In this paper, we try to uncover the economic foundations of financial sector development and its
impacts on accelerating economic growth in the given context of emerging economies. We theorize and
empirically test a causally-motivated relationship among economic growth and related key financial sector
variables pertinent to this problem. We accomplish this by analyzing a 20 year panel-data constructed for 30
countries falling within the categorization of an ‘emerging economy’. We estimate the appropriate statistical
models along with related diagnostic tests. Finally, we comment on the strengths and weaknesses of our
approach and we try to explicate the economic rationale and justification for our formulation and the evidences
that follow
Inferences from Interest Rate Behavior for Monetary Policy SignalingIOSR Journals
Weak mean reversion of interest rates towards the long term mean suggests high probability of agents in financial markets failing to interpret monetary policy signalling efficiently and financial market related interest rate unable to achieve equilibrium. Increased randomness penetrating interest rate markets is due to the weak monetary policy signalling effect which dilutes information flow from central banks’ to agents in the financial market. In such cases the effectiveness monetary policy erodes as it departs from the objectives of central banks and financial regulators
Non-monetary effects Employee performance during Financial Crises in the Kurd...AI Publications
The crisis of 2014-2018 has focused attention on money and credit fluctuations, financial crises, and policy responses. The main aim of this research was to examine the non-monetary factors affecting employee performance in Kurdistan region of Iraq as general and Erbil as particular. However, the researcher developed five research hypotheses to be tested and measured to evaluate employee performance during financial crises. The researcher implemented simple regression analysis to measure the developed research hypotheses, it was found that the highest value was for job security, this indicates the job security has the most powerful and positive association with employee performance during financial crisis, on the other hand the least powerful was found to be job enrichment that influences and related to employee performance during financial crisis in Kurdistan region of Iraq.
Inferences from Interest Rate Behavior for Monetary Policy SignalingIOSR Journals
Weak mean reversion of interest rates towards the long term mean suggests high probability of agents in financial markets failing to interpret monetary policy signalling efficiently and financial market related interest rate unable to achieve equilibrium. Increased randomness penetrating interest rate markets is due to the weak monetary policy signalling effect which dilutes information flow from central banks’ to agents in the financial market. In such cases the effectiveness monetary policy erodes as it departs from the objectives of central banks and financial regulators
Non-monetary effects Employee performance during Financial Crises in the Kurd...AI Publications
The crisis of 2014-2018 has focused attention on money and credit fluctuations, financial crises, and policy responses. The main aim of this research was to examine the non-monetary factors affecting employee performance in Kurdistan region of Iraq as general and Erbil as particular. However, the researcher developed five research hypotheses to be tested and measured to evaluate employee performance during financial crises. The researcher implemented simple regression analysis to measure the developed research hypotheses, it was found that the highest value was for job security, this indicates the job security has the most powerful and positive association with employee performance during financial crisis, on the other hand the least powerful was found to be job enrichment that influences and related to employee performance during financial crisis in Kurdistan region of Iraq.
Dr. Williams makes the following predictions about the impact of quantitative easing (and its inevitable tapering) on the Treasury markets and on the Treasury/Equity cross-asset relationship:
Treasury Yields will likely increase across the entire maturity-spectrum with short-term yields increasing (absolutely and relative to longer-term rates)
Equity prices will likely decline significantly
Recent cross-market relationships between the US equity and Treasury markets will likely revert to pre-stimulus state thus eroding cross-asset diversification benefits.
(source http://mrtopstep.com
Proximate and Toxicological Analyses of Detoxified Jatropha Curcas Seedsiosrjce
The need for detoxification of less utilized crops with similar nutritional composition with soybeans
as potential substitute or supplement for soybeans in conventional feeds production is obvious as price of
soybean continue to rise. Jatropha curcas is one of such crops which can serve as a potential source of dietary
energy and protein. However, the presence of anti-nutritional factors restricts the utilization of the Jatropha
curcas seed in animal feed. Several researchers however have shown that this obstacle can be overcome by
detoxifying the seeds, but many of them failed to established the effects of these detoxification methods on the
nutritional content of Jatropha curcas .The main objective of this study therefore was to determine the effect of
three simple inexpensive physical methods of detoxification (soaking, roasting and fermentation) on the
proximate and toxicological compositions of Jatropha curcas seed meal. To achieve this, Jatropha curcas seeds
sample used were divided into four parts. The first three parts were subjected to the three different physical
treatments after which they were dried to constant weight and while the fourth part was dried to constant weight
and milled. These four samples were then analysed for their proximate and toxicological composition .The
results showed that fermentation deactivated the antinutrients most in the seeds and did not adversely affect the
nutritional composition of the seeds
Study on the Health Related Quality of Life of Patients with Ischemic strokeiosrjce
The work entitled, “Study on the health related quality of life of patients with ischemic stroke” was
conducted in the department of Neurology at a multispecialty hospital. After receiving the official approval, the
study was conducted for a period of eight months from December 2013 to August 2014. A total of 278 cases with
Neurological disorders were found, of which 117(42 %) patients were with ischemic stroke. Hypertension (59%)
and Diabetes (53%) were the major co-morbid conditions found. The Health related quality of life of the
patients was assessed by direct interviewing of individual patients with a stroke specific questionnaire. The
Health related quality of life of the patients was assessed by direct interviewing of individual patients with a
stroke specific questionnaire. Quality of life assessments are done by various methods like taking the floor and
ceiling effects of the scores, average score calculation etc. Assessment of the floor and ceiling effect showed the
potential for floor effects in the most difficult domain(strength) and the possibility of a ceiling effect in the
communication domain. Assessment of stroke severity is done by taking the mean and SD of the individual domains
Dr. Williams makes the following predictions about the impact of quantitative easing (and its inevitable tapering) on the Treasury markets and on the Treasury/Equity cross-asset relationship:
Treasury Yields will likely increase across the entire maturity-spectrum with short-term yields increasing (absolutely and relative to longer-term rates)
Equity prices will likely decline significantly
Recent cross-market relationships between the US equity and Treasury markets will likely revert to pre-stimulus state thus eroding cross-asset diversification benefits.
(source http://mrtopstep.com
Proximate and Toxicological Analyses of Detoxified Jatropha Curcas Seedsiosrjce
The need for detoxification of less utilized crops with similar nutritional composition with soybeans
as potential substitute or supplement for soybeans in conventional feeds production is obvious as price of
soybean continue to rise. Jatropha curcas is one of such crops which can serve as a potential source of dietary
energy and protein. However, the presence of anti-nutritional factors restricts the utilization of the Jatropha
curcas seed in animal feed. Several researchers however have shown that this obstacle can be overcome by
detoxifying the seeds, but many of them failed to established the effects of these detoxification methods on the
nutritional content of Jatropha curcas .The main objective of this study therefore was to determine the effect of
three simple inexpensive physical methods of detoxification (soaking, roasting and fermentation) on the
proximate and toxicological compositions of Jatropha curcas seed meal. To achieve this, Jatropha curcas seeds
sample used were divided into four parts. The first three parts were subjected to the three different physical
treatments after which they were dried to constant weight and while the fourth part was dried to constant weight
and milled. These four samples were then analysed for their proximate and toxicological composition .The
results showed that fermentation deactivated the antinutrients most in the seeds and did not adversely affect the
nutritional composition of the seeds
Study on the Health Related Quality of Life of Patients with Ischemic strokeiosrjce
The work entitled, “Study on the health related quality of life of patients with ischemic stroke” was
conducted in the department of Neurology at a multispecialty hospital. After receiving the official approval, the
study was conducted for a period of eight months from December 2013 to August 2014. A total of 278 cases with
Neurological disorders were found, of which 117(42 %) patients were with ischemic stroke. Hypertension (59%)
and Diabetes (53%) were the major co-morbid conditions found. The Health related quality of life of the
patients was assessed by direct interviewing of individual patients with a stroke specific questionnaire. The
Health related quality of life of the patients was assessed by direct interviewing of individual patients with a
stroke specific questionnaire. Quality of life assessments are done by various methods like taking the floor and
ceiling effects of the scores, average score calculation etc. Assessment of the floor and ceiling effect showed the
potential for floor effects in the most difficult domain(strength) and the possibility of a ceiling effect in the
communication domain. Assessment of stroke severity is done by taking the mean and SD of the individual domains
Health Behavior of Undergraduates and Service Utilization of University Healt...iosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
The Relationship between Maternal Anemia and Birth Weight in New Borniosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
Digital India – the dream project of the government and a blessing for the citizens, could help in
connecting the dots of various projects, past and present, to bring India to a global platform. It will help in
moving with the universal trends of digital innovation and create positive impact in the lives of people - rural
and urban, young and old.” In this article we discussed key features, impact and challenges of Digital India
programme.
Determinants of Share Prices of listed Commercial Banks in Pakistaniosrjce
The focus of this paper is to identify the determinants of share prices for the listed commercial banks
in Karachi stock exchange over the period 2007-2013. One of the unique features of this paper is to find out the
impact of both internal and external factors on share price. Linear multiple regression analysis is used to
determine whether the selected independent variables have influence on share prices or not. The results indicate
that earning per share has more influence on share prices and it has positive and significant relationship with
share prices, book to market value ratio and interest rate have also significant but negative relation with share
prices while other variables (gross domestic product, price earnings ratio, dividend per share, leverage) have
no relationship with share prices
Internal and External Balance with Expenditure changing and switching policie...iosrjce
This paper studies macroeconomic effects of internal and external balance with Expenditure
changing and switching policies about Bangladesh. Expenditure switching policies are measures that shift
expenditure between the domestic and external sectors, typically by increasing exports and decreasing imports
of goods and services. Exchange rate adjustment is often combined with monetary and fiscal tightening as part
of a comprehensive adjustment program featuring both expenditure-changing and expenditures witching
measures. This paper shows the relation on exchange rate between government expenditure and money supply.
If fiscal expansion--either government expenditure increase or tax cuts--raises output, but worsens current
account balances. Conversely, fiscal contraction improves current account balances, but lowers output. In this
paper we also see that when money supply increases that time there create dual effect country faces inflation on
the other hand currency devaluated as a result export increase
Socioeconomic Determinants of Loan Repayment among the Agric. Loan Schemebene...iosrjce
The study examined the socioeconomic factors influencing loan repayment among the
beneficiariesagricultural loan scheme in the Unity bank of Nigeria PLc in kaduna metropolis. Multi stage
sampling technique was used in the study in which seven branches of the unity bank of Nigeria plc were
purposively selected and in each branch 10 beneficiaries who collected agric loan in2007/2008 cropping season
were selected using simple random sampling technique making a total sample size of seventy respondents. The
data were collected using structured questionnaire and analyzed using simple descriptive statistics and multiple
regression analysis. The result of the analysis revealed that,majority (75.72%) of the loan beneficiaries were
males and those with age range of 21-40 constituted75.72% with amean age of 38.6. Majority (51.42%) of the
respondents collected above N200,000 as a loan. Beneficiaries who repaid N1, 000-N20, 000and more than
N100, 000 out of the total amount collected constituted 24.29% and 27.14% respectively.The result of the z-test
revealed a significant difference between the amount applied by the farmers and the amount disbursed by the
Unity bank plc. The result of the Double log multiple regression analysis revealed that age of respondent
(p<0.001)><0.01) significantly influence loan repayment by the respondents.
The major problems encountered by the respondents include, high bureaucratic procedures, high rate of interest
and amount given was short of amount applied for. The bank should increase the share of agriculture in the
loanable funds available to it and relaxed the bureaucratic procedures involved before accessing the loan.
Government need to come up with a policy of lowering the interest rate on loans to agricultural sector and
provide efficient extension services to farmers so as to improve the yield obtainable from their farming
enterprise and hence their income
Foreign Direct Investment (FDI) Flows in Nigeria: Pro or Economic Growth Averse?iosrjce
This study investigates the empirical relationship between Foreign Direct Investment and economic
growth in Nigeria. The work covered a period of 1981-2009 using an annual data from Central Bank of Nigeria
statistical bulletin. A growth model via the Ordinary Least Square method was used to ascertain the relationship
between FDI and economic growth in Nigeria. The study also added Gross Fixed Capital Formation with a
view to capture theeffect of domestic investment on the growth of the economy for the period under review.
Interest Rate and exchange rate were also added as control variables in the model. Granger causality test was
also employed to determine the direction of causality between FDI and economic growth in Nigeria. The result
of the OLS techniques indicates that FDI has a positive and insignificant impact on the growth of Nigerian
economy for the period under study. GFCF which was used as a proxy for domestic investment has a positive
and significant impact on economic growth.Interest rate was found to be positive and insignificant while
exchange rate positively and significantly affects the growth of Nigeria economy. Therefore, government should
provide an enabling environment that will encourage foreign investors to invest in Nigeria economy by
addressing the security challenges in the country, providing investment friendly environment by improved
regulatory framework as well as encourage domestic investment.
Polymorphism in Glutatione S-Transferase P1 and ManganeseSuperoxide Dismmutas...iosrjce
Susceptibility to preeclampsia is believed to have a genetic component. Several studies have reported
associations between polymorphisms of oxidative stress- related genes and preeclampsia. The aim of the present
study was to study the polymorphisms in anti-oxidant genes glutathione S-transferase P1 (GSTP1) and Mnsuperoxide
dismutase (Mn-SOD) in patients with of preeclampsia. Seventy four preeclampsia patients and fifty
age-matched healthy pregnant female controls were genotyped for GSTP1 and Mn-SOD. DNA was extracted
from peripheral blood of all patients and control women. DNA analysis was carried out by polymerase chain
reaction (PCR), and then digestion of the PCR products by restriction enzymes (RFLP) for both genes was
performed. As regards GSTP1, the carriers of Val (G) allele were significantly more frequent among
preeclampsia patients when compared to the control group (45.95% Vs. 19%, X
2=10.40, OR=2.418, 95%CI
(1.3698 - 4.269); p=0.0023). Preeclampsia patients had a lower frequency of GSTP1 Ile/Ile (AA) genotype
(31.1% Vs. 68% in control; X
2=13.09, OR=0.457, 95%CI (0.241 - 0.866); p =0.0164). The frequency of
GSTP1 Ile/Val (AG) and Val/Val (GG) genotypes was higher in preeclampsia patients than control (68.9%Vs.
32%; X
2= 12.83, OR=2.154, 95%CI (1.106 - 4.194); p =0.0241). However, non significant frequencies
differences as regards Mn-SOD genotypes or alleles were found between preeclampsia patients and control. It
could be concluded that, pregnant Egyptian women carrying the Val (G) allele of GSTP1 GSTP1 -105 Ile →Val
(-313 A to G) polymorphism may be more susceptible to preeclampsia either in homozygous or heterozygous state
Studies on Seasonal Variations in the Occurrences of Schistosoma haematobium ...iosrjce
Urinary schistosomiasis in most cases is complicated with bacterial infections because the so called
normal flora of the genito- urinary tract has a better chance of entering and invading the underlying internal
tissues as a result of the constant tear and scar of the epithelium by the spiny schistosomal eggs. The study was
carried ou ton seasonal variations in the occurrences of Schistosoma haematobium and bacterial urinary
infections among school age children in 8 irrigation rural communities of four Local Government Areas of
Kano State from March 2012 to February 2013, in order to determine the incidence of S. haematobium and its
co-infection with bacterial pathogens among the pupils. Ethical clearance was sought from the State Universal
Basic Education Board (SUBEB). Midstream urine samples were collected in sterile universal containers and
transported to the laboratory in cold box for the laboratory procession. Urine sedimentation was carried out
using centrifugation method, followed by microscopic examination the of S. haematobium. Urinalysis was
carried out on each sample particularly to detect the presence of important makers of urinary schistosomiasis
and urinary tract infections. Sample culture was carried out on Blood Agar and cystein lactose electrolyte
deficiency (CLED) medium; Gram staining and biochemical analyses were carried out for characterization of
the Bacterial pathogens. A total of 960 pupils were examined (480 in each of the dry and rainy seasons
respectively), of which 306 (31.88%) were males and 112 (11.66%) were females; 165 (34.73%) male pupils
and 57 (11.88%) females were found to be infected with S. haematobium during the dry season whereas 141
(14.69%) males and 55 (5.73%) females were found to be infected during the rainy season. The highest
prevalence of 115 (23.96%) was found among the 11-13years age group in dry season while the lowest
prevalence of 12 (2.50%) was found among the 14-16years age group the dry seasons. In rainy season, the 11-
13 years age group had the highest prevalence (107) (22.29%) and 14-16years age group had the lowest
prevalence (17) (3.54%).With regard to urinary tract pathogens, (8) (0.83%) female pupils and 4 (0.42%) male
pupils were found to be infected during dry season while in rainy season, 70 (7.29%) females and 42 (4.38%)
male pupils were infected. Considering co-infection, the rainy season had highest prevalence (4.38%) while dry
season was found to have least prevalence (0.2%); the overall co-occurrence being 8.13%.The study shows no
significant relationship between S. haematobium and urinary tract pathogens and seasonal variation has no
profound effect on the occurrence of S. haematobium but plays an important role in urinary tract infections.
The Use of Moringa Oleifera Seed As A Coagulant For Domestic Water Purificationiosrjce
The efficiency of Moringa Oleifera seed powder as a coagulant for domestic water purification was
investigated using the Jar Test.The optimum dosage of moringa oleifera seed powder was observed to be at
90mg/L. The results of the physiochemical parameters tested at the point of sample collection and at 90mg/L
optimal dosage respectively are as follows: pH (8.1 and 7.9) temperature (26.6oC and 26.8oC), conductivity
(1.75 µs/cm and 1.78 µs/cm), dissolved oxygen (0.30mg/l and 0.10mg/l), turbidity (339 and 4.10NTU), and
hardness (212mg/l and 300mg/l) respectively. Analysis of some metals such as copper, chromium, lead, calcium,
magnesium, cobalt and zinc were performed before and after treatment of the water sample with the Moringa
oleifera seed. The metals analyzed (Cu, Zn, Ca, Cr, Pb, Co, and Mg) before and after coagulation showed that
concentration of Zn, Cu, Co, Pb and Ca as increased in the most optimally purified water containing 90mg/L
Moringa Oleifera seed Powder from, 1.12 to 2.54mg/L, 0.18 to 0.39mg/L, 0.00 to0.19mg/L, 0.00 to 0.08mg/L
and 1.02 to 2.10 mg/L respectively. And magnesium concentration decreased from 36.32 to 27.89 mg/L.
Artificial Financial Markets: Historical and Interdisciplinary Perspectiveiosrjce
This paper aims to present the architecture of an artificial stock market that considers the
microstructure of existing markets and understanding the complex patterns and phenomena that are observed in
economic systems. In agent-based financial market models, prices can be endogenously formed by the system
itself as the result of interaction of market participants. We identify and describe the tasks and choices that
different traders face based on their role in the market by tracing orders. We review the literature on these
models and analyze their strengths, weaknesses, opportunities, and threats with special focus on traders. We
conclude with seven recommendations to help guide the development of artificial markets as a venue for
technological innovation research.
Corporate Governance - A Broader Perspectiveiosrjce
In this paper it is argued that the notion of market-based corporate governance approach should be
broadened to include the problem of owner-controlled firms and large block-holders and should be generalized
to a model of multilateral negotiations and influence-seeking among a number of different stakeholders. In
practice such a model should incorporate checks and balances between various stakeholders and outside
constraints and must take into account how the political and legal system of a country affects this balance. In
fact, even if there is theoretical reason to believe that ownership with its incumbent benefits and costs belongs
to equity, this view is not dominant in most economies outside United Kingdom and United States of America.
The broader notion of corporate governance offers hope for understanding better the developing economies in
particular - and other economies in general - where anonymous stock markets are not likely to promote the
necessary entrepreneurial activity and corporate restructuring. It suggests that other mechanisms, such as
product market competition, peer pressure, or labor market activity, may compensate for this weakness, or more
realistically, may be more promising targets for legal or political reform than the stock market.
Design, synthesis, characterization and biological evaluation of 3- (4-(7-chl...iosrjce
Novel thiazolidinone derivatives TQ-VI(1-10) were designed, synthesized and screened for
antimicrobial activity. Synthesis of 3-(4-(7-chloro-2-(4-chlorophenyl) 4-oxo-quinazolin-3(4H)-yl) phenyl) -
2-arylthiazolidin-4-one TQ-VI(1-10) have been achieved from the starting material 2-amino-4-chlorobenzoic
acid TQ-I on cyclization with p-chlorobenzoyl chloride TQ-II to yield 7-chloro-2-(4-chlorophenyl)-4H-3,1-
benzoxazin-4-one,TQ-III, which on treatment with p-phenylindiamine gave 3-(4-aminophenyl)-7-chloro-2-(4-
chlorophenyl)quinazolin-4(3H)-one, TQ-IV in good yield. Then, TQ-IV on reaction with substituted aromatic
aldehydes converted to TQ-V(1-10), which on cyclization with thioglycolic acid gave TQ-VI (1-10). All the
synthesized compounds have been characterized on the basis of IR,
1
H-NMR and mass spectral data. The
compounds containing 4-OH, 4-OCH3 and 3,4,5-(OCH3)3 showed good activity. The title compounds were
screened for qualitative (zone of inhibition) and quantitative antimicrobial activity (MIC) by agar cup plate
method and serial dilution technique, respectively. Among the synthesized compounds in the series, the
compound TQVI4 and TQVI5 were found to exhibit significant antifungal activity at lower concentration of
31.25 µg/ml, against A.niger. The compound TQVI5 and TQVI4 showed zone of inhibition of 17mm and 15mm
against A.niger and C.albicans respectively which is comparable to that of standard drug. The rest of the
analogues in the series displayed weak to moderate antimicrobial activity when compared to the standard
positive controls Ampicillin and Amphotericin B.
Bioprocess development for enhanced spore production in shake flask and pilot...iosrjce
Bacillus thuringiensis subsp. Israelensis (Bti), has proven to be a safe and effective larvicide for controlling
mosquito and black fly larvae. The effect of cultivation and bioprocess development on Bti growth and sporulation was
investigated in shake flask level and batch cultivation in the semi-industrial scale 16-L stirred tank bioreactor. For
industrial production of biocontrol microorganism, it is necessary to obtain high cell mass and spore production in a short
time with low cost cultivation media. In this study, the new composition of production media was optimized which composed
of (g L
-1
): glucose, 10; yeast extract, 30; KH2PO4, 5; K2HPO4, 5; MgSO4. 7H20, 0.005; MnSO4.H2O, 0.03; FeSO4, 0.01;
CaCl2.7 H2O, 0.05; NaH2PO4, 1.5; NH4H2PO4, 1.5. The maximal cell dry mass and spore production, Sporemax for shake
flask study were 4.26 gL-1
at 36 h and 3.29106
spore mL-1
, respectively. Furthermore, studies of the cultivation conditions
under controlled and uncontrolled pH in the 16L-bioreactor was performed. The growth of Bti under uncontrolled pH
cultivation showing decreased of glucose and total protein concentration in the media was correlated with the vegetative cell
growth and sporulation. The maximal cell dry mass and Sporemax for uncontrolled pH bioreactor were 4.14 gL-1
at 36h and
3.7106
spore mL-1
, respectively. The maximal cell dry mass and spore production, Sporemax for controlled pH bioreactor
were 3.36 gL-1
at 26 h and 3.23 106
spore mL-1
, respectively. In conclusion, batch cultivation in 16-L bioreactor with the
new optimized production medium under uncontrolled pH condition increased of the cell dry mass and number of spores up to 23 % and 47 % , respectively
Diabetes Can Also Possible To Cure With The Help Of Many Common Used Plants.iosrjce
Diabetes can also be cured by some different plants abstract and their active principal are
chemically react to each other to from medicine of diabetes. Different plants have different kind of active
principal and reaction of them to make diabetes medicine.
Energy-Dispersive X-Ray Spectroscopy Procedure for Analysing Cellular Element...iosrjce
Four phototrophic bacterial species Blastochloris sulfoviridis, Rhodocista pekingensis,
Rhodopseudomonas palustris and Rhodomicrobium vannielii, isolated from hot springs were analysed for
cellular elemental affinity between them and to determine possible relationship between physiological features
and the constituent elements. A novel methodology using Energy-dispersive X-ray spectroscopy (EDS/EDX) of
pigments produced by the bacteria was adopted and applied. Results did show close affinity of cellular elements
with little or no difference in weighted and atomic percentages of the constituent elements. There was also little
or no inference in the effects of these elements on the pigments and other features of the bacteria such as colour
and morphological differences could not be fully attributed to the elemental inclusions. It was concluded that
systemic factors that were responsible for extraneous features such as pigmentation, pigment density etc, could
be a combination of elemental inclusion variations, genetics and other factors in-between rather than one.
Required energy sources and metabolic factors were assumed to play key roles in contents and types of cellular
elements in relation to pigmentation.
Financial crisis: Non-monetary factors influencing Employee performance at ba...AI Publications
Money and credit fluctuations, financial crises, and governmental responses have come into the spotlight as a result of the crisis that lasted from 2014 to 2018. The primary objective of this study was to investigate the non-financial elements that have an effect on employee performance in the Kurdistan region of Iraq in general and in Erbil in particular. In spite of this, the researcher came up with five assumptions about study that needed to be evaluated and quantified in order to assess how well employees performed amid financial crises. It was found that job security had the highest value, which indicates that job security has the most powerful and positive association with employee performance during financial crisis. On the other hand, job enrichment was found to be the least powerful factor that influences and is related to employee performance during financial crisis in the Kurdistan region of Iraq. The researcher used simple regression analysis to measure the developed research hypotheses.6
The aim of this study is to assess the impact of stock market characteristics on African economic
growth. We perform a panel smooth threshold regression (PSTR) analysis developed by Gonzalez et al. (2005)
using two panels of African countries from 1990 to 2020 for the first panel and 2006 to 2020 for the second
panel. The findings indicate that there is a specific threshold above which the stock market has an impact on
economic growth, namely market size and asset turnover, both of which positively affect growth. Market
liquidity, on the other hand, has a negative impact on growth. Our main recommendations are to share market
liquidity between private investors and the government on the one hand, and to increase market liquidity on the
other
Journal of Banking & Finance 44 (2014) 114–129Contents lists.docxdonnajames55
Journal of Banking & Finance 44 (2014) 114–129
Contents lists available at ScienceDirect
Journal of Banking & Finance
j o u r n a l h o m e p a g e : w w w . e l s e v i e r . c o m / l o c a t e / j b f
Macro-financial determinants of the great financial crisis: Implications
for financial regulation q
http://dx.doi.org/10.1016/j.jbankfin.2014.03.001
0378-4266/� 2014 Elsevier B.V. All rights reserved.
q We would like to thank the Editor, an anonymous referee, Luc Laeven, Ross
Levine, Marco Pagano, Andrea Sironi, Randy Stevenson, Gianfranco Torriero,
Giuseppe Zadra and seminar participants at IFABS Conference and ISTEIN seminar
for helpful comments. This paper’s findings, interpretations, and conclusions are
entirely those of the authors and do not necessarily represent the views of the
World Bank and the Italian Banking Association.
⇑ Corresponding author. Tel.: +39 02 58362725.
E-mail addresses: [email protected] (G. Caprio Jr.), [email protected]
(V. D’Apice), [email protected] (G. Ferri), [email protected]
(G.W. Puopolo).
Gerard Caprio Jr. a, Vincenzo D’Apice b,c, Giovanni Ferri d,e, Giovanni Walter Puopolo f,⇑
a Williams College, United States
b Economic Research Department of Italian Banking Association, Italy
c Istituto Einaudi (IstEin), Italy
d LUMSA University of Rome, Italy
e Center for Relationship Banking & Economics – CERBE, Italy
f Bocconi University, CSEF and P. Baffi Center, Italy
a r t i c l e i n f o
Article history:
Received 15 April 2012
Accepted 4 March 2014
Available online 29 March 2014
JEL classification:
G01
G15
G18
G21
Keywords:
Banking crisis
Government intervention
Regulation
a b s t r a c t
We provide a cross-country and cross-bank analysis of the financial determinants of the Great Financial
Crisis using data on 83 countries from the period 1998 to 2006. First, our cross-country results show that
the probability of suffering the crisis in 2008 was larger for countries having higher levels of credit
deposit ratio whereas it was lower for countries characterized by higher levels of: (i) net interest margin,
(ii) concentration in the banking sector, (iii) restrictions to bank activities, (iv) private monitoring. The
bank-level analysis reinforces these results and shows that the latter factors are also key determinants
across banks, thus explaining the probability of bank crisis. Our findings contribute to extend the analyt-
ical toolkit available for macro and micro-prudential regulation.
� 2014 Elsevier B.V. All rights reserved.
1. Introduction ment (BCBS, 2010a), has focused more on the stability of the finan-
As much as it was known that the Great Depression of the 1930s
was the acid test for any reputable macroeconomic theory, the out-
break of the Great Financial crisis in 2008 has shaken not only
financial institutions, but also long-held beliefs and theories on
how the regulation of the financial system should be structured,
with renewed emphasis on macro-prudential supervision and
reforming micro-pr.
DETERMINANTS OF BANK-SPECIFIC AND MACROECONOMIC FACTORS THAT ARE AFFECTING T...Uni-assignment
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Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
Measuring the Dynamics of Financial Deepening and Economic Growth in Nigeria,...iosrjce
The study examined the relationship between financial deepening and economic growth for the
period 1981 to 2013 using empirical evidence from Nigeria. The Engel-Granger two-step cointegration
procedures and Error Correction Model (ECM) were used as the method of estimation. The analyses of
residuals of the OLS regression showed evidence in favour of cointegration between financial deepening and
economic growth. Similarly, estimates from the error correction model provide evidence to show that financial
deepening indicators and GDP series converge to a long-run equilibrium at a reasonably fast rate. The result
points to the fact that the deepening of the financial system can engineer the Nigerian economy to greater
growth.
The last decade has presented a new global economic scenario lead by emerging markets. BRICS countries (comprised by Brazil, Russia, India, China and South Africa) have been at the forefront in this phenomenon. During these years, the real Gross Domestic Product (GDP) growth of the world (annual percent change - A% c) averages 3,83. And just BRICS countries reached 6,01 (157,02% more); and Advanced Economies - not yet recovered since the last financial crisis - reached 1,6 (47,78%). At the same time - and largely the result of the same phenomenon - many more challenges lie ahead for these countries which still must maintain their growth and find effective ways of sustainability. To that end, they should create global innovation networks involving a new model of economy acting as “drivers”. Such drivers must be conceived understanding global trends. Innovation, vanguard, and adaptation will be key to new era. The importance of this this investigation is defined, analysis of these points and studies them as Strategies 3.0 for sustainability and continuous growth.
Similar to Foundations of Financial Sector Mechanisms and Economic Growth in Emerging Economies: A Panel–Data Approach towards a Nexus (20)
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Foundations of Financial Sector Mechanisms and Economic Growth in Emerging Economies: A Panel–Data Approach towards a Nexus
1. IOSR Journal of Economics and Finance (IOSR-JEF)
e-ISSN: 2321-5933, p-ISSN: 2321-5925.Volume 6, Issue 2. Ver. III (Mar.-Apr. 2015), PP 65-70
www.iosrjournals.org
DOI: 10.9790/5933-06236570 www.iosrjournals.org 65 | Page
Foundations of Financial Sector Mechanisms and Economic
Growth in Emerging Economies: A Panel–Data Approach
towards a Nexus
Safaeduzzaman Khan
Department of Economics, School of Business and Economics,
United International University, Dhaka, Bangladesh
Abstract: In this paper, we try to uncover the economic foundations of financial sector development and its
impacts on accelerating economic growth in the given context of emerging economies. We theorize and
empirically test a causally-motivated relationship among economic growth and related key financial sector
variables pertinent to this problem. We accomplish this by analyzing a 20 year panel-data constructed for 30
countries falling within the categorization of an ‘emerging economy’. We estimate the appropriate statistical
models along with related diagnostic tests. Finally, we comment on the strengths and weaknesses of our
approach and we try to explicate the economic rationale and justification for our formulation and the evidences
that follow.
Keywords: Economic Growth, Financial Development, Emerging Economies, Panel Data
I. Introduction
Economists hold startlingly dissimilar opinions regarding the significance of the financial system for
economic growth. Walter Bagehot (1873) and John Hicks (1969) dispute that it played a critical role in igniting
industrialization in England by facilitating the mobilization of capital for "massive works." Joseph Schumpeter
(1912) challenges that well-functioning banks spur technological innovation by identifying and funding those
entrepreneurs with the best possibilities of comprehensively implementing innovative products and production
processes. Contrary to that, Joan Robinson (1952, p. 86) asserts that "where enterprise leads finance follows."
According to this view, economic development entails demands for particular types of financial arrangements,
and the financial system channels automatically to these demands. Moreover, some economists just do not trust
that the finance-growth relationship is imperative. Robert Lucas (1988, p. 6) asserts that economists "badly
over-stress" the role of financial factors in economic growth, while development economists in emerging
economies frequently express their skepticism about the role of the financial system by ignoring it. In light of
these conflicting views, this paper uses present theories to systematize an analytical framework of the finance-
growth nexus and then assesses the quantitative importance of the financial system in economic growth.
Although conclusions must be stated cautiously and with sufficient qualifications for optimisms, the
preponderance of theoretical reasoning and empirical evidence induces a positive, first order relationship
between financial development and economic growth.
We specifically tackle the issues of „emerging economies‟ having „emerging markets‟ due to two
specific reasons. The first is that, in thinking about developing-country macroeconomic issues, it is often
necessary to modify the conceptual frameworks that are generally available in research published keeping
industrial countries in mind. All macroeconomic models are built upon stylized descriptions of the environment
in which economic agents interrelate and interact, and this environment often diverges in important ways in
emerging economies from that in industrial countries. The second reason is possibly more important. It is that,
in particular because of the “emergent” nature of these economies, the most significant policy issues that
economists and policymakers in developing countries face are often quite different from those that typically
occupy center stage in industrial-country setting.
II. Literature Review
Although a burgeoning empirical literature suggests that well-functioning financial system accelerate
economic growth, these studies generally do not simultaneously examine stock market and other monetary
transmission mechanisms in context of development. King and Levine (1993a,b) illustrate that bank
development – as computed by the total liquid liabilities of financial intermediaries (e.g., M3) divided by Gross
Domestic Product (GDP) helps explain economic growth. Levine (1998, 1999) and Levine, Loayza, and Beck
(2000) substantiate this finding but advance upon King and Levine (1993a,b) by (1) using measures of bank
development that comprise only credit to private firms and therefore eliminate credit to the public sector and by
(2) using instrumental variable procedures to control for simultaneity bias. This literature, however, omits
2. Foundations of Financial Sector Mechanisms and Economic Growth in Emerging Economies…
DOI: 10.9790/5933-06236570 www.iosrjournals.org 66 | Page
measures of transaction mechanism development because measures of specification problems. Further, while
theory motivates the potential relationship between economic growth and the simultaneous level of financial
development, Levine and Zervos (1998) use primary values of stock market and bank development. While
recent work has endeavored to solve some of the statistical deficiencies in the Levine and Zervos (1998) study,
statistical and conceptual problems persist. Arestis, Demetriades and Luintel (2000) use quarterly data and apply
time series methods to five developed economies and show that while both banking sector and stock market
development explain subsequent growth, the effect of banking sector development is substantially larger than
that of stock market development. Rousseau and Wachtel (2000) make a vital input to the literature by using
panel techniques with annual data to evaluate the relationship between stock markets, banks, and growth. They
use M3/GDP to measure bank development and the Levine and Zervos (1998) measures of stock market size
and activity. Rousseau and Wachtel (2000) use the difference panel estimator. But all of the studies focus
predominantly on developed economies. Researchers have not undertaken the systematic study of emerging
economies yet.
III. Variables And Model Specification
We divide the financial system into three schemas: micro variables, intermediate variables and macro
variables. Each of these schemes of variables groups itself according to its generic functionalities. Seemingly,
micro variables tend to capture the „credit and stock‟ part of financial system. Intermediate variables perform the
„channeling‟ function of the system, whereas macro variables measure the „aggregate‟ and ultimate impact of
economic interactions. In our panel-data model, we let GDP growth (annual %), represented in the model as
[GDPg], to be the dependent variable. Hence, the list of pertinent independent variables is as follows:
1. Real interest rate (%) [R]
2. Domestic credit provided by banking sector (% of GDP) [DCBank]
3. Domestic credit to private sector (% of GDP) [DCPvt]
4. Foreign direct investment, net inflows (% of GDP) [FDI]
5. Broad money growth (annual %) [BMg]
6. Stocks traded, turnover ratio (%) [STTr]
7. Trade (% of GDP) [T]
8. Market capitalization of listed companies (% of GDP) [MktCLC]
9. Gross capital formation (annual % growth) [GCK]
10. Gross savings (% of GDP) [GS]
Ultimately, the empirical model to be regressed is formulated as
𝐆𝐃𝐏𝐠𝐢𝐭 = 𝛃 𝟎 + 𝛃 𝟏 𝐑 𝐢𝐭 + 𝛃 𝟐 𝐃𝐂𝐁𝐚𝐧𝐤𝐢𝐭 + 𝛃 𝟑 𝐃𝐂𝐏𝐯𝐭𝐢𝐭 + 𝛃 𝟒 𝐅𝐃𝐈𝐢𝐭 + 𝛃 𝟓 𝐁𝐌𝐠 𝐢𝐭 + 𝛃 𝟔 𝐒𝐓𝐓𝐫𝐢𝐭 + 𝛃 𝟕 𝐓𝐢𝐭
+ 𝛃 𝟖 𝐌𝐤𝐭𝐂𝐋𝐂𝐢𝐭 + 𝛃 𝟗 𝐆𝐂𝐊 𝐢𝐭 + 𝛃 𝟏𝟎 𝐆𝐒𝐢𝐭 + 𝐮𝐢𝐭
Here, the subscripts „i‟ stands for the panel variable and „t‟ stands for the time variable.
IV. Data Collection And Data Sources
As per the terming of „emerging economies‟ is concerned for developing countries with a strong
market potential, we use the classification suggested by Goldman Sachs Investment Bank to fulfill the additional
criteria of macroeconomic stability, political maturity, openness of trade and investment policies, and the quality
of education. Hence, we construct our sample with all the countries belonging to the „G-20‟ developing
countries, the „Next Eleven‟ countries and the „BRICS‟ economies. Thus, we retain a sample of 30 countries.
We set the time period ranging from 1991 to 2010. Ultimately, we have the exhaustive and comprehensive
panel-data for 30 developing countries, each with a 20 years‟ time period, culminating into 600 observations.
We extract all the data from the „World Development Indicators- 2012‟ sources downloaded from the World
Bank Website. We use the „Stata‟ econometric software for all of our calculations and estimations.
V. Model Estimations And Data Analysis
1. Fixed-Effects Regression Model:
We use fixed-effects (FE) whenever we are only interested in analyzing the impact of variables that
vary over time. As it explores the relationship between explained and explanatory variables within an entity,
each entity is assumed to have its own individual characteristics that may or may not influence the explanatory
variables. We estimate the fixed-effects regression as follows:
3. Foundations of Financial Sector Mechanisms and Economic Growth in Emerging Economies…
DOI: 10.9790/5933-06236570 www.iosrjournals.org 67 | Page
Dependent Variable: GDPg
Variables Coefficients Standard Error T-Statistic P-Value
R -.0272779 .004344 -6.28 0.000
DCBank -.0846366 .0142968 -5.92 0.000
DCPvt .048861 .0158309 3.09 0.002
FDI .0425632 .0676509 0.63 0.530
BMg .0013025 .007886 1.65 0.099
STTr .0005864 .0025602 0.23 0.822
T .017933 .0092052 1.95 0.052
MktCLC .0146168 .0039961 3.66 0.000
GCK .1622208 .0077012 21.06 0.000
GS .0262967 .0241351 1.09 0.276
Constant 3.865992 .707186 5.47 0.000
R-squared (overall): 0.4422, Rho: 0.37831972, F-Statistic (10, 560): 70.77, Prob (F-Statistic): 0.0000
We see here, GDPg is negatively related to the variables R and DCBank, of which not a single one is
statistically significant; also GDPg is positively related to all other variables in question. By judging the p-
values, the variables FDI, T and STTr are statistically significant, whereas GCF is statistically strongly
significant as suggested by t-values and still practically significant by p-value. All other variables are not
statistically significant as suggested by p-value. The value of rho suggests that 37.83% of the variance is due to
difference across panels. F-test suggests strong joint statistical significance in this fixed-effects setting. We also
compute heteroskedasticity-adjusted coefficients for this model later on as suggested by statistical inquiries.
2. Random-Effects GLS (Generalized Least Square) Model:
In the random-effects (RE) model, the variation across entities is expected to be random and
uncorrelated with the predictor or independent variables included in the model. The principal difference between
fixed and random effects is whether the overlooked individual effect represents elements that are correlated with
the regressors in the model. As our formulation permits, we estimate the random-effects GLS regression as
follows:
Dependent Variable: GDPg
Variables Coefficients Standard Error Z-Statistic P-Value
R -.0266909 .0040492 -6.59 0.000
DCBank -.0536369 .0119721 -4.48 0.000
DCPvt .0427272 .0137091 3.12 0.002
FDI .0815038 .0636519 1.28 0.200
BMg .0005622 .0007623 0.74 0.461
STTr .0029296 .0022894 1.28 0.201
T -.0002247 .0061107 -0.04 0.971
MktCLC .0096576 .0036567 2.64 0.008
GCK .165643 .0077263 21.44 0.000
GS .0493951 .0192563 2.57 0.010
Constant 3.0177 .5574642 5.41 0.000
R-squared (overall): 0.5385, Rho: 0.14126239, Wald Chi-sqaured Statistic: 707.84, Prob (Chi-sqaured
Statistic): 0.0000
In this random-effects model, we see, GDPg is negatively related to the variables R, DCBank and T,
where neither is statistically significant; GDPg is positively related to all other variables in question. By judging
the p-values, the variables FDI, BMg, STTr and T are statistically significant, whereas all other variables are not
statistically significant as suggested by p-value. The Value of rho suggests that 14.12% of the variance is due to
difference across panels. F-test suggests strong joint statistical significance in this random-effects setting. We
also compute heteroskedasticity-adjusted coefficients for this model. But we notice, due to huge Wald chi-
square values as compared to table-values, the whole random-effects formulation can be called into question.
We can further demonstrate the acceptability of models by Hausman Test.
3. Hausman Test:
If the error terms are correlated then Fixed-Effects (FE) model is not appropriate since inferences may
not be correct. Then we need to model that relationship by using Random-Effects (RE) model. This is the main
rationale for the Hausman test as it presents a criterion of choosing Fixed Effects (FE) or Random Effects (RE)
models one over another. We perform the Hausman test as follows:
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DOI: 10.9790/5933-06236570 www.iosrjournals.org 68 | Page
Dependent Variable: GDPg
Variables Coefficients
(Fixed)
Coefficients (Random) Difference Standard Error
R -.0272779 -.0266909 -.000587 0.0015728
DCBank -.0846366 -.0536369 -.0309998 0.0078146
DCPvt .048861 .0427272 .0061338 0.0079168
FDI .0425632 .0815038 -.0389406 0.0229146
BMg .0013025 .0005622 .0007404 0.000202
STTr .0005864 .0029296 -.0023522 0.001146
T .017933 -.0002247 .0181577 0.0068845
MktCLC .0146168 .0096576 .0049592 0.0016115
GCK .1622208 .165643 -.0034221 -
GS .0262967 .0493951 -.0230984 0.0145498
Constant 3.865992 3.0177 .8482911 0.4351388
Chi-squared Statistic: 36.59, Prob (Chi-squared Statistic): 0.0001
We see the Prob (>Chi-squared Statistic) = .0001 is less than permitted band of .05. So, we can strongly reject
the null hypothesis and state that unique errors are not correlated with regressors. So, fixed-effects is the
appropriate model. Bruesch-Pagan Lagrangian Multiplier Test for Random Effects can explicate this issue
further.
4. Bruesch-Pagan Lagrangian Multiplier Test:
The LM test helps us decide between a random effects regression and a simple OLS regression. The null
hypothesis in the LM test is that variances across entities are zero. That is, no significant difference across units.
We perform the test as follows:
Dependent Variable: GDPg
Terms Variance Standard Deviation
GDPg 18.67191 4.3211
e 6.944371 2.635217
u 1.142349 1.068807
Var(u)= 0, Chi-squared: 81.44, Prob(Chi-squared): 0.0000
Here, Prob (>Chi-squared Statistic)=0.0000 is less than .05. So, we can strongly reject the null hypothesis and
say that there exist non-zero variances across entities. So, in this case, OLS will definitely lead to erroneous
results.
5. Modified Wald Test in Fixed-Effects Regression:
We perform the modified Wald-test to detect group-wise heteroskedasticy in the Fixed-Effects
Regression model. The null hypothesis is that there exists equal variances across identities, We perform the test
and note that the Chi-squared Statistic (30) is 1356.42 and Prob (>Chi-squared Statistic) is 0.0000. Hence, Prob
(>Chi-squared Statistic) =0.0000 suggests a strong rejection of null hypothesis. So, there exist unequal variances
across identities. To aid this problem we construct a robust formulation of FE regression model.
Dependent Variable: GDPg
Variables Coefficients Robust
Standard Error
T-Statistic P-Value
R -.0272779 .0031181 -8.75 0.000
DCBank -.0846366 .0266777 -3.17 0.004
DCPvt .048861 .0203815 2.40 0.023
FDI .0425632 .0790975 0.54 0.595
BMg .0013025 .0006286 2.07 0.040
STTr .0005864 .0025145 0.23 0.820
T .017933 .016447 1.09 0.285
MktCLC .0146168 .0038581 3.79 0.001
GCK .1622208 .0158319 10.25 0.000
GS .0262967 .0290598 0.90 0.373
Constant 3.865992 1.065071 3.63 0.001
R-squared (overall): 0.4422, Rho: 0.37831972, F-Statistic (10, 29): 50.96, Prob (F-Statistic): 0.0000
Like the previous Fixed-effects model, here also FDI, STTr, T are all strongly statistically significant.
It is interesting to note that GCF is no more statistically significant but GS is strongly statistically significant in
reference to p-values. So, FDI, STTR, T and GS are the statistically significant variables with positively-signed
coefficients. No other variable is statistically significant in the model.
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DOI: 10.9790/5933-06236570 www.iosrjournals.org 69 | Page
VI. Further Diagnostic Tests And Measures For Accuracy
1. Wooldridge Test for Serial Autocorrelation:
We apply Wooldridge test, a test for identifying serial correlation as our data set constitutes a macro-
panel with long time series. Serial correlation causes the standard errors of the coefficients to be smaller than
they actually are. The null hypothesis states that there are no first-order autocorrelation. We perform the test and
note that F-Statistic (1, 29) is 31.102 and Prob (>Chi-squared Statistic) is 0.0000. As the null hypothesis is no
serial correlation, here, Prob (>Chi-squared Statistic)= 0.0000 suggests a strong rejection of null hypothesis. So,
we conclude the data have first-order autocorrelation.
2. Pesaran's Test for Cross Sectional Independence:
Pesaran CD (cross-sectional dependence) test is used to test whether the residuals are correlated across
entities as they can lead to bias in tests results. The null hypothesis states that the residuals does not have cross-
sectional dependence. We perform the test and note that Pesaran‟s test statistic is 5.994 and Prob (>Chi-squared
Statistic) is 0.0000. As the null hypothesis is that residuals are not correlated, we reject the null for a Prob(>Chi-
squared Statistic) =0.0000 being lesser than .05. So, the residuals have cross-sectional dependence.
VII. Results And Conclusion
After performing all the pertinent regression diagnostics, we see that the heteroskedasticity-adjusted
fixed-effects model is the most appropriate model to capture the necessary dimensions of our framework.
Ultimately, we note that foreign direct investment (FDI, as a percentage of GDP), Stock Traded-Turnover Ratio
(STTr), Trade (T, as a percentage of GDP) and Gross Savings (GS, as percentage of GDP) are the four most
important determinants of GDP growth as suggested by the panel-data evidence. As possible economic
interpretations, we can say that these four variable greatly facilitate the financial foundations of the emerging
economies through facilitating risk amelioration, acquiring information about investment and allocating
resources, mobilizing savings, facilitating exchange, directing productive financial flow, and, assisting financial
openness. The evidence suggests that the empirical evidence must be acknowledged cautiously. The empirics
may help us uncover the microeconomic foundations of monetary transaction mechanisms in emerging
economies. It can also facilitate our understanding of the dependence of GDP growth on financial developments
in context of developing countries with significant market-economy potentials. It also emphasizes the role of
savings-investment channels within emerging economies.
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