In this paper, we analyze the impacts of financial innovation and financial deepening on the economic growth of 14 sub-Saharan African (SSA) countries from 1995 to 2023. The autoregressive distributed lag (ARDL) approach and error correction model (ECM) were used to assess short- and long-run...

This paper examines how financial development shapes total factor energy efficiency (TFEE) across the European Union (EU-27) and Western Balkans (WB-6) via a two-stage methodology. We develop DEA-based TFEE indicators from 2006 to 2021 via a window approach that reflects short- and medium-term...

In recent years, digital trade integration has emerged as a potentially important factor influencing the global green transition through the cross-border diffusion of renewable technologies and smart energy systems. Nevertheless, its usefulness in expediting the adoption of renewable energy is...

This study examines the role of financial infrastructure in shaping child health outcomes in rural India, with a particular focus on whether access to rural banking mitigates the adverse effects of agricultural income shocks. Using data from the National Family and Health Surveys (NFHS), I...

This paper develops a functional and historical appraisal of finance. We start by proposing a taxonomy of three core, theory-driven functions of the financial system - intermediation, entrepreneurial, and accumulative - that coevolve throughout the history of capitalism. We build an empirical...

In recent years, digital trade integration has emerged as a potentially important factor influencing the global green transition through the cross-border diffusion of renewable technologies and smart energy systems. Nevertheless, its usefulness in expediting the adoption of renewable energy is...

This study examines the relationship between green finance and environmental sustainability in Nepal from 1990 to 2023. Constructing the index for financial development by using Principal Component Analysis (PCA), the relationship is explored using Auto-Regressive Distributed Lag (ARDL) followed...

Firms differ in the extent to which they get access to formal and informal credit sources in developing economies. In developing economies, banks ration credit due to higher perceived borrower risk, information asymmetry, lack of collateral, and market inefficiencies. Due to financial...

The global transition toward renewable energy is vital for achieving climate goals and strengthening energy security. The primary objective of the study is to examine the impact of different stances of monetary policy, namely price-based, quantity-based, and outcome-based monetary policy, on...

Partial dollarization is a significant phenomenon in the banking sectors of many developing countries, yet evidence on its spread through bank branch networks remains scarce. This paper investigates interregional capital flows within Cambodia's banking system, characterized by the coexistence of...

This paper develops a functional and historical appraisal of finance. We start by proposing a taxonomy of three core, theory-driven functions of the financial system - intermediation, entrepreneurial, and accumulative - that coevolve throughout the history of capitalism. We build an empirical...

In the early 1980s, Turkey took steps towards financial liberalization. Accordingly, policymakers have implemented policies for the development of the financial system. Since then, developments in the banking sector have driven economic growth and met the private sector's demand for funds. The...

This study rigorously examines the causality between banking development, economic growth, and income inequality using annual panel data for 13 Central Eastern European transition economies from 2000 to 2020. The Granger non-causality test of heterogeneous panels based on the Toda and Yamamoto...

The urgent need to address climate change has placed environmental degradation and sustainable development at the centre of policy discussions. This highlights the importance of examining how the financial system directs funds toward green investments or emission-intensive industries. Expanding...

The goal of this study is to look into the dynamic relationship between stock prices, foreign portfolio investment, and financial development in the South African economy. Federal Reserve Economic Data (FRED) provided quarterly time series data from 1960 (Q1) to 2024 (Q2). This study uses a...

The main objective of this study is to examine the relationship between globalization, financial development, human development and economic growth. The financial dimension of globalization, which is a multi-dimensional concept, is focused on, and the impact of financial globalization is...

This study explores the influence of foreign direct investment (FDI) on export growth in Ghana. We use the Zivot and Andrews unit root test on Ghanaian time-series data from 1990 to 2021 to examine the order of integration. In addition, we utilise the Johansen and Gregory and Hansen...

This study investigates factors shaping FDI inflows in the MENA region from 1996 to 2021, employing static and dynamic panel data models. A composite institutional quality index, created via Principal Component Analysis, reveals a positive long-term effect on FDI. However, voice and...

In Latin America, over 50% of the population has relied on loans from family members or friends, reflecting the importance of trust-based networks in response to financial exclusion. This study examines how distrust in the formal financial system influences the use of informal borrowing. Using...

This study investigates the impacts of financial inclusion, development, and technological innovation on ESG readiness across low-income, lower-middle-income, and upper-middle-income countries from 2004 to 2020. Grounded in an augmented environmental Kuznets curve framework, financial...