This paper investigates the linkage between natural resources and financial development by considering oil prices, economic growth and economic globalization as additional determinants in finance ...demand function for case of Pakistan over the period of 1972–2017. In doing so, we have applied long run covariability developed by Muller and Watson (2018) and robustness of empirical results is tested by applying cross-quantilogram introduced by Han et al. (2016). The empirical evidence reveals that natural resource abundance is positively correlated with financial development i.e. natural resources are blessing for financial development. Oil prices have positive effect on financial development. Economic growth has positive and significant impact on financial development. Contrarily, economic globalization hinders financial development. The empirical evidence indicates new insights for policy makers to use natural resources as economic tool to increases financial development for long run.
•The role of natural resources in finance-growth nexus is analyzed.•Annual data for Pakistan over the 1972–2017 period are used.•Natural resources are blessing for financial development.•Oil prices and economic growth have positive effect on financial development.•Economic globalization hinders financial development.
•Cointegration levels among life expectancy and its determinants have explored.•The structural breaks stemming in the data has been investigated with ARDL.•Economic growth is positively associated ...with life expectancy.•Energy consumption lowers life expectancy via environmental degradation.
This paper tends to investigate the linkage between economic growth and life expectancy by considering the potential role of financial development and energy consumption using data of Pakistan. Traditional as well as advanced unit root tests for observing the stationary properties of the variables were applied. For exploring the cointegration levels among life expectancy and its determinants, ARDL bounds testing technique in the existence of structural breaks which were stemming in the data has been investigated. The empirical results provide the confirmation for the presence of cointegration between the variables. Further, economic growth is positively associated with life expectancy. Financial development is revealing a negative effect on life expectancy in the scenario of Pakistan. Energy consumption lowers life expectancy via environmental degradation. Furthermore, this empirical analysis provides new insights to policymakers for using financial development and energy consumption as economic tools to improve life expectancy by directing energy and finance policies.
We hypothesize that natural resource revenues may deteriorate contract enforcement if political institutions are weak. As poor contract enforcement leads to low financial development, resource ...revenues may hinder financial development in countries with poor political institutions, but not in countries with comparatively better political institutions. We provide empirical support for this hypothesis based on within-country variation in our sample covering the period 1970–2005 and 133 countries. Our results are robust to the use of additional control variables, different samples, and alternative measures of financial development and political institutions.
The advent of digital technologies has revolutionized our society, rendering businesses more efficient across various sectors. While this digital integration has fostered new business models and ...propelled economic growth, it is crucial to reflect on its implications for society and the environment. With the urgency of climate change looming over us, organizations are compelled to prioritize sustainable computing technologies that minimize their carbon footprint. By nurturing an innovation culture with a sustainability focus, digital transformation can lead us toward a more sustainable and equitable future.
•We investigate the effect of income on residents’ WTP for environmental protection.•We use ordered Logit model and micro data from the Chinese General Social Survey.•We find that the WTP does not ...always rise with the increase in residents’ income.•The marginal WTP for environmental protection declines with the increase in income.•The residents in more polluted cities have higher WTP for environmental protection.
The majority of existing studies argue that rich people and the residents in high-income countries and regions have stronger willingness to pay (WTP) for environmental protection. Does such a rule hold true for China at the present stage? Previous studies pay little attention to this issue due to the lack of related data. Merging the micro data from the Chinese General Social Survey in 2010 (CGSS2010) with the macro data at the corresponding urban level of China, as well as two types of satellite monitoring data, this paper investigates the effect of income on residents’ WTP for environmental protection at both macro and micro perspectives based on the ordered Logit model. The results show that the rich do have stronger WTP for environmental protection. However, with the increase in residents’ income, the marginal WTP for environmental protection will decline, and a reversal occurs at the top income level. Therefore, the WTP does not always rise with the increase in income, and the middle-income class has the strongest WTP for environmental protection. Moreover, after controlling individual characteristics, residents’ WTP for environmental protection more depends on environmental pollution degree rather than urban average income level measured by both GDP per capita and the nighttime lights data from satellite monitoring. The residents in more polluted cities have stronger WTP for environmental protection. Therefore, it is not reasonable to improve people’s environmental preferences purely through economic development.
The role of financial development, natural resources and ecological efficiency has generated many attractive avenues for scholarly research, but only few studies have evaluated the coupling ...coordination degree of natural resources, financial development and ecological efficiency in China from regional perspective. Taking a natural and socio-economic dynamics into accounts, this study explores the coupling coordination degree of natural resources, financial development and ecological efficiency using the data of three Chinese regions i.e. Eastern, Central and Western region from 2006 to 2018. We employed entropy weight method and coupling coordination degree evaluation method for data analysis. The findings of the study show that the financial development of the central and western regions was higher than that of the eastern region. Secondly, although the eastern region lacks natural resources, but its resource utilization efficiency is high. In contrast, the central and western regions are rich in resources, but the utilization efficiency is low. It shows that the regions with relatively backward economic development are over-reliant on natural resources. Thirdly, the ecological efficiency in the central region is lower than that in the eastern region, but it is larger than that in the western region. Finally, the study concludes with some policy implications.
•Entropy weight method and coupling coordination method used.•Financial development of the eastern region is lower than other regions.•Resources utilization efficiency of the eastern region is high compared with other regions.•Ecological efficiency in the central region is lower than other regions.
Many historical processes exhibit recurrent patterns of change. Century-long periods of population expansion come before long periods of stagnation and decline; the dynamics of prices mirror ...population oscillations; and states go through strong expansionist phases followed by periods of state failure, endemic sociopolitical instability, and territorial loss. Peter Turchin and Sergey Nefedov explore the dynamics and causal connections between such demographic, economic, and political variables in agrarian societies and offer detailed explanations for these long-term oscillations--what the authors call secular cycles.
This paper examines the link between financial development and economic growth in Pakistan by considering important role of natural resources in production function for the period of 1972–2017. ...Capital and labour are additional contributing factors of economic growth. To determine the integrating properties of the variables, we apply SOR unit root test containing information for sharp and smooth structural breaks in the series. We also employ the bootstrapping ARDL bounds testing approach to examine the cointegration between the factors of production. The causal relationship between financial development, natural resources, capital, labour and economic growth is tested by applying the VECM Granger causality test in the presence of structural breaks.
The empirical findings indicate that financial development, natural resources, capital, labour and economic growth are cointegrated for long-run association. Additionally, financial development enhances domestic production as well as economic growth. Natural resources as blessings hypothesis is validated. Capital and labour also add to economic growth. The VECM Granger causality test results show the bidirectional causal relationship between financial development and economic growth. The feedback effect also exists between natural resources and economic growth. This paper helps policy makers in designing a comprehensive policy for strengthening finance-growth by using natural resources as an economic tool.
•The role of natural resources in finance-growth nexus is analyzed using bootstrap ARDL modelling.•Annual data for Pakistan over the 1972–2017 period are used.•Financial development, natural resources, capital, labour and economic growth are cointegrated for long-run association.•Financial development enhances domestic production in Pakistan.•The feedback also exists between natural resources and economic growth.
Focusing on Malaysia's shifting economic profile and position, this book offers new insights and perspectives to scholars and researchers on a range of new developments impacting on growth, such as ...the effects of the digital economy on job creation and the threats of environmental degradation and trade protectionism.
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