Does financial system development, capital formation and economic growth induces trade diversification?

Amjed, Sohail; Shah, Iqtidar Ali

doi:10.1108/jed-06-2020-0073

Cited by 11 publications

(7 citation statements)

References 52 publications

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“…When local gross fixed capital formation grows by 1%, the local economic growth increases by 0.494%. This outcome is consistent with Amjed and Shah [85], and Meyer and Sanusi [86]. Furthermore, this result shows that fixed capital formation is the most significant factor in the growth of the economy.…”

Section: Effect Of Buddhist Tourism On Local Sustainable Developmentsupporting

confidence: 90%

Does Buddhist Tourism Successfully Result in Local Sustainable Development?

Wang

2022

Sustainability

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At nine of China’s most well-known Buddhist attractions, the role of Buddhist tourism is examined in terms of two major pillars of local sustainable development, which include local economic growth and local environmental quality. Using the year and city-fixed effect models, and by employing the panel data over the period 2010–2019, we performed an empirical analysis in this investigation. The empirical results suggest that Buddhist tourism positively affects local economic growth. Specifically, a 1% increase in Buddhist tourism results in a 0.053% increase in local economic growth. On the contrary, the empirical results suggest that Buddhist tourism negatively affects local environmental quality. Concretely, a 1% increase in Buddhist tourism leads to a 0.089% decline in local environmental quality. Furthermore, using the number of Buddhist tourists that arrived to replace the total Buddhist tourism revenue to re-estimate the effects of Buddhist tourism on local sustainable development as a robustness test, the new results support the previous results. Meanwhile, other factor with significant impacts on local sustainable development have been found. To conclude, because local economic growth and local environmental conservation are mutually exclusive, which limits local sustainable development, this paper provides evidence for local policymakers to realize local sustainable development from the perspective of Buddhist tourism.

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Section: Effect Of Buddhist Tourism On Local Sustainable Developmentsupporting

confidence: 90%

Does Buddhist Tourism Successfully Result in Local Sustainable Development?

Wang

2022

Sustainability

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“…Lastly, this study contributes to work on measuring systemic risk, financial contagion and volatility spillovers (Barigozzi et al. , 2021; Amjed and Shah (2021)). These studies typically provide point estimates of systemic risk or volatility spillover measures over a wide range of time periods, which poses two issues.…”

Section: Literature Reviewmentioning

confidence: 97%

Fat tails and network interlinkages of crude oil and cryptocurrency during the COVID-19 health crisis

2022

JES

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PurposeThe authors attempt to explore fat tails and network interlinkages of oil prices and the six largest cryptocurrencies from 1st January 2018 and 1st August 2021. The authors also investigate the influences of the COVID-19 pandemic on these network interlinkages.Design/methodology/approachThe authors follow Diebold and Yilmaz (2012) to calculate the spillover index the dynamic correlation coefficient model firstly employed by Engle (2002) to study how the volatility of oil prices are transmitted to those of cryptocurrency return and liquidity and vice versa.FindingsThe results confirm the presence of time-varying interlinkages between the volatilities of the oil market and the cryptocurrency market. Notably, uncertain events like the COVID-19 health crisis significantly influence the time-varying interlinkages they augment dramatically during the COVID-19 health crisis. The turbulence of the cryptocurrency market, especially from Bitcoin and Ethereum, significantly impacts those of the oil market. The role of the oil market in transmitting the effect of respective shocks to the cryptocurrency market, on the other hand, is time-varying, which is only reported when the COVID-19 pandemic first appeared at the beginning of 2020. The turbulence of the cryptocurrency market in the system is greatly explained by themself rather than a transmission mechanism of shocks to the oil market.Practical implicationsInsightful knowledge about key antecedents of contagion among these markets also help policymakers design adequate policies to reduce these markets' vulnerabilities and minimize the spread of risk or uncertainty across these markets.Originality/valueThe most significant benefit of the approach is how simple it is to calculate net pairwise connectivity, which identifies transmission channels between these commodity and financial markets. The authors are also the first to use the quasi-maximum likelihood (QML) estimator to estimate the DCC model to measure the volatility spillover index to reflect the level of interdependence between the different markets. By using a daily and up to date database, the authors can observe the role of each market in transmitting and receiving the shocks between two different sub-periods: (1) before and (2) during the COVID-19 pandemic crisis.

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“…There is need for a shift of strategy for trade diversification in order to achieve capital formation and economic growth as an integral part of financial system development (Amjed and Shah, 2021). In addition, several efforts have been made to enhance investment in power and gas sector of the economy in the country and there is yet to achieve positive result in this regard.…”

Section: Islamic Financial Surplus For Financial Inclusion In Power A...mentioning

confidence: 99%

Islamic Financial Surplus for Energy and Gas Investment: Towards Financial Inclusion for Improving Living Condition of Needy and Poor in Nigeria

Amuda

2023

IJEEP

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Undoubtedly, Nigeria is the topmost producer of energy and gas in the entire African continent. However, there is an abject poverty in the country and the global financial crisis and weaknesses of conventional financial system in predominant Muslim countries including Nigeria have not made the experts to critically explore Islamic financial surplus for energy and gas investment in order to solve the problems of needy and poor in the country. There is need to bridge the gap of financial inclusion with specific attention on energy and gas investment with specific attention on Islamic financial surplus in order to improve the living conditions of the needy and poor in the country. It is essential to utilize financial surplus derivable from energy and gas investment for sustainable financial inclusion for enhancing living condition of the needy and poor people in the society. Shari’ah compliant investment is emphatically stressed as a central climax of this study. Qualitative research design was employed in this paper using content analysis and systematic literature review. The results of the study demonstrated that Islamic financial surplus can be instrumentally related to energy and gas investment where the surplus can be adequately used for empowerment of the needy and poor people in the society. By emphasizing on Islamic financial surplus especially in connection with energy and gas investment, it will expand the understanding about Islamic economy system for financial inclusion beyond banking sector. Thus, adequate use of Islamic financial surplus in energy and gas sector will practically reduce high rate of abject poverty among the needy and the poor in the Nigerian society by attaining economic growth. Most studies on Islamic financial surplus are emphatically on banking sector. This study expands the understanding of the Islamic financial surplus by importantly relating it to energy and gas sector.

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Does financial system development, capital formation and economic growth induces trade diversification?

Cited by 11 publications

References 52 publications

Does Buddhist Tourism Successfully Result in Local Sustainable Development?

Does Buddhist Tourism Successfully Result in Local Sustainable Development?

Fat tails and network interlinkages of crude oil and cryptocurrency during the COVID-19 health crisis

Islamic Financial Surplus for Energy and Gas Investment: Towards Financial Inclusion for Improving Living Condition of Needy and Poor in Nigeria

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