This article examines whether financial sector development has ‘caused’ economic growth and investment in Ghana between 1970 and 2007. As a proxy for financial sector development we use credit to private sector as per cent of GDP, bank liquid reserve – asset ratio and liquid liability as a...

Previous research has established (i) that a country’s financial sector influence future economic growth and (ii) that stock market index returns affect future economic growth. We extend and tie together these two strands of the growth literature by analyzing the relationship between banking...

This paper analyzes the long run association between Pakistan’s exports and imports from 1972 to 2012. The results of both the Engle and Granger (1987) and Johansen (1991, 1995) cointegration reveal a long run relationship between the two variables. The error correction model results...

This paper analyzes the impact of international oil prices on Thailand’s industrial production using Johansen cointegration test. The results show that U.S. dollar real exchange rate does not affect the economy’s industrial production index, while oil prices, and real money supply...

G3 Recent pronouncements as financial crisis management solution for the activity have put into question the orthodox monetarist in implementing monetary policy. In this sense, the Central Bank could be a victim of its own success by the paradox of credibility. The theory of divine coincidence...

The inverted-U shaped relationship between environment and economic growth has been well established in the environmental Kuznets curve (EKC) literature for several local air pollutants, such as suspended particulate matter. Very few studies, however, tested the EKC relationship for biomass...

This paper investigates the impact of a Japanese fishery’s MSC certification on the related seafood markets. In September 2008, the Marine Stewardship Council (MSC) certified the Kyoto flat-head flounder Danish seine fishery (KDSFF) as the first sustainable fishery in Asia. Assuming the MSC...

Over the last years, microloans to small and medium-sized enterprises have grown in significance in many countries of Central and Eastern Europe. Empirical evidence on the economic and social impact of microfinance is, however, scant. In trying to shed more light on this important issue, this...

One of the challenges face a country or firm when deciding to lend a foreign country or firm is how to appraise the creditworthiness of that firm or country? It is experienced and commonly use of credit ratings established by Credit Rating Agencies (Moody’s, Standard and Poor’s and Pitch) as...

This study investigates the impact of foreign capital inflows and economic growth on stock market capitalization in Pakistan by using the annual time series data from the period of 1976 to 2011. The ARDL bound testing cointegration approach confirms the valid long run relationship between...