Structural reforms and growth in developing countries

Aksoy, Tolga

doi:10.1080/17487870.2018.1424629

Cited by 10 publications

(5 citation statements)

References 30 publications

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“…Furthermore, borrowers may be persuaded by agency difficulties to employ bank loans to purchase risky assets during surges in lending resulting in banking crisis and recessions. Aksoy (2018) claim that trade openness in economies with agency problems and weak institutions may ignite short run crises.…”

Section: Discussionmentioning

confidence: 99%

Macroeconomic determinants of sovereign bond market development in African emerging economies

Ahwireng-Obeng

2019

IJOEM

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Purpose Despite being a viable source of funds, African sovereign bond markets are relatively underexplored. The empirical literature fails to consider the impact of exclusively macroeconomic factors and the volatile contexts in which African markets operate. The purpose of this paper is to fill the vacuum by proposing a context-sensitive theoretical framework. The study targets, specifically, macroeconomic factors and assesses the extent to which they affect bond market development. Design/methodology/approach Using panel data on sovereign bond markets from 26 African economies, the study extends previous methodologies used in similar studies by accounting for downside risk in a generalized method of moments (GMM) framework and employing tighter robustness measures. Findings This study finds that inflation, domestic debt, external debt, GDP at PPP, fiscal balance and exports are important macroeconomic drivers of sovereign bond market development in African emerging economies. Research limitations/implications While GMM estimation is beneficial in the presence of endogeneity between the dependent variables that are instrumented with lagged independent variables, it guarantees consistency but, not unbiased estimations. Practical implications Market-oriented government funding with well-defined debt management strategies must be implemented to support the development of sovereign bond markets. External debt must be set at a sustainable level, and government should be dedicated to the confirmation of this. Furthermore, inflation rates must be kept low and stable. Social implications If policymakers are to take this study seriously, bond markets may begin to be viable sources of funds for African emerging economies. Originality/value This study introduces a methodology for measuring bond market development that considers the systemic volatility in emerging markets and proposes a theoretical framework for African emerging economies. In addition, the authors identify a new macroeconomic determinant of bond market development in the region.

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Section: Discussionmentioning

confidence: 99%

Macroeconomic determinants of sovereign bond market development in African emerging economies

Ahwireng-Obeng

2019

IJOEM

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“…Meanwhile, the instability reflected in the reforms will offer a long-term positive effect. Aksoy (2018) found that structural reforms would have an impact on a country's economy in both the short and long term. Radu (2015b) shows two reasons why political instability has a negative impact on economic growth.…”

Section: Resultsmentioning

confidence: 99%

Trade Agreement and Economic Growth: Evidence in D-8 Countries

2021

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The D-8 organization was established to accelerate the economies of eight developing countries that joined the OIC, but the data showed a decline in the share of the D-8 countries towards the total GDP of developing countries. Thus, this study examines whether there are differences in economic growth between D-8 and non-D-8 countries. The tests were carried out on eight D-8 member countries and eight non-D8 countries. Using panel regression with a fixed-effect model, the study results indicate differences in economic growth between D-8 and non-D-8 member countries. These results indicate that joining D-8 made a significant contribution to its member countries. In addition, all control variables such as political stability, population, export, and human development index show a positive impact on economic growth.JEL Classification: F13, F14, F43How to Cite:Arisman., Al Arif, M. N. R., & Harahap, D. (2021). Trade Agreement and Economic Growth: Evidence in D-8 Countries. Signifikan: Jurnal Ilmu Ekonomi, 10 (2), 311-324. https://doi.org/10.15408/sjie.v10i2.21457.

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“…, p is the order of the model in the dependent variable, q is the order of the model in the explanatory variable, X i,t is the vector of explanatory variables defined in models 1-4, β is the vector of long-run coefficients, ρ and γ are the short-term coefficients of the lagged dependent and independent variables and φ represents the error-correction term that estimates the speed of adjustment of the dependent variable (this parameter captures adjustment towards long-term equilibrium; to ensure that there is a long-term equilibrium, we make the assumption that φ i < 0, so there is a cointegration between dependent and independent variables [84,85]).…”

Section: Methodsmentioning

confidence: 99%

The Impact of Environmental Policy Stringency on Renewable Energy Production in the Visegrad Group Countries

Godawska

Wyrobek

2021

Energies

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Various environmental policy instruments supporting the development of renewable energy are used on an increasing scale as part of the policy of mitigating climate change and more. In our paper, we examine the influence of environmental policy stringency on renewable energy production in the Czech Republic, Hungary, Poland and Slovakia for the period 1993–2012 after controlling for gross domestic product per capita growth, CO2 emissions per capita and income inequality. We use the Panel Pooled Mean Group Autoregressive Distributive Lag model to analyze the long-run and the short-run relationship between restrictiveness of environmental policy and renewable energy generation. The results reveal that, in the long run, a more stringent environmental policy has a positive impact both on the increase in the absolute volume of renewable energy production, as well as on the replacement of energy from fossil sources. Our main findings indicate that renewable energy production is positively influenced not only by the stringency of instruments aimed directly at the development of this energy sector, but also by the stringency of instruments with other environmental goals and by the overall level of restrictiveness of the environmental policy.

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Structural reforms and growth in developing countries

Cited by 10 publications

References 30 publications

Macroeconomic determinants of sovereign bond market development in African emerging economies

Macroeconomic determinants of sovereign bond market development in African emerging economies

Trade Agreement and Economic Growth: Evidence in D-8 Countries

The Impact of Environmental Policy Stringency on Renewable Energy Production in the Visegrad Group Countries

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