such policies promote economic stability and growth, which may have indirect positive effects on human welfare. Others claim that neoliberal policies retard human development. We argue that neoliberal economic policies may improve the human welfare in ways that are independent of their effects on economic performance. Specifically, this paper hypothesizes that open international trade policies, low-inflation macroeconomic environments, and market-oriented property rights regimes promote human development across the world. We test this argument by examining the impact of several measures of neoliberal policies on infant mortality rates across the world between 1960 and 1999. Results suggest that openness to imports, long-term membership in the GATT and WTO, low rates of inflation, and effective contract enforcement are each associated with lower rates of infant mortality across the world, even when controlling for countries' economic performance.
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Chugunov, Igor, Mykola Pasichnyi, Valeriy Koroviy, Tetiana Kaneva et Andriy Nikitishin. « Fiscal and Monetary Policy of Economic Development ». European Journal of Sustainable Development 10, no 1 (1 février 2021) : 42. http://dx.doi.org/10.14207/ejsd.2021.v10n1p42.
Texte intégralRésumé :
Fiscal and monetary policy coordination should focus on increasing public welfare and maintaining long-term macroeconomic stability. This article aims to enhance the theoretical and methodological basis of fiscal and monetary policy formation and determine the priority areas for improving their coordination to ensure sustainable economic development. We developed an institutional approach to study the fiscal-monetary mix. It is advisable to create favorable monetary conditions for fiscal measures and form a balanced budget for monetary regulation. The authors proposed the structural-functional model that highlights both fiscal and monetary policies’ impact on aggregate demand. The results showed no positive effects of general government expenditures on the GDP per capita growth in 19 emerging economies from 1995 to 2018. The influence of public spending on economic growth depends on institutions’ quality, the composition of expenditures, and fiscal architecture. The expediency of increasing the share of productive expenditures that positively affect stimulating the economy is substantiated. In the long-run, monetary policy should ensure a comprehensive combination of inflation targeting conditions, the adaptive use of tools to achieve intermediate and final targets.
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Kandil, Magda, Muhammad Shahbaz, Mantu Kumar Mahalik et Duc Khuong Nguyen. « The drivers of economic growth in China and India : globalization or financial development ? » International Journal of Development Issues 16, no 1 (4 avril 2017) : 54–84. http://dx.doi.org/10.1108/ijdi-06-2016-0036.
Texte intégralRésumé :
Purpose Using annual data from 1970 to 2013 for China and India, this paper aims to examine the impact of globalization and financial development on economic growth by endogenizing capital and inflation and drawing comparisons between the two fastest growing emerging market economies. Design/methodology/approach In the long run, co-integration test results indicate that financial development increases economic growth in China and India. Findings The results also reveal that globalization accelerates economic growth in India but, surprisingly, impairs economic growth in China, as it increases competition for exports. The results furthermore disclose that acceleration in capitalization and inflation, as a proxy for aggregate demand, are positively linked to economic growth in China and India. Originality/value Causality test results indicate that both financial development and economic growth are interdependent. In contrast, causality runs from higher economic growth to increased globalization in India, while the results do not support long-term causality between globalization and economic growth in China.
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Khalid, Ahmed M. « Economic Growth, Inflation, and Monetary Policy in Pakistan : Preliminary Empirical Estimates ». Pakistan Development Review 44, no 4II (1 décembre 2005) : 961–74. http://dx.doi.org/10.30541/v44i4iipp.961-974.
Texte intégralRésumé :
The recent increase in financial market volatility and the increased surge within developing world to become part of the global market have posed several challenges for policy-makers in the emerging markets to decide on a policy regime— monetary or exchange rate—that suits their needs and could also provide stability to the financial system. In view of the macroeconomic characteristics of these emerging economies, the choice of an appropriate policy becomes important to achieve certain targets such as sizeable domestic and foreign investment, reduced reliance on external borrowings, fiscal discipline, etc. These would require both price and exchange rate stability and country’s ability to deal with external shocks to maintain and achieve sustainable economic growth. Pakistan is no different and until recently had a history of macroeconomic imbalances with extremely high foreign (as well as domestic) debt, high budget and current account deficits, extremely low international reserves, high inflation, high nominal interest rates and low economic growth. The average economic growth over 40 years is around 4 percent. The main focus of any policy has been to achieve a sustainable growth pattern. However, due to a number of macroeconomic imbalances such as high budget deficits, extremely high indebtedness, low savings and investment rates, lack of fiscal discipline, undeveloped financial markets, unstable exchange rates along with high population growth and huge defence expenditure made this task almost impossible. Some of these macroeconomic imbalances contributed to episodes of high inflation and unemployment that the country experienced during most of the period since independence.
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Salako, Gbadebo, Adejumo Musibau Ojo et Jaji Ayobami Francis. « Macro-Economic Disequilibrium and Educational Development in Nigeria between 1980-2017 ». International Journal of Contemporary Research and Review 10, no 08 (25 août 2019) : 20592–1600. http://dx.doi.org/10.15520/ijcrr.v10i08.730.
Texte intégralRésumé :
This study empirically investigates the effects of macroeconomic disequilibrium on educational development in Nigeria. The study employed time series data between 1980 and 2017. Autoregressive Distributed Lag method of estimation was employed. The result revealed that the variables stationarity test were mixed between the first difference I(I) and level I(0). The cointegration result shows that there exist long run relationship between the variables. The result revealed that Balance of payment, Poverty, Debt rate inflation and unemployment exhibited negative relationship with educational development. The estimation result showed that all explanatory variables account for 88% variation of educational development in Nigeria. It is therefore recommended that government should fast track policies that can stabilize inflation and exchange rate in the country. Also, Policies must be formulated to reduce poverty and unemployment.
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Rimawita, Rimawita, Siti Hodijah et Candra Mustika. « Analisis permintaan kredit pada Bank BPR Tanggo Rajo Kuala Tungkal ». e-Jurnal Perspektif Ekonomi dan Pembangunan Daerah 8, no 3 (5 septembre 2019) : 149–60. http://dx.doi.org/10.22437/pdpd.v8i3.9870.
Texte intégralRésumé :
This study aims to: 1) To analyze the development of interest rates on credit, inflation, economic growth, and demand for credit in banks at BPR Tanggo Rajo. and 2) To analyze the effect of the interest rate on credit, inflation, and economic growth on the demand for bank credit in banks at BPR Tanggo Rajo. Based on the simultaneous test results, the variables of credit interest rates, inflation, and economic growth together have a significant effect on credit demand at BPR Tanggo Rajo. Whereas in the partial only variable interest rates and economic growth have a significant and negative effect on credit demand at BPR Tanggo Rajo, while the inflation variable does not have a significant and negative effect on credit demand for BPR Tanggo Rajo. Keywords: Credit demand, Credit interest rates, Inflation, Economic growth
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Njindan Iyke, Bernard, et Nicholas M. Odhiambo. « Inflationary Thresholds, Financial Development and Economic Growth : New Evidence from Two West African Countries ». Global Economy Journal 17, no 2 (19 janvier 2017) : 20160042. http://dx.doi.org/10.1515/gej-2016-0042.
Texte intégralRésumé :
This paper examines the role of inflationary threshold effects in the finance-growth relationship for Ghana and Nigeria. Ghana and Nigeria are relatively homogenous in terms of financial development, economic growth, and inflationary history and therefore provide an acceptable choice for this empirical analysis. Due to lack of data availability, the sample spans the period 1964–2011 for Ghana and 1961–2011 for Nigeria. Using appropriately specified threshold regressions, we found inflationary thresholds in both countries during the study periods. Specifically, the inflationary threshold range for Ghana is 10.73 %–29.83 %. For Nigeria, the inflationary threshold range is 10.07 %–19.25 %. By estimating the threshold regressions, we found financial development to have positive and significant effect on economic growth during low and moderate inflationary regimes; and insignificant effect on growth during high inflationary regimes, for both countries. In particular, financial development impact greatly on growth in Ghana when the rate of inflation is below a threshold of 10.73 % but dissipates when inflation rate reaches and exceeds 29.83 %. Similarly, financial development impact greatly on growth in Nigeria when the rate of inflation is below a threshold of 10.07 % but dissipates when inflation rate reaches and exceeds 19.25 %. The results imply that policymakers in these countries should take inflation into account when devising policies to promote financial development with the aim of generating economic growth. For without low or moderate inflation rates, such policies will not achieve their intended purposes.
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Fetai, Besnik Taip. « Does financial development accelerate economic growth ? » Journal of Financial Economic Policy 10, no 3 (6 août 2018) : 426–35. http://dx.doi.org/10.1108/jfep-11-2017-0118.
Texte intégralRésumé :
Purpose This study aims to empirically explore whether there is causality and in which direction, i.e. whether financial development generates economic growth or whether financial development merely follows economic growth in transition European countries, including Russian Federation and Turkey, during 1998-2015. Design/methodology/approach The study uses different techniques such as pooled OLS, fixed and random effects and the Hausman–Taylor model with instrumental variables. Findings The regression results show a positive relationship between financial development indicators and real GDP per capita growth, thus supporting the hypothesis that finance leads economic growth. The result also shows that financial crisis has a negative effect on real GDP per capita growth. Furthermore, these findings show that government spending and inflation have a negative impact on real GDP per capita growth. The study also shows that financial development plays growth-supporting role in real GDP per capita growth in 20 European countries in transition, including Russian Federation and Turkey. Practical implications As financial development generates real GDP per capita growth, on the basis of the results of the study, a course of action that involves institutional improvement and incentivizing competition in the financial sector is recommended to the Central Banks’ policymakers in transition economies. These will in turn lead to higher real GDP per capita growth. Originality/value The study is original in nature and makes effort to promote financial development in transition European countries, including Russian Federation and Turkey. The findings of this study will be of value to Central Banks and other policymakers.
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Tripathy, Naliniprava, Maram Srikanth et Lagesh Aravalath. « Infrastructure Investment and Economic Growth : Evidence from India ». Journal of International Business and Economy 17, no 1 (1 juillet 2016) : 90–111. http://dx.doi.org/10.51240/jibe.2016.1.5.
Texte intégralRésumé :
This study examines the long-run and short-run relationship between investment in infrastructure and economic growth in the Indian economy by using Auto Regressive Distributed Lag Model, Error Correction Model, and Granger Causality Test. The study reports that there is no short-run relationship among gross domestic product, gross domestic capital formation, revenue of the governmentand exports. However, the study finds that unidirectional causality exists between employment and gross domestic product; gross domestic productandinflation. It implies that employmentlevel in organised sector and inflationinfluence the economic growth in India for a short period. The study finds that there is a long-run relation exists between economic growth, domestic investment, inflation and government revenue. Therefore, emphasis should be placed on capital formation, government income and inflation to accelerate growth and development in the Indian economy. The error correction term is indicating that long term relationship is stable and any disequilibrium created in short termwill be temporary and will correct over a period. However, it is suggested to maintain balance among inflation,gross domestic product, employment, exports, savings, investment and government revenue to keep an economy growing. These findings have important policy implications since an economy built on investment in infrastructural development.
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Abd. Majid, M. Shabri. « Re-Examining the Finance-Growth Nexus : Empirical Evidence from Indonesia ». Gadjah Mada International Journal of Business 9, no 2 (12 juin 2007) : 137. http://dx.doi.org/10.22146/gamaijb.5597.
Texte intégralRésumé :
This paper empirically examines the short- and long-run relationships between financial development and economic growth during the post-1997 financial crisis in Indonesia by employing a battery of times-series techniques, such as Autoregressive Dis-tributed Lag (ARDL) model, vector error correction model (VECM), variance decompositions (VDCs), and impulse-response functions (IRFs). Based on the ARDL (2, 0, 1, 2) model, the study finds that there exists a long-run equilibrium between economic growth and financial depth, share of investment, and inflation. In the long run, inflation is found to be the only variable which significantly (negatively) affects economic growth, implying a crucial role of maintaining a low rate of inflation in promoting the economic growth in the country. As for the dynamic causalities among the variables, the study finds the bidirectional causation between economic growth and investment, while the unidirectional causation is only found running from financial depth to investment. The finding of independence between economic growth and financial development supports the view of “the independent hypothesis” of Lucas (1988). Finally, based on VDCs and IRFs, the study documents that the variations in the economic growth respond more to shocks in the price stability (inflation), followed by investment and financial development. Our findings indicate that if policy makers want to promote growth, attention should be focused on long-run policies, i.e., maintaining the low rate of inflation.
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Ngoc Bui, Toan, et Thu-Trang Thi Doan. « The impact of stock market development on economic growth : A GMM approach ». Investment Management and Financial Innovations 18, no 3 (6 août 2021) : 74–81. http://dx.doi.org/10.21511/imfi.18(3).2021.07.
Texte intégralRésumé :
This study investigated the impact of stock market development (SMD) on economic growth (EG) among emerging markets and developing economies (EMDEs) in Asia. The data sample includes eight Asian EMDEs (China, Indonesia, India, Sri Lanka, Malaysia, the Philippines, Thailand, and Vietnam) from 2008 to 2019. These countries share several similarities, so this ensures reliability of the results. Regarding the analysis, the generalized method of moments (GMM) is used for the estimation. The results show that SMD exerts a positive impact on EG. This finding confirms the importance of SMD in improving efficient capital accumulation and allocation, and also allows investors to reduce risks and increase liquidity, which will boost EG. Further, the significant influence of domestic credit (DC), control of corruption (CC), and inflation (INF) on EG is also highlighted. These findings are valuable empirical evidence that greatly contributes to reinforcing the suitability of classical economic growth theories, especially the theory of endogenous growth. They are also essential to EMDEs in Asia. Accordingly, the EMDEs should develop effective policies to improve the stock market’s scale, which contributes substantially to the development of EG. Moreover, these economies need to pursue many appropriate policies in sync, such as stimulating SMD, improving governance effectiveness and implementing effective macroeconomic policies. Acknowledgment This study was funded by the Industrial University of Ho Chi Minh City (IUH), Vietnam (grant number: 21/1TCNH01).