Financial development Research Papers - Academia.edu

Financial development Research Papers - Academia.edu
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Financial development
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Financial development refers to the process of improving the efficiency, accessibility, and stability of financial systems, which includes the growth of financial institutions, markets, and instruments. It aims to enhance the mobilization of savings, allocation of resources, and overall economic growth by facilitating investment and reducing transaction costs.
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About this topic
Financial development refers to the process of improving the efficiency, accessibility, and stability of financial systems, which includes the growth of financial institutions, markets, and instruments. It aims to enhance the mobilization of savings, allocation of resources, and overall economic growth by facilitating investment and reducing transaction costs.
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Impact of Financial Development on Economic Growth in Nigeria
by
Abigael Ayeni
2026
In Nigeria, financial development has been fluctuating and has not made significant impact on economic growth as a result of inadequate credit to the private sector that is supposed to improve investment in the economy. This study...
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In Nigeria, financial development has been fluctuating and has not made significant impact on economic growth as a result of inadequate credit to the private sector that is supposed to improve investment in the economy. This study therefore examines the impact of financial development on economic growth in Nigeria, covering 1986 to 2022. The autoregressive distributed lag model was employed and the long run result reveals that interest rate (INT), lagged value of broad money supply (M2(-1)) and domestic credit to private sector (DCP) have positive impacts on GDPG while broad money supply (M2) has a negative impact on GDPG. The short run estimate indicates that INT and DCP have positive impact on economic growth, while the coefficient of M2 has negative impact on economic growth in Nigeria. In conclusion, financial development can be said to contribute to economic growth. This is because, when government allocates adequate credit to private sectors, investments are made in enhancing the productivity that will encourage investments to take place. These investments will lead to employment generation, and in turn lead to output growth. In this regard, the study recommends that the Nigerian government should increase allocation of credit to the private sector in order to improve investment and ensure the autonomy of relevant monetary authorities.
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Financial Development, Shocks, and Growth Volatility
by
Debdulal Mallick
2026, Macroeconomic Dynamics
This paper uses spectral theory to develop the following two testable hypotheses in a unified framework for the predictions of business-cycle and endogenous growth models: (i) financial development affects only business-cycle volatility;...
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This paper uses spectral theory to develop the following two testable hypotheses in a unified framework for the predictions of business-cycle and endogenous growth models: (i) financial development affects only business-cycle volatility; and (ii) shocks affect both business-cycle volatility and long-run volatility of GDP growth. In other words, volatility caused by shocks is more persistent than that caused by financial underdevelopment. We decompose the business-cycle and long-run volatility by the spectral method and then test the hypotheses at the cross-country level. Empirical evidence provides support for both hypotheses. Higher private credit, a bank-based measure of financial development, dampens business-cycle volatility but not long-run volatility. Volatility of shocks, as measured by the volatility of changes in the terms of trade, magnifies both business-cycle and long-run volatility. The results are robust to accounting for endogeneity, a market-based measure of financia...
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Interaction Effects in Econometrics
by
bent sorensen
2026, Social Science Research Network
We provide practical advice for applied economists regarding robust specification and interpretation of linear regression models with interaction terms. We replicate a number of prominent published results using interaction effects and...
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We provide practical advice for applied economists regarding robust specification and interpretation of linear regression models with interaction terms. We replicate a number of prominent published results using interaction effects and examine if they are robust to reasonable specification permutations.
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Effects of economic growth volatility on long-term economic growth in the economic community of West African states: the role of financial development
by
Mahamadou DIARRA
2026, Cogent Economics & Finance
This study examines the role of financial development in shaping the relationship between macroeconomic volatility and long-term economic growth in a panel of 15 Economic Community of West African States (ECOWAS) countries over the period...
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This study examines the role of financial development in shaping the relationship between macroeconomic volatility and long-term economic growth in a panel of 15 Economic Community of West African States (ECOWAS) countries over the period 1984–2019. The empirical analysis relies on the instrumental variable mean group (IVMG) estimator, which allows for cross-country heterogeneity in long-run dynamics. The results provide robust evidence of a negative and statistically significant effect of macroeconomic volatility on long-term growth in the region. Importantly, this relationship is shown to be conditional on the level of financial development, with deeper financial systems significantly mitigating the adverse growth effects of volatility. These findings suggest that policies aimed at strengthening domestic financial systems are critical for sustaining long-term growth in an environment characterized by frequent shocks. The results remain robust across a range of sensitivity analyses, including the use of a composite indicator of financial depth as well as the substitution of real GDP growth with per capita GDP growth and the computation of volatility using five-year rolling standard deviations.
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Where finance fails: Mapping the geography of financial exclusion in Bangladesh
by
Ashikur Rahman
2026
This study maps the evolution and distribution of core banking indicators across districts and sub-districts in Bangladesh, using data from 2019 to 2024. Bangladesh's formal financial infrastructure has expanded significantly since 1971,...
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This study maps the evolution and distribution of core banking indicators across districts and sub-districts in Bangladesh, using data from 2019 to 2024. Bangladesh's formal financial infrastructure has expanded significantly since 1971, yet financial access remains highly uneven across regions. The study creates the most granular sub-district-level dataset to date, covering deposits, loans, account sizes, and net capital flows. • Findings reveal a financial system heavily concentrated in a few urban centres, with persistent structural and spatial exclusion. For instance, 1.2% of loan accounts absorb more than 75% of total lending. Moreover, Dhaka and Chittagong dominate the system, holding 65% of deposits and 78% of loans disbursed in 2024. The
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Agent banking in Bangladesh: Strong expansion, some inclusion
by
Ashikur Rahman
2026
The study builds a uniquely rich dataset covering 21,000+ agent banking outlets and upazila-level financial indicators (2008–2015), offering new insights into Bangladesh’s financial landscape. While agent banking has achieved impressive...
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The study builds a uniquely rich dataset covering 21,000+ agent banking outlets and upazila-level financial indicators (2008–2015), offering new insights into Bangladesh’s financial landscape. While agent banking has achieved impressive rural outreach, nearly two-thirds of outlets still do not provide credit - highlighting a system that remains largely deposit-driven. As expansion plateaus, the policy focus must shift from access to intermediation: enabling agent-based lending, leveraging digital data for credit scoring, and correcting gender imbalances to ensure truly inclusive finance.
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Corporate Social Responsibility, Customer Loyalty and Organizational Commitment in Banks
by
Muhammad Bello A Abubakar
2026, Nigerian Journal of Accounting and Finance
The relationship between corporate social responsibility and customer was examined under the mediating effects of organizational commitment in selected banks of Nigeria. Corporate social responsibility is subdivided into three issues,...
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The relationship between corporate social responsibility and customer was examined under the mediating effects of organizational commitment in selected banks of Nigeria. Corporate social responsibility is subdivided into three issues, namely, customer centric, philanthropic and ethical initiative. Organizational commitment in the study relates to overall commitment in CSR and all organizational objectives. Customer loyalty as the outcome variable entails customer's acceptance and patronage on the three CSR initiatives (Customer centric, philanthropic and ethical) and level of organizational commitment. Data collection was done using a survey questionnaire based on purposive sampling method involving 402 respondents. Results were analyzed using the PLS-SEM approach showing significant mediating effects of organizational commitment on all the relationships between the three CSR initiatives and customer loyalty. All direct effects showed positive relationships that are statistically significant. This study supports the findings that the level of customer loyalty depends on customer centric and philanthropic CSR initiatives more than ethical initiatives, and mediating effects seem to be stronger when customer centric CSR initiatives and philanthropy are preferred or prioritized.
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Effect of Credit Management on Non-Performing Loans among Listed Deposit Money Banks in Nigeria
by
Muhammad Bello A Abubakar
2026, International Journal of Banking and Finance Research
This study examines the effect of credit management on non-performing loans (NPLs) among 10 listed deposit money banks (DMBs) in Nigeria from 2015 to 2024. Guided by Merton's (1974) Credit Risk Theory, which explains that defaults occur...
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This study examines the effect of credit management on non-performing loans (NPLs) among 10 listed deposit money banks (DMBs) in Nigeria from 2015 to 2024. Guided by Merton's (1974) Credit Risk Theory, which explains that defaults occur when borrowers' liabilities outweigh their repayment capacity, the research focuses on four credit management variables: Average Collection Period (ACP), Average Payment Period (APP), Debtor's Turnover Ratio (DTR), and Creditor's Turnover Ratio (CTR). Specifically, the objectives were to evaluate the effects of ACP, APP, DTR, and CTR on the incidence of NPLs. Using panel data, the study adopted descriptive and inferential statistics, while Pooled Ordinary Least Squares (POLS) regression and correlation matrix analysis were employed to estimate the relationships. The results revealed that ACP has a significant negative effect on NPLs, suggesting that efficient loan collection practices reduce default risks, while APP exhibited a significant positive effect, indicating that extended repayment periods may worsen defaults. However, DTR and CTR were found to have no significant effects on NPLs, implying that other factors may exert stronger influence on loan performance. These findings underscore the critical importance of effective credit management in curbing NPLs and safeguarding financial stability in Nigeria's banking sector. The study concludes that timely loan collection and stricter repayment enforcement significantly reduce defaults. It recommends that banks strengthen their credit assessment processes, adopt robust collection policies, and regularly review repayment structures, while future research should incorporate macroeconomic and regulatory determinants of NPLs to broaden understanding of credit risk management.
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Effect of Revenue Diversification into Non Interest Income on Financial Performance of Commercial Banks in Nigeria
by
Offia Anthonia Chioma
2026, International Journal of Humanities Social Science and Management (IJHSSM)
Abstract: Diversification into noninterest income by commercial banks has been born out of the need for banks to improve their financial performance in the wake of declining revenue majorly due to dependence on interest income....
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Abstract: Diversification into noninterest income
by commercial banks has been born out of the need
for banks to improve their financial performance in
the wake of declining revenue majorly due to
dependence on interest income. Several studies have
been conducted by different scholars on the effect of
noninterest income  on  performance of banks. The
study use descriptive and inference statistics. The
findings of these studies have one line conclusions
on the subject with clear linkage between
noninterest income and bank performance. These
straight forward outcomes were the basis for this
study. Meaning the ability of banks to charge
interest income was also capped. This has forced
banks to delve further into noninterest income as a
diversification strategy to stabilize performance.
Based on the findings the study recommend that
banks should try and diversified more into non
interest income in order to fully stabilized
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ECONOMIC GROWTH -INFLATION NEXUS: THE OPTIMAL INFLATION ARGUMENT FOR GHANA
by
VICTOR OSEI
2026, Studies in Economics and International Finance
The paper examined the optimal inflation argument in the economic literature using Ghana's data to ascertain the asymmetric inflationary effects on economic activities. The threshold econometric methodology was deployed to the investigate...
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The paper examined the optimal inflation argument in the economic literature using Ghana's data to ascertain the asymmetric inflationary effects on economic activities. The threshold econometric methodology was deployed to the investigate the existence of optimal inflation in Ghana. The study found that there is a presence of optimal inflation threshold for Ghana as it was evidenced that inflation rate higher than the optimal inflation had a negative impact on economic growth while inflation below the optimal rate inflation was growth enhancing. This findings from this paper suggests that policymakers for that matter should take cognizance of this key information to inform future policy decisions and actions that affect both economic growth and inflation as unmeasured fiscal and monetary policies that affect inflation could be inimical to growth prospects in the domestic economy. The study therefore recommends that price stability should continuously be a key monetary policy target by the Central Bank of Ghana and all efforts should be geared towards its achievement as uncontrolled inflation could inhibit economic growth in the domestic economy
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When a Nudge Isn�t Enough: Defaults and Saving Among Low-Income Tax Filers
by
David Huffman
2026
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When a Nudge Isn't Enough: Defaults and Saving Among Low-Income Tax Filers
by
David Huffman
2026
We are grateful to Joyce Lacy of the Delaware County Asset Development Coalition (DelcoAD); Phyllis Mason of the Montgomery County Community Asset Development Commission (CADCOM); student tax preparers from Swarthmore College, Bryn Mawr...
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We are grateful to Joyce Lacy of the Delaware County Asset Development Coalition (DelcoAD); Phyllis Mason of the Montgomery County Community Asset Development Commission (CADCOM); student tax preparers from Swarthmore College, Bryn Mawr College, and Villanova University; and community volunteer tax preparers from Delaware and Montgomery counties. We thank Daniel Vail ('11) for excellent research assistance and seminar participants at Swarthmore College, the University of Virginia, RAND, and the 2010 APPAM research conference for helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
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Stock Market Development, Financial Deepening, and Industrial Growth in Nigeria
by
Raymond O Alenoghena
2026, Stock Market Development, Financial Deepening, and Industrial Growth in Nigeria
This study examines the roles of the stock market and financial deepening in Nigeria's industrial development, with a particular focus on their relationships with Industrial Output, Stock Market Capitalisation, and Credit to the Private...
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This study examines the roles of the stock market and financial deepening in Nigeria's industrial development, with a particular focus on their relationships with Industrial Output, Stock Market Capitalisation, and Credit to the Private Sector. Data covering 43 years (1981-2023) on annual time series used for the study were obtained from the World Bank Development Indicators (2023) and the Central Bank of Nigeria's Statistical Bulletin. The control variables adopted in the study were government expenditure, foreign direct investment, inflation and interest rate. The study used the Fully Modified Ordinary Least Squares (FMOLS) estimator to examine the long-run relationship among the variables. Empirical findings indicate that while Market Capitalisation has a negative and significant effect on industrial output, the effect of financial deepening was negative and not significant. Also, the interactive effect of stock market capitalisation and financial deepening showed a positive, though non-significant, relationship with industrial output. Overall, the industrial sector in Nigeria is not receiving the necessary support from the Nigerian capital and financial markets to drive the required expansion in activities. The study recommends, among other measures, strengthening the performance of the stock market, improving the level of financial deepening in the country and ensuring the availability of lowinterest, longer-tenured funds for industrial investments.
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NOTA TECNICA: Estimación de Series de Salarios Regionales en Chile
by
Jorge Dresdner
2026
En este artículo se presentan series corregidas de salarios mensuales con periodicidad trimestral para trece regiones en Chile en el período Diciembre 1994 - Diciembre 2004. La información se origina de la Superintendencia de...
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En este artículo se presentan series corregidas de salarios mensuales con periodicidad trimestral para trece regiones en Chile en el período Diciembre 1994 - Diciembre 2004. La información se origina de la Superintendencia de Administradoras de Fondos de Pensiones, pero ha sido corregida por sesgos de truncación y censuramiento. El análisis comparativo entre series corregidas y sin corregir indica que
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Estimación De Series De Salarios Regionales en Chile
by
Jorge Dresdner
2026, Estudios de economía
En este artículo se presentan series corregidas de salarios mensuales con periodicidad trimestral para trece regiones en Chile en el período diciembre 1994-diciembre 2004.
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Financial Liberalization and Economic Growth in Anglophone West African Countries
by
Ekekwe Mary Obiageli
2026, IJRISS
Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth...
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Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth in Anglophone West African countries from 1990 to 2022. Data were obtained from UNCTAD, the World Bank's World Development Indicators (WDI), and IMF databases. Financial liberalization indicators, including bank credit to the private sector and savings mobilization, were analyzed alongside inflation, interest rate, and financial market depth. Using unit root and cointegration tests, the study employed the Pooled Mean Group (PMG) estimator within static and dynamic panel frameworks. The results showed mixed integration orders of I(0) and I(1), while the Kao cointegration test confirmed a long-run equilibrium relationship between financial liberalization and economic growth. PMG estimates revealed that financial openness had a positive and significant effect on growth. Financial market depth had a positive but insignificant effect. Interest rate had a negative and significant impact, while savings mobilization and inflation had negative and insignificant effects on growth. The study concludes that financial openness is a key driver of economic growth in the region and recommends a coordinated policy approach to strengthen financial systems for sustained growth.
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Financial Liberalization and Economic Growth in Anglophone West African Countries
by
Ekekwe Mary Obiageli
2026, IJRISS
Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth...
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Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth in Anglophone West African countries from 1990 to 2022. Data were obtained from UNCTAD, the World Bank's World Development Indicators (WDI), and IMF databases. Financial liberalization indicators, including bank credit to the private sector and savings mobilization, were analyzed alongside inflation, interest rate, and financial market depth. Using unit root and cointegration tests, the study employed the Pooled Mean Group (PMG) estimator within static and dynamic panel frameworks. The results showed mixed integration orders of I(0) and I(1), while the Kao cointegration test confirmed a long-run equilibrium relationship between financial liberalization and economic growth. PMG estimates revealed that financial openness had a positive and significant effect on growth. Financial market depth had a positive but insignificant effect. Interest rate had a negative and significant impact, while savings mobilization and inflation had negative and insignificant effects on growth. The study concludes that financial openness is a key driver of economic growth in the region and recommends a coordinated policy approach to strengthen financial systems for sustained growth.
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Financial Liberalization and Economic Growth in Anglophone West African Countries
by
Ekekwe Mary Obiageli
2026
Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth...
more
Financial market liberalization is a key aspect of economic globalization, with capital flows from developed to developing countries expected to enhance growth. This study assessed the impact of financial liberalization on economic growth in Anglophone West African countries from 1990 to 2022. Data were obtained from UNCTAD, the World Bank's World Development Indicators (WDI), and IMF databases. Financial liberalization indicators, including bank credit to the private sector and savings mobilization, were analyzed alongside inflation, interest rate, and financial market depth. Using unit root and cointegration tests, the study employed the Pooled Mean Group (PMG) estimator within static and dynamic panel frameworks. The results showed mixed integration orders of I(0) and I(1), while the Kao cointegration test confirmed a long-run equilibrium relationship between financial liberalization and economic growth. PMG estimates revealed that financial openness had a positive and significant effect on growth. Financial market depth had a positive but insignificant effect. Interest rate had a negative and significant impact, while savings mobilization and inflation had negative and insignificant effects on growth. The study concludes that financial openness is a key driver of economic growth in the region and recommends a coordinated policy approach to strengthen financial systems for sustained growth.
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Short-Versus Long-Term Credit and Economic Performance
by
Kodzo Faustin Gbenyo
2026
This Working Paper should not be reported as representing the views of the IMF.
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¿Puede el desarrollo financiero promover el desarrollo humano? : evidencia para Venezuela¿Vuede e1 desarro11o financiero promover el desarrollo humano? : evidencia para Venezuela
by
Leonardo Vera
2026, Revista Finanzas y Política Económica
promover el desarrollo humano? Evidencia para Venezuela Este estudio presenta evidencia empírica para la economía venezolana (entre los años 1970 y 2009) de la posible relación que existe entre el desarrollo humano. Usando varias proxis...
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promover el desarrollo humano? Evidencia para Venezuela Este estudio presenta evidencia empírica para la economía venezolana (entre los años 1970 y 2009) de la posible relación que existe entre el desarrollo humano. Usando varias proxis de bancarización, el estudio encuentra resultados robustos que indican que una mayor red de servicios y cobertura de depositantes explica las mejoras reportadas en el índice de desarrollo humano (IDH). El IDH también es impactado positivamente por la evolución que ha tomado el precio real de los hidrocarburos petroleros y el gasto público por habitante. De esta manera, el análisis se aleja de la muy conocida, pero conel bienestar de la población.
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Financial Digitalization and Gross Fixed Capital Formation in Sub-Saharan Africa: A Counter-Intuitive Panel Evidence, 2010-2023
by
Aubin Siakam
2026, Article papier
This paper examines the impact of financial digitalization on gross fixed capital formation (GFCF) in a panel of 33 Sub-Saharan African countries over the period 2010-2023. Using a composite digitalization index constructed via Principal...
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This paper examines the impact of financial digitalization on gross fixed capital formation (GFCF) in a panel of 33 Sub-Saharan African countries over the period 2010-2023. Using a composite digitalization index constructed via Principal Component Analysis and several econometric methods robust to cross-sectional dependence-Fixed Effects, Driscoll-Kraay standard errors, and Panel-Corrected Standard Errors (PCSE)-we document a statistically significant negative effect of financial digitalization on GFCF, ranging from-0.38 to-0.48 percentage points of GDP per unit increase in the index. This counter-intuitive result is explained by three complementary mechanisms: (i) the current concentration of digitalization in payment and consumption-transfer services rather than long-term productive financing; (ii) high initial adoption costs consistent with Brynjolfsson, Rock and Syverson's (2019) productivity J-curve; and (iii) a substitution effect between physical and digital capital. Heterogeneity analysis reveals that the negative effect is confined to low-income countries, while high-income economies display no significant effect-a pattern consistent with weak institutional absorption capacity. These findings highlight that financial connectivity does not automatically translate into productive investment, and that macroeconomic stability, governance quality, and targeted credit-to-investment policies are conditional prerequisites for digitalization to stimulate capital accumulation in Sub-Saharan Africa.
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EFFECTS OF INTERNAL CONTROL SYSTEMS ON THE FINANCIAL PERFORMANCE OF THIRD TIER LICENCED COMMERCIAL BANKS IN KENYA
by
Wesley O Otieno
2026, European Academic Journal
The review concerned with the internal control system of third-tier banks has responsibility for all the employees who use the internal control system to search for mistakes so as to protect the asset and detect errors and fraud. The...
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The review concerned with the internal control system of third-tier banks has responsibility for all the employees who use the internal control system to search for mistakes so as to protect the asset and detect errors and fraud. The overall economic profile of the internal audit function is highly significant, especially in recent years, and some of these factors are involved, what is professional and some are academic. With the growing use of information technology, Third tier banks have worked to take advantage of data processing electrically, so that information technology has become part of the bank's environment and if any information technology continues to affect the operations of different banks and process their data, internal control systems must keep pace with these developments. Third Tier banks contain a set of policies and procedures that are designed to provide management with adequate assurance of the goals to envisage essentials for the bank system. The internal control is carried out by management to determine the efficiency of the internal control, and to determine the possibility of modifying it. The results of the regression model show that there is a positive relationship between internal controls and the financial performance of tier three commercial banks. Holding other factors constant, financial performance is measured by the efficiency and effective implementation of internal controls. The study recommended that: Control environment has a positive significant relationship with financial performance and the tier three commercial banks should therefore ensure a suitable environment to secure their operational activities.
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Effect of Equity Liberalization on Financial Development in Kenya
by
Wesley O Otieno
2026, IOSR Journal of Business and Management
Financial liberalization has been part of financial reform packages in many countries as stabilization for financial development tools of respective economies. One of these countries is Kenya which has been undergoing various financial...
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Financial liberalization has been part of financial reform packages in many countries as stabilization for financial development tools of respective economies. One of these countries is Kenya which has been undergoing various financial sector reforms since 1980 to improve economy mainly on the ease of equity market. This research was conducted to establish the effect of equity market liberalization on financial development in Kenya in relation to various financial liberalization effects and measures adopted from 1985 to 2018. The principal component analysis method was used in the calculation of the index required data for all the years since the liberalization process started in Kenya to calculate the financial liberalization index required for the study period. The research first identified events dates of major policy changes or reforms and their effect on financial development and population of study were from various financial sector institutions operating in Kenya. The Secondary data was sourced from Central Bank of Kenya reports and statistical bulletins. The findings revealed that equity market liberalization is beneficial to the financial development in Kenya. When moderated with business risk, business risk does not moderate the relationship between equity market liberalization and financial development. The study recommended that, in a bid to promote capital inflows and enhance better risksharing, there is a need to reform financial rules, it is essential for equity market liberalization to be embedded within a sound institutional framework to enhance financial development.
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Effect of Capital Account Liberalization on Financial Development in Kenya
by
Wesley O Otieno
2026, IOSR Journal of Business and Management
Financial liberalization has been part of financial reform packages in many countries as stabilization for financial development tools of respective economies. One of these countries is Kenya which has been undergoing various financial...
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Financial liberalization has been part of financial reform packages in many countries as stabilization for financial development tools of respective economies. One of these countries is Kenya which has been undergoing various financial sector reforms since 1980 to improve economy mainly on the ease of financial sector, equity market and capital account. This research was conducted to establish the effect of financial sector liberalization on financial development in Kenya in relation to various financial liberalization effects and measures adopted from 1985 to 2018. The principal component analysis method was used in the calculation of the index required data for all the years since the liberalization process started in Kenya to calculate the financial liberalization index required for the study period. The research first identified events dates of major policy changes or reforms and their effect on financial development and population of study were from various financial sector institutions operating in Kenya. The Secondary data was sourced from Central Bank of Kenya reports and statistical bulletins. The findings revealed that, capital account liberalization facilitated financial development. The study recommended that, in a bid to promote capital inflows and enhance better risk-sharing, there is a need to reform financial rules, strengthen the banks and promote the business sector.
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Inflation and Macroeconomic Stability in Bangladesh: Effects on Growth, Investment, Remittances and Finance
by
Mir Safoan Arni
2026
The purpose of this study is to analyze the effects of inflation on macroeconomic stability in Bangladesh, specifically investigating how inflation affects GDP growth through key economic variables including Gross Capital Formation (GCF),...
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The purpose of this study is to analyze the effects of inflation on macroeconomic stability in Bangladesh, specifically investigating how inflation affects GDP growth through key economic variables including Gross Capital Formation (GCF), Broad Money Supply (BM), Foreign Direct Investment (FDI), Personal remittance inflow (PR), and Financial Assets (FA). The data range for my research is from 1976 to 2023, utilizing the Autoregressive Distributed Lag model. By using Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests the stationarity of the variables was assessed. The ARDL Long Run form and Bounds test analyse the correlation between inflation and several macroeconomic variables, confirming a long-term Original Research Article
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The Effects of Changes in Foreign Exchange Rates under IAS 21 An Empirical Analysis of Exchange Rate Volatility, Trade Balance, and Debt Sustainability in Tanzania
by
Amos Kupaza
2026
This study examines the effects of foreign exchange rate fluctuations on financial reporting, trade balance, and debt sustainability in Tanzania under the framework of International Accounting Standard 21 (IAS 21). Using secondary data...
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This study examines the effects of foreign exchange rate fluctuations on financial reporting, trade balance, and debt sustainability in Tanzania under the framework of International Accounting Standard 21 (IAS 21). Using secondary data from the Bank of Tanzania, academic studies, and international databases for the period 2015–2025, I analyse exchange rate volatility, its impact on export performance, and its implications for foreign currency denominated debt. The results show that the Tanzanian shilling experienced significant depreciation in 2024 (10.1%) followed by appreciation in 2025 (9.4%), with volatility negatively correlated with GDP (−0.483) and positively correlated with trade balance (0.902). The J curve effect is confirmed: depreciation initially worsens the trade balance before improving after three quarters. With 66% of external debt denominated in US dollars, exchange rate movements directly affect debt sustainability and the translation of foreign currency items in financial statements. The study recommends enhanced disclosure of foreign exchange risk under IAS 21, prudent debt management, and continued BoT intervention to stabilise the shilling.
Keywords: IAS 21, foreign exchange rate, exchange rate volatility, trade balance, debt sustainability, Tanzania, J curve
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The Role of Export and Foreign Direct Investment in the Economic Growth of Bangladesh: A Time Series Analysis
by
Al Mamun
2026, CPER Working Paper Series No. 08
Purpose - This study examines the long-run and short-run relationships among foreign direct investment (FDI), exports, and economic growth in Bangladesh. It also considers the role of structural changes and external shocks—such as the...
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Purpose - This study examines the long-run and short-run relationships among foreign direct investment (FDI), exports, and economic growth in Bangladesh. It also considers the role of structural changes and external shocks—such as the COVID-19 pandemic and the Russia–Ukraine conflict—in shaping these relationships, with the aim of providing policy-relevant insights for sustainable economic development.
Design/methodology/approach - The analysis employs annual time-series data from 1986 to 2022. The Autoregressive Distributed Lag (ARDL) bounds testing approach is applied to investigate cointegration among the variables, allowing for mixed orders of integration. To capture potential regime shifts, the study incorporates a structural break identified through the Gregory–Hansen cointegration test. The error correction model (ECM) is used to estimate both short-run dynamics and long-run equilibrium relationships, supported by standard diagnostic and stability tests.
Findings - The results confirm the existence of a stable long-run cointegrating relationship among FDI, exports, and economic growth. Exports are found to have a positive and statistically significant effect on economic growth in both the short and long run, supporting the export-led growth hypothesis in Bangladesh. In contrast, FDI exhibits a positive but statistically insignificant impact, suggesting that its growth-enhancing effects may depend on complementary factors such as institutional quality and infrastructure. The analysis also identifies a structural break around 2015, coinciding with Bangladesh’s transition to lower-middle-income status and improved macroeconomic performance. Furthermore, global disruptions, including the COVID-19 pandemic and geopolitical tensions, are shown to have indirectly influenced FDI inflows and export performance.
Research limitations - This study is limited by its focus on a small set of variables and the use of aggregate data, which may overlook sector-specific dynamics. Additionally, while the analysis establishes long-run associations, it does not fully explore causal relationships. Future research could incorporate additional variables—such as remittances, human capital, and financial development—and apply advanced econometric techniques to provide deeper insights.
Originality/value - This study contributes to the existing literature by jointly examining FDI, exports, and economic growth in Bangladesh within an ARDL framework that incorporates structural breaks. By integrating recent global shocks into the analysis, it offers a timely and context-specific understanding of growth dynamics in a developing economy. The findings provide practical insights for policymakers seeking to promote export-led growth while enhancing FDI's effectiveness in supporting long-term economic development.
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Does Energy Poverty Hinder Human Capital Development in Sub-Saharan Africa
by
Fatai Aliu
2026, International Journal of Social Sciences and English Literature
This study examines the relationship between energy poverty and human capital development across 46 Sub-Saharan African countries from 2000 to 2023. Employing panel cointegration techniques and an Autoregressive Distributed Lag (ARDL)...
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This study examines the relationship between energy poverty and human capital development across 46 Sub-Saharan African countries from 2000 to 2023. Employing panel cointegration techniques and an Autoregressive Distributed Lag (ARDL) Error Correction Model (ECM), the analysis controls for key socioeconomic and institutional factors, including GDP per capita, urbanisation, government effectiveness, and population growth. Results reveal a significant longrun adverse effect of energy poverty on human capital, highlighting the detrimental impact of inadequate access to modern energy on education and health outcomes. Government effectiveness emerges as a positive driver of human capital, reinforcing the role of institutional quality in this regard. While the short-run effects of energy poverty are statistically insignificant, the error correction term confirms a strong adjustment towards the long-run equilibrium. Robustness checks, which address cross-sectional dependence and heteroskedasticity, validate the stability of the findings. These results underscore the critical importance of addressing energy deprivation alongside improving governance to foster sustainable human capital development in Sub-Saharan Africa.
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Assessing the Impact of Government Spending and Human Capital Development on Nigeria's Economic Growth
by
Fatai Aliu
2026, Asian Business Research Journal
Government spending is a vital instrument for steering economic progress, affecting various sectors, including healthcare, education, infrastructure, and welfare. This study examines the impact of government spending and human development...
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Government spending is a vital instrument for steering economic progress, affecting various sectors, including healthcare, education, infrastructure, and welfare. This study examines the impact of government spending and human development on Nigeria's economic growth, spanning the period from 1989 to 2023. The study utilizes economic growth as the dependent variable, with government spending and human development as the independent variables. The control variables included in the analysis are inflation, trade openness, population, and infrastructure. The dynamic Ordinary Least Squares (DOLS) approach is employed for data analysis, as it offers an improvement over the basic ordinary least squares model, since the study variables do not require any transformation to achieve a normal distribution. The findings reveal that government spending has a negative and significant impact on economic growth. Although the effects of human development on economic growth are positive, they are not statistically significant. Moreover, government spending negatively and significantly impacts human development. The combined effects of government spending and human development are not significant in influencing economic growth. The study recommends that the Nigerian government increase its budget for education and health to align with global trends. Additionally, the educational curriculum should be regularly reviewed to incorporate emerging trends in international and industrial developments.
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The effect of oil price shocks on stock market performance in selected African countries
by
CHUKWUEMELIE_CHUKWUBUIKEM OKPEZUNE
2026, OPEC
Academics and investors are still researching how oil price anomalies influence stock market price shocks from sectoral, global, national and international viewpoints. Crude oil's worth has increased recently, showing its significance to...
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Academics and investors are still researching how oil price anomalies influence stock market price shocks from sectoral, global, national and international viewpoints. Crude oil's worth has increased recently, showing its significance to every sector of the economy worldwide (Gourène & Mendy, 2018). Studies on how oil prices affect stock markets, including their impact on business liquidity and profitability, have been done, indicating that oil has a considerable impact on several global economic sectors (Badeeb & Lean, 2018). The IEA reports that oil accounts for almost 40 per cent of global fuel consumption, and its usage remains strong despite increased efforts to promote renewable and alternative energy sources (Gourene & Mendy, 2018). Oil prices are among the most influential factors in macroeconomic and financial variables due to their key role in production, according to Cifarelli and Paladino (2010). Oil price fluctuations may have a significant impact on the financial markets of both developed and developing countries. This is especially true for African countries, such as Nigeria,
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Research on the Impact of Stock Market Development on Real Economic Growth in Nigeria
by
Ellis Nwagu
2026, Saudi journal of economics and finance
This paper investigates the impact of stock market development on real economic growth in Nigeria. The Johansen Cointegration and vector error correction model (VECM) were used to analyze annual time series data on stock market...
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This paper investigates the impact of stock market development on real economic growth in Nigeria. The Johansen Cointegration and vector error correction model (VECM) were used to analyze annual time series data on stock market development indicators and real gross domestic product (GDP) from 1984 to 2018. The results show a long run relationship between stock market development and economic growth in Nigeria. In the long run, market capitalization ratio, all share index and rediscount rate have significant positive effect on GDP, whereas market turnover ratio, and trade openness have strong negative influence on GDP. Results also show evidence of causality effects running from stock market development to real GDP. The paper concludes that stock market development is important for economic growth in Nigeria. The paper recommends that government promote stable economic and political environment, strengthen the regulation and supervision of the stock market, streamline market processes, improve trading system, and increase investment in manufacturing and logistics infrastructure.
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Research on the Impact of Stock Market Development on Real Economic Growth in Nigeria
by
Ellis Nwagu
2026, Saudi Journal of Economics and Finance
This paper investigates the impact of stock market development on real economic growth in Nigeria. The Johansen Cointegration and vector error correction model (VECM) were used to analyze annual time series data on stock market...
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This paper investigates the impact of stock market development on real economic growth in Nigeria. The Johansen Cointegration and vector error correction model (VECM) were used to analyze annual time series data on stock market development indicators and real gross domestic product (GDP) from 1984 to 2018. The results show a long run relationship between stock market development and economic growth in Nigeria. In the long run, market capitalization ratio, all share index and rediscount rate have significant positive effect on GDP, whereas market turnover ratio, and trade openness have strong negative influence on GDP. Results also show evidence of causality effects running from stock market development to real GDP. The paper concludes that stock market development is important for economic growth in Nigeria. The paper recommends that government promote stable economic and political environment, strengthen the regulation and supervision of the stock market, streamline market processes, improve trading system, and increase investment in manufacturing and logistics infrastructure.
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The Role of Digital Atmosphere Design in Shaping Consumer Behaviour in Commercial Spaces
by
Ola M. Mohammed Ahmed
2026, The International Innovations Journal of Applied Science (IIJAS) - ISSN: 3009-1853 (Online)
Attractive commercial space design fosters economic and cultural transformation while driving technological innovation. The study analyses innovative methods for digital atmospheres within commercial spaces. A digital atmosphere is vital...
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Attractive commercial space design fosters economic and cultural transformation while driving technological innovation. The study analyses innovative methods for digital atmospheres within commercial spaces. A digital atmosphere is vital for engaging customers in the retail experience. Interior designers create and innovate new concepts to develop and transform traditional displays into fluid, advanced, dynamic display techniques. The study uses the analytical descriptive approach to collect facts, theories, and information about the digital atmosphere, technology, and consumer behavior. The study's objective is to identify the digital elements that influence the shaping of designing display spaces. Hence, the significance of the study is to provide a vision of the digital atmosphere and its role in expanding the horizons of customer thinking and behavior and introducing new concepts. Studying digital commercial design concepts gives interior designers the tools to craft unique experiences. Therefore, the study is based on the impact of digital atmosphere design on consumer behavior in commercial spaces through the power of digital design to transform the concepts and trends of unconventional displays. The interior designer shall design creative and attractive environments, creating immersive experiences that inspire consumer engagement and new ideas in retail design. The research concludes a strong correlation between consumer behavior factors and digital atmosphere designs in commercial spaces.
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Nexus Between Exchange Rate, Inflation and Stock Market's Performance in Sub-Saharan African Countries
by
Albashir Usman
2026, CPGS Journal of MultiDisciplinary Research
The study examines the nexus between exchange rate and Inflation rate on the performance of the Stock Market in Nigeria, South Africa, Kenya, Ghana and Mauritius. using the Breitung and Das (2005) unit root test, the Breusch-Pagan LM CSD...
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The study examines the nexus between exchange rate and Inflation rate on the performance of the Stock Market in Nigeria, South Africa, Kenya, Ghana and Mauritius. using the Breitung and Das (2005) unit root test, the Breusch-Pagan LM CSD test and the Driscoll and Kraay technique produces. It was revealed that Gross Domestic Product enhance stock market returns in the long term. Contrary to inflation and the Exchange Rate, which negatively affect stock market performance. Based on the Findings, the Study recommended that investors should not depend exclusively on the outcome of GDP, inflation Rate, and exchange Rate when it comes to stock market investment decision-making; to the macroeconomic policymakers, appropriate policy interventions to improve and stabilise variables like inflation. For the firms listed on the stock exchange, their area of focus should be on improving their revenues to draw in more investors.
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IMPACT OF MACROECONOMIC VARIABLES ON THE PERFORMANCE OF THE CAPITAL MARKET IN FIVE SELECTED SSA COUNTRIES
by
Albashir Usman
2026, Jalingo Journal of Economics and Development Studies (JJEDS)
This study examines the impact of macroeconomic variables on capital market performance in five selected Sub-Saharan African countries: Nigeria, South Africa, Kenya, Ghana, and Mauritius. It uses data from 1993 to 2020 and employs the...
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This study examines the impact of macroeconomic variables on capital market performance in five selected Sub-Saharan African countries: Nigeria, South Africa, Kenya, Ghana, and Mauritius. It uses data from 1993 to 2020 and employs the Breitung and Das (2005) unit root test, the Breusch-Pagan LM CSD test, and the Driscoll and Kraay technique. The Findings indicate that GDP positively enhances capital market returns in the long term, whereas inflation and exchange rate fluctuations negatively impact Capital market performance. Based on these results, the study recommends that investors should not rely solely on GDP, inflation, and exchange rate trends when making investment decisions in the stock market. For policymakers, targeted interventions are essential to stabilise inflation and other macroeconomic variables. Additionally, firms listed on the stock exchange should focus on revenue growth to attract investors and strengthen market confidence.
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Exploring the Impact of Financial Inclusion on Banking Stability in Iraq for the Period (2010-2023) Using Modern Statistical Methods
by
saif hosam
2026, Al-Qadisiyah Journal for Administrative and Economic Sciences
This research aims to explore the impact of financial inclusion on banking stability in Iraq from 2010 to 2023, relying on modern statistical methods for data analysis. The study highlights the importance of financial inclusion as a key...
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This research aims to explore the impact of financial inclusion on banking stability in Iraq from 2010 to 2023, relying on modern statistical methods for data analysis. The study highlights the importance of financial inclusion as a key factor in enhancing the stability of the banking system, as it provides access to financial services for a wide range of the community, thus expanding the customer base and reducing financial risks. A variety of modern measurement methods were used to test the relationship between indicators of financial inclusion, represented by the access to financial services index, and the rate of non-performing loans as an indicator of banking stability. Descriptive and quantitative analyses were conducted, revealing a strong positive relationship between increased levels of financial inclusion and improved banking stability. The research concludes that enhancing financial inclusion can contribute to building a more stable and resilient banking system, supporting sustainable economic growth. It also offers recommendations for policymakers in the financial sector, urging the development of policies that promote financial inclusion and strengthen the stability of the banking system in Iraq.
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The Effect of Financial Development on CO2 Emissions: A Nonlinear Dynamic Panel Data Analysis
by
Emre Saygın
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Adem Gök
Tahsin Yamak
2026, The Open Environmental Research Journal
Aim: This study aimed to find out if it is possible to utilize the financial system and/or instruments to improve environmental quality. Background: Since the Industrial Revolution, there has been rapid global warming and climate change...
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Aim: This study aimed to find out if it is possible to utilize the financial system and/or instruments to improve environmental quality. Background: Since the Industrial Revolution, there has been rapid global warming and climate change due to the use of fossil fuels, which produce greenhouse gas emissions due to economic activities that do not involve environmental sensitivity. Method: To analyze the effect of financial development on CO 2 emissions, we developed a nonlinear hypothesis by combining four hypotheses of carbon-friendly financing, carbon financing, pollution haven, and pollution halo. To test the validity of the hypothesis, we employed nonlinear system GMM analysis. Result: We found an inverse U-curve relationship between financial development and CO 2 emissions, supporting the nonlinear hypothesis for 120 countries over the period of 1999-2019. Conclusion: Below the specific threshold, financial development has a significantly positive effect on CO 2 emissions if carbon-friendly financing is followed in underdeveloped financial systems, and above the specific threshold, financial development has a significantly negative effect on CO 2 emissions in well-developed financial systems. Beyond empirical analysis, the theory also introduces the concept of a 'financial trap', suggesting that the minimum achievable level of CO 2 emissions in countries with underdeveloped financial systems is consistently higher than that of countries with well-developed financial systems.
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THE MODERATING ROLE OF INSTITUTIONAL QUALITY IN THE RELATIONSHIP BETWEEN FOREIGN CAPITAL INFLOWS AND STOCK MARKET DEVELOPMENT: A PANEL DATA ANALYSIS
by
Muhammad Amin Hasan
2026, Journal of Economic Impact
The study examines the impact of foreign capital inflows (FCI) on stock market development (SMD), with a specific focus on the moderating role of institutional quality (IQ). The study uses a panel dataset of 28 emerging economies for the...
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The study examines the impact of foreign capital inflows (FCI) on stock market development (SMD), with a specific focus on the moderating role of institutional quality (IQ). The study uses a panel dataset of 28 emerging economies for the period of 1998 to 2022. The findings reveal that both international remittances (REM) and foreign portfolio investment (FPI) have a significant positive impact on SMD. These findings imply that REM inflows enhance the availability of financial resources in the economy, promoting stock market growth and stability. Similarly, FPI increases market liquidity and fills the saving-investment gap in the host country, thereby increasing SMD. However, the results show that foreign direct investment (FDI) has a significant negative impact on SMD. This finding implies that FDI could negatively affect SMD in the host country due to the diversion of investments from the stock market to other business ventures, profit repatriation, and crowding-out effects on domestic investment by creating strong competition in the input market, making it difficult for listed domestic firms to operate. Moreover, the study reveals two unique and interesting findings. First, official development assistance (ODA) has a significant negative impact on SMD, suggesting that ODA reduces SMD due to the misallocation of resources due to aid conditions and economic instability, and the crowding-out effect on private investments. Second, IQ positively moderates the relationship between all forms of FCI and SMD in the sampled countries, implying that host countries with a good institutional framework and high IQ tend to experience high SMD.
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The Relationship between Renewable Energy and Human Development in OECD Countries: A Panel Data Analysis
by
Yunus Emre Yayla
2026, Sustainability
Renewable energy has attracted researcher attention in recent years, and the number of studies conducted on the topic has increased. The importance of renewable energy has increased because certain energy resources are exhaustible and...
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Renewable energy has attracted researcher attention in recent years, and the number of studies conducted on the topic has increased. The importance of renewable energy has increased because certain energy resources are exhaustible and they damage the environment in various ways. Fossil fuel-based energy is the main culprit for environmental damage and lately renewable energy is the main focus as a safe alternative to fossil fuels. However, replacement of fossil fuels by renewables may have a negative impact on human development, even if it has a positive impact on the environment. With this rationale, this study investigates the relationship between renewable energy and human development in 28 OECD (Organization for Economic Cooperation and Development) countries from 1990 to 2017 by using the Westerlund and Edgerton panel cointegration test with structural breaks and the Dumitrescu and Hurlin causality test. The results of the panel data analysis revealed that renewable energy affected human development positively. In addition, the causality test determined the presence of a bidirectional causality relationship between renewable energy and human development. This study is unique in the sense that it is the only study in the literature examining the relationship between human development index and renewable energy for the countries in question. While similar analyses were conducted in the past for different regions or for just one type of renewable energy, no such study has been conducted in this scale with this method. Another differentiating feature of the study is that it demonstrates the bidirectional nature of the study not just the unidirectional causality. Policymakers are advised to invest in renewable energy projects and also create frameworks which provide incentives to the private sector for renewable energy production.
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Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices
by
mariassunta giannetti
2026, The Journal of Financial and Quantitative Analysis
This paper examines how firm characteristics, l^gal rules, and financial development affect ccxponle finance decisions. In contrast to the existing literature, I use data on unlisted companies to show that institutions play an important...
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This paper examines how firm characteristics, l^gal rules, and financial development affect ccxponle finance decisions. In contrast to the existing literature, I use data on unlisted companies to show that institutions play an important role in determining the extent of agency problems. In particular, I find that in coutitiies with good creditor protection, it is easier for fiims investing in intangible assets to obtain loans. Tlie protection of creditor dghts is also important for ensuring access to long-term debt fiv firms q>erating in sectcn with highly volatile returns. Ceteris padbus, firms are more leveraged in countries where the stock maiket is less developed. Unlisted firms appear more indebted than listed companies even after conirolling for firm characteristics such as {Hofitability, size, and the ability to provide collateral. Finally, institutions that &vor creditor rights and ensure stricter enforcement not only are associated with higher leverage, but also with greater availability of long-term debt. Financial development may spur economic growth by providing easier and cheaper access to external finance for finns with high growth potential. This paper investigates whether there are financial system characteristics and institutional arrangements that deal more effectively with maiket imperfections and, therefore, favor external funding. To this end, it examines whether corporate finance decisions differ across countries because of differences in legal rules and degree of financial market development. He empirical literature on corporate finance has shown that financial decisions depend on firm attributes that proxy for the extrait of agency problems and asymmetric information, such as the availability of collateral (Tltman and Wessels * mariassunta.gianiiettiehhs.se, Depaitment of finance and SITE.
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Inflation and Growth Nexus Re-visited: Financial and Practical Implications of the Threshold Effect in Nigeria
by
Adegboyega Afolabi
2026
The relationship between inflation and economic growth has been a subject of enduring interest and debate in the field of economics. This study revisits the inflation and growth nexus in Nigeria, with a particular emphasis on the...
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The relationship between inflation and economic growth has been a subject of enduring interest and debate in the field of economics. This study revisits the inflation and growth nexus in Nigeria, with a particular emphasis on the threshold effecta non-linear phenomenon positing that the impact of inflation on growth varies depending on the level of inflation. Specifically, the study examines the threshold effect of inflation on growth in Nigeria using secondary data from 1986 to 2022, and employs two-regime threshold autoregressive regression modelling. The findings show that the pattern of relationship between inflation and growth is indeed nonlinear and conditional on certain levels of inflation rate. Findings reveal that the optimal threshold for inflation rate is 15.7%. Below the identified threshold, moderate inflation was associated with growth stimulation through mechanisms like reduced real interest rates and increased investment. However, beyond this threshold level (15.7%), the negative effects of inflation became pronounced, hindering economic growth in Nigeria. The findings of this study have several implications for Nigeria's monetary and fiscal policies, offering guidance on how to maintain inflation within a growth-stimulating range. Additionally, businesses and investors operating in Nigeria will gain insights into adapting their strategies to mitigate risks and capitalize on opportunities arising from varying inflation levels. Ultimately, this study contributes to the ongoing discourse on the inflation and growth nexus, providing valuable insights for policymakers navigating Nigeria's economic landscape about the threshold effect of inflation and its financial and practical implications for Nigeria's economic stability and growth prospects.
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Banking Sector Transition in Mongolia Since 1990
by
masaru honma
2026
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Banking Sector Transition in Mongolia Since 1990
by
masaru honma
2026
Mongolia has been recognized as one of the major destinations of world mining industries. The country with 3 million of population has US$1 to US$3 trillion worth of copper, gold, coal, oil, and other resources, close to growing markets...
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Mongolia has been recognized as one of the major destinations of world mining industries. The country with 3 million of population has US$1 to US$3 trillion worth of copper, gold, coal, oil, and other resources, close to growing markets in China and elsewhere in Asia. Contrary to the rich mining sector, the rest of the economy is still relatively unknown. Thus, this article deals with one of the key components of the rest of the Mongolian economy—banking sector. The Mongolian banking sector is a mirror of its economy: it represents country's economic transition, authorities' approach to economic reforms, as well as relationship with its neighbors, Russia and China. Also Mongolia's banking sector transformation provides precious lessons why banking transformation has been so difficult, time-consuming and full of mistakes even for one of the most successful cases.
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Economic Growth with Bubbles
by
Jaume Ventura
2026, American Economic Review
We develop a stylized model of economic growth with bubbles in which changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. These bubbles mitigate the effects of financial frictions....
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We develop a stylized model of economic growth with bubbles in which changes in investor sentiment lead to the appearance and collapse of macroeconomic bubbles or pyramid schemes. These bubbles mitigate the effects of financial frictions. During bubbly episodes, unproductive investors demand bubbles while productive investors supply them. These transfers of resources improve economic efficiency thereby expanding consumption, the capital stock and output. When bubbly episodes end, there is a fall in consumption, the capital stock and output. We argue that the stochastic equilibria of the model provide a natural way of introducing bubble shocks into business cycle models. (JEL E22, E23, E32, E44, O41)
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Financial Deepening and Economic Growth in Nigeria
by
Miftahu Idris
2026
This study examined impact of financial deepening on economic growth in Nigeria using secondary data covering the period from 1981 to 2024. The data set were first tested for stationarity properties to avoid spurious regression estimates...
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This study examined impact of financial deepening on economic growth in Nigeria using secondary data covering the period from 1981 to 2024. The data set were first tested for stationarity properties to avoid spurious regression estimates using Augmented Dickey Fuller (ADF) and Phillips-Perron(PP) unit root tests. In addition, the study employed Autoregressive Distributed Lag Model (ARDL) Bound test to examined long-run relationship among variables included in the study and investigate the impact of credit to private sector (CPS), broad money supply (M2), market capitalization (MCAP) and insurance industry premium (INSP) on economic growth in Nigeria. The ARDL long-run coefficients confirmed that, credit to private sector (CPS), market capitalization (MCAP), broad money supply (M2) and insurance premium (INSP) have long run positive and significant impact on economic growth as 1% increase in credit to private sector, market capitalization, money supply and insurance premium would increase economic growth in Nigeria by 0.83%, 0.26%, 1% and 0.37% respectively. The estimated co-intergrating error correction term (ECT) is negative and statistically significant indicating that, the speed of adjustment at which the previous year's shock converging back to the long-run equilibrium in the current year is approximately 40%. In line with the findings, the study recommended that, the Central Bank of Nigeria should ensure a robust financial system that can effectively channel money into potential productive sectors of the Nigerian economy, increase the availability and accessibility of credit to the private sector, by lowering lending interest rates to a single digit.
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SHORT-TERM DEBT FINANCING AND ESG ORIENTATION: AN ANALYTIC HIERARCHY PROCESS PERSPECTIVE
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IJARW Research Publication
2026, IJARW
This study examines the impact of short-term debt financing on Environmental, Social, and Governance (ESG) performance, utilizing the Analytic Hierarchy Process (AHP) in the context of Vietnamese listed firms. Rather than establishing...
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This study examines the impact of short-term debt financing on Environmental, Social, and Governance (ESG) performance, utilizing the Analytic Hierarchy Process (AHP) in the context of Vietnamese listed firms. Rather than establishing causal relationships, the study employs a priority-based evaluation framework to investigate the association between short-term debt and the relative importance of ESG dimensions and their underlying factors, as informed by expert judgments derived from the author's dissertation. The AHP results reveal a distinct ESG pattern under short-term debt financing. Governance emerges as the most influential dimension, followed by environmental considerations, while social factors receive the lowest priority. At the factor level, transparency, accountability, and risk management dominate governance priorities, whereas environmental initiatives are primarily compliance-oriented and shortterm in nature. Social factors are valued mainly when they directly support operational stability and labor continuity. The findings suggest that short-term debt exerts a disciplining and risk-control-oriented influence on ESG performance, favoring governance and short-horizon ESG practices over long-term sustainability investments. This study contributes to the ESG-finance literature by highlighting how debt maturity shapes ESG performance patterns in emerging markets and by demonstrating the applicability of AHP for ESG assessment when quantitative data are limited.
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THE INCOME THRESHOLD IN THE ENERGY-GROWTH NEXUS: A PANEL GMM ANALYSIS OF RENEWABLE ENERGY IN DEVELOPING ECONOMIES
by
Mohib Farooqui
2026, CONTEMPORARY JOURNAL OF SOCIAL SCIENCE REVIEW
This is an empirical study that examines the dynamic relationship between renewable energy consumption and economic growth in ten developing economies between 2000 and 2023 with financial development as a mediating variable and national...
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This is an empirical study that examines the dynamic relationship between renewable energy consumption and economic growth in ten developing economies between 2000 and 2023 with financial development as a mediating variable and national income level as a moderating factor. The study is based on the Endogenous Growth Theory, with a detailed panel data approach, applying the System Generalized Method of Moments (GMM) to endogeneity, as well as cointegration tests and quantile regression to guarantee the strength of the study. The results indicate that there is a statistically significant and positive direct effect of the consumption of renewable energy on economic growth, which proves the contribution of clean energy to sustainable development. Nevertheless, the mediating effect of financial development as hypothesized is not found, which indicates that there are more complex or indirect transmission channels in the sampled countries. It is interesting to note that income level is a major positive moderator, which means that developing countries with higher income levels enjoy much more economic gains due to the adoption of renewable energy than their counterparts with lower income. These findings indicate the contingency and contextuality of the energy-growth nexus, which emphasizes the significance of economic development phases in the development of renewable energy policy. The paper ends with implications of customized, income-sensitive energy policies and improved financial system reforms to successfully utilize renewable investments to achieve long-term economic development.
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Financial development and poverty reduction in developing countries
by
Prof. Dr. Cicih Ratnasih
2026, International Journal of Finance & Economics
Empirical investigation of the link between financial development and economic growth has established that finance exerts a significant and positive influence on growth. This paper extends this line of analysis by examining the...
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Empirical investigation of the link between financial development and economic growth has established that finance exerts a significant and positive influence on growth. This paper extends this line of analysis by examining the contribution that financial development makes to poverty reduction in low‐income countries. The results reported support the contention that financial sector development policy can contribute to achieving the goal of poverty reduction in developing countries. Copyright © 2002 John Wiley & Sons, Ltd.
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An Evaluation on the Determinants of FinancialDevelopment: Literature Survey
by
Hüseyin Ağır
2026
Finansal sektörün ekonomik geliflme sürecinde önemli bir rol oynad›¤›, literatürde uzun süredir vurgulanmaktad›r. Özellikle içsel büyüme teorisinin ortaya ç›k›fl›yla birlikte, bu iliflki yeniden cazip hale gelmifl ve finansal geliflmenin...
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Finansal sektörün ekonomik geliflme sürecinde önemli bir rol oynad›¤›, literatürde uzun süredir vurgulanmaktad›r. Özellikle içsel büyüme teorisinin ortaya ç›k›fl›yla birlikte, bu iliflki yeniden cazip hale gelmifl ve finansal geliflmenin ekonomik büyümenin belirleyicilerinden biri oldu¤u belirtilmeye bafllanm›flt›r. Ancak bütün bu literatür, finansal geliflmenin nas›l olufltu¤unu yeterince aç›k bir flekilde aç›klamamaktad›r. Finansal liberalizasyon hipotezi, finansal geliflmenin nas›l ortaya ç›kaca¤›na iliflkin önemli bir bafllang›ç oluflturmaktad›r. Ayr›ca son y›llarda finansal geliflmeyi belirleyen faktörlerin ortaya konmas›na iliflkin çal›flmalar›n h›zla artt›¤› görülmekte ve bu ba¤lamda, yasal orijinin, d›fl ticaretin ve sermaye hesab›n›n liberalizasyonun, kurumsal yap›n›n, mevduat sigortas›n›n varl›¤›n›n, etkin bir gözetim ve denetim mekanizmas›n›n oluflturulmas›n›n ve makroekonomik politika çerçevesinin finansal geliflme üzerinde etkili oldu¤u dile getirilmektedir.
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Quarterly_Journal_of_Economic_Modeling_Volume_19_Issue_71
by
Economic Modelling
2026, Islamc Azad University
Journal of Economic Modelling is an open-access, double-blind, peer-reviewed journal published by Islamic Azad University, Firuzkuh Branch. This journal has been established to provide an intellectual platform for national and...
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Journal of Economic Modelling is an open-access, double-blind, peer-reviewed journal published by Islamic Azad University, Firuzkuh Branch. This journal has been established to provide an intellectual platform for national and international researchers working on issues related to economic research in the field of quantification and economic modeling. The Journal was dedicated to the publication of highest-quality research studies that report findings on issues of macroeconomics, microeconomics, international trade, national and regional, monetary and financial, econometrics, environmental, industrial, public, and health economics.
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