Impacts of financial openness on economic complexity: <scp>Cross‐country</scp> evidence

Yu, Yuyuan; Qayyum, Muhammad

doi:10.1002/ijfe.2491

Cited by 25 publications

(11 citation statements)

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“…However, relatively little is known about the effect of global integration on economic sophistication. For instance, Yu and Qayyum (2020) investigate the impact of financial integration on economic complexity in 120 countries over the 1996–2016 period. The findings from the generalized method of moments (GMM) suggest that international financial openness increases economic sophistication, and that this results depends on the income groups and industry.…”

Section: Literature Reviewmentioning

confidence: 99%

Investigating the effects of globalization on economic sophistication in selected African countries

Nguea

Fotio

Baida

2022

African Development Review

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This research investigates the effects of globalization on economic sophistication for 27 African countries over the 1996–2017 period by employing Driscoll and Kraay standard errors and system generalized method of moments. We find that globalization enhances economic sophistication. Accounting for the dimensions of globalization, the results show that economic, social, and political globalization matter for enhancing economic sophistication. Furthermore, the decomposition of economic and social globalization indicates that financial globalization, trade openness, and FDI enhance economic sophistication, whereas Internet usage negatively affects economic sophistication. Policies to sustain the global integration pathway can enhance the diversity and sophistication of products in African countries.

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Section: Literature Reviewmentioning

confidence: 99%

Investigating the effects of globalization on economic sophistication in selected African countries

Nguea

Fotio

Baida

2022

African Development Review

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“…Further, effective financial development is expected to have a good atmosphere and contribute to stimulating the economy. Yu and Qayyum (2021) also found stable financial development empowers to implementation of innovative and energy efficient technology that reduces the emission level. In contrast, Tamazian et al (2009) Charfeddine and Kahia (2019) and Shahbaz et al (2012) found that financial development stimulates economic development triggering more emissions and severe harm to the environment.…”

Section: Introductionmentioning

confidence: 97%

Does Environmental Degradation an Outcome of Economic Development? The Role of Financial Development and Energy Consumption

Maheswaranathan

Niranjani²,

Tharshini³

2022

Int. J. Res. Granthaalayah

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Carbon emissions from the burning of fossil fuels and greenhouse gas emissions induce global warming which is a serious and challenging environmental threat in the contemporary era. By applying time series data and analyzing through econometric techniques, such as unit root tests, bound techniques, ARDL techniques and causality techniques, this article examines the impact of economic growth, financial development, and energy consumption on CO2 emissions over the period 1990 to 2019 in Sri Lanka. According to the study’s conclusions, all variables are cointegrated in the long run. The causality analysis reveals that unidirectional causality runs from environmental degradation to financial development and environmental degradation and energy consumption, whereas bidirectional causality is found between financial development and energy consumption in the long run. Further, the findings revealed that energy consumption and financial development have a statistically significant positive impact on environmental degradation in the long run as well as the short run. Financial innovation should be stimulated throughout the country to meet requirements for long-term development. Further, the development process should be progressed through carbon trading technology, energy structure optimization, and energy consumption efficiency promotion.

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“…The results show that overall trade openness, export and import have a significantly positive impact on the number of invention patent grants. However, such econometric specifications may suffer from severe endogeneity problems, given the fact that international openness and innovation are essential determinants of each other [ 8 , 9 ].…”

Section: Introductionmentioning

confidence: 99%

Relationship between economic liberalization and intellectual property protection with regional innovation in China. A case study of Chinese provinces

Qayyum

et al. 2022

PLoS ONE

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International openness can affect regional innovation through more export opportunities, enhanced import competition and the spillover effects of foreign direct investment. Many studies have been conducted based on different countries for capturing the determinants of regional innovation, but very little literature is available with contradictory findings for the case of China. Based on 19 years’ panel data of 31 Chinese provinces, this paper analyzes the impact of international openness on regional innovation measured by the number of patent grants. The positive effects of overall trade and a higher proportion of exports and imports to GDP are significant and robust across different model specifications, indicating that an increase in international openness can promote regional innovating activities in China. The causal relationship of all the variables depicted by path analysis matches the results of the system GMM model. Higher intellectual property protection provides each region with the opportunity to obtain economic benefits from innovation and then make a higher investment in R&D activities. Besides, the lag effect of regional innovation capability can also explain a large part of local innovating activities. In our subsample regressions, the positive effect of trade openness on innovation is majorly manifested in developed areas like eastern provinces.

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Impacts of financial openness on economic complexity: Cross‐country evidence

Cited by 25 publications

References 50 publications

Investigating the effects of globalization on economic sophistication in selected African countries

Investigating the effects of globalization on economic sophistication in selected African countries

Does Environmental Degradation an Outcome of Economic Development? The Role of Financial Development and Energy Consumption

Relationship between economic liberalization and intellectual property protection with regional innovation in China. A case study of Chinese provinces

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