Does Financial Development Promote Economic Globalization? Evidence from the Top and the Bottom Globalized Emerging Economies

Zhang, Jing; Pal, Shreya; Mahalik, Mantu Kumar; Gözgör, Giray

doi:10.1080/1540496x.2022.2135372

Cited by 8 publications

(6 citation statements)

References 38 publications

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“…Due to the industries globalization (Zhang et al, 2022), the oil price variation and the black swan event in transportation during COVID‐19 can have a major impact on the aviation industry and related economics (Lau et al, 2022; Sobieralski, 2020; Yun & Yoon, 2019). In particular, the aviation sector is among one of the industries that have been hit the hardest by the COVID‐19 pandemic with a dramatic loss in both passenger numbers and revenue.…”

Section: Empirical Example: Us Aviation Stock Marketmentioning

confidence: 99%

Multiobjective portfolio optimization: Forecasting and evaluation under investment horizon heterogeneity

Dai

Zhang

Lau

et al. 2023

Journal of Forecasting

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This study designs a methodological framework to forecasting allocation weights and evaluating multiobjective portfolios considering the investment horizon heterogeneity. The investment horizon heterogeneity may induce the terrible data loss problem under traditional asset return definition, while in the real world, there are many portfolio makers whose investment horizons are not consistent. The methodological framework has three parts. First, this paper gives a novel multitimescale analysis (MTA) tool as a computation procedure to decompose the raw return series, and the decomposed subreturn series could represent the information for a portfolio maker with specific investment horizon and has the same data length as the raw return series. Second, proposed methodological framework uses a time‐varying parameter GAS‐D‐Vine‐Copula model to construct the joint distribution of subreturn series of multiassets in a portfolio. Third, due to the stochastic dominance consistency issue, this paper applies three different utility functions as the outputs of a portfolio strategy and two cost functions as the inputs of a portfolio strategy in an efficiency evaluation model. The empirical example of US aviation stock market data from 2013 to 2021 reveals that the Mean‐Skewness‐Volatility‐HMCR‐LPM multiobjective has the greatest numbers of optimal strategy timings for portfolio makers with 2‐, 3–5‐, and 10–50‐day‐length investment horizons. The investment horizon of 1‐day length is the least efficient, and the investment horizon between 10‐ and 50‐day length is the most efficient. The proposed methodology indicates that more multiobjectives in a portfolio strategy are not necessarily better, and there is an optimal range of investment horizons for portfolio makers.

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Section: Empirical Example: Us Aviation Stock Marketmentioning

confidence: 99%

Multiobjective portfolio optimization: Forecasting and evaluation under investment horizon heterogeneity

Dai

Zhang

Lau

et al. 2023

Journal of Forecasting

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“…Thus, GG studies include financial variables in the model. Zhang et al (2023) emphasize allocating financial resources to human resources and research and development for GG in BRI countries. Authors find that green investment, credit and securities enhance China's economic growth and environmental quality.…”

Section: Macroeconomic and Financial Green Growth Studiesmentioning

confidence: 99%

“…Thus, GG studies include financial variables in the model. Zhang et al. (2023) emphasize allocating financial resources to human resources and research and development for GG in BRI countries.…”

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

“…Financial development and patent growth are moderating variables. Financial development can promote the investment climate for green transformation and economic globalization (Zhang et al, 2023;Mahalik et al, 2022;Lau et al, 2022). Innovation is an important determinant for green transformation in production, urbanization and transport activities (Chen et al, 2023a, b).…”

Section: Macroeconomic and Financial Green Growth Studiesmentioning

confidence: 99%

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Macroeconomic and financial determinants of green growth: an empirical investigation on BRICS-T countries

Arzova,

Şahin

2023

MEQ

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PurposeThe purposes of this study are to contribute to the limited green growth (GG) literature in emerging markets, to analyze GG from a financial economy perspective and to determine the contribution of financial development and innovation to GG in Brazil, Russian Federation, India, China and South Africa and Türkiye (BRICS-T). BRICS-T countries significantly impact the world population, international politics, energy resources and economy. In addition, BRICS-T countries are one of the leading countries in the world with their sustainability efforts. Investigating the GG model in these countries may contribute to structuring emerging economies around the principles of GG and advancing global green transformation efforts.Design/methodology/approachThe authors applied panel data analysis from 2001 to 2019. GG is economic growth free from environmental depletion in the model. National income, personnel expenditure and foreign direct investments are macroeconomic variables. These variables measure economic development and promote economic and social progress, which is essential for GG. Capital accumulation and innovation are essential tools in GG transformation. Therefore, financial development and patent applications represent the moderating variables. The authors estimate the fixed effect model with Parks-Kmenta robust.FindingsEmpirical results show that national income growth and foreign direct investments positively affect GG. Personnel expenditure negatively affects GG. On the contrary, financial development and patent growth have little moderating role.Originality/valueThis study contributes to the literature on creating a GG model in emerging countries. The study is original in its model and sample.

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Digitizing Prosperity: How Digital Finance Transforms Agricultural Incomes in China

Jamil,

Hamid,

Alam

et al. 2024

Asia-Pac Financ Markets

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Does Financial Development Promote Economic Globalization? Evidence from the Top and the Bottom Globalized Emerging Economies

Cited by 8 publications

References 38 publications

Multiobjective portfolio optimization: Forecasting and evaluation under investment horizon heterogeneity

Multiobjective portfolio optimization: Forecasting and evaluation under investment horizon heterogeneity

Macroeconomic and financial determinants of green growth: an empirical investigation on BRICS-T countries

Digitizing Prosperity: How Digital Finance Transforms Agricultural Incomes in China

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