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Purpose - The paper investigates whether Granger causal relationships exist between bond market development, stock market development, economic growth and two other macroeconomic variables, namely, inflation rate and real interest rate. The study aims to expand the domain of economic growth by including a more in-depth analysis of the possible impact that bond market and stock market development has on economic growth than is normally found in the literature. Design/methodology/approach - This paper uses a panel data set of the G-20 countries for the period 1991-2016. It uses a panel vector auto-regression model to reveal the nature of any Granger causality among the five variables. Findings - The paper provides empirical insights that both bond market development and stock market development are cointegrated with economic growth, inflation rate and real interest rate. The most robust result from the panel Granger causality test is that bond market development, stock market development, inflation rate and real interest rate are demonstrable drivers of economic growth in the long run. Research limitations/implications - Because of the chosen research approach, the research results may lack theoretical foundations. Therefore, perhaps the more fully grounded interactive findings of this study can inspire theorists to fill the missing gap. Practical implications - This paper includes lessons for policymakers in the G-20 countries seeking to stimulate economic growth in the long run and how they need to ensure greater stability of the interest rate and inflation rate as well as fully developing their financial markets, as both bond markets and stock markets are obvious drivers of economic growth. Originality/value - This paper fulfills an identified need to study causal relationships between bond market development, stock market development, economic growth and two other macroeconomic variables, i.e. inflation rate and real interest rate.

This paper investigated the linkages between banking sector depth, trade openness, and economic growth using a panel data set covering the ASEAN regional forum countries for the period 1961â2012. Using our multivariate framework, we first found that all the variables were integrated of order one and were cointegrated. Our panel-data estimation procedures offered more robust estimates than previous studies by utilizing variations between countries as well as variations over time. The results of this study indicated a general long-run equilibrium relationship among trade openness, banking sector depth and economic growth as well as a short-run relationship between these variables. Policy recommendations include those that will promote greater banking sector development as well as increased trade openness. JEL classification: O16, O43, E44, E31, Keywords: Trade openness, Banking sector depth, Economic growth, Granger causality, ASEAN regional forum countries

Research Highlights • An assessment of institutional quality, innovation, and economic growth in developing countries. • Long-run causality from innovation and institutional quality to economic growth is present. • Short-run directions of causality are varied among variables of interest. • Innovation and institutional quality generally positively impact economic growth. Continuous innovation is the lifeblood of a competitive economy. Furthermore, and arguably, the existence of institutions of governance of quality can be a catalyst for emerging economies to transition up the universal innovation value chain. In this context, we investigate temporal causal interactions among institutional quality, innovation, and economic growth for developing countries (DCs) spanning the period of 2005–2020. Employing a vector error-correction model (VECM), we find that for each case and specification (49 instances), there is evidence of the long-run causality from institutional quality and innovation to economic growth. Stated another way, in the long run, institutional quality and innovation Granger-cause economic growth. However, the short-run causality results differ depending on the specific measures of innovation and institutional quality. The strongest short-run conclusion is support for the feedback hypothesis for economic growth and innovation where there is a strong endogenous relationship between innovation, institutional governance, and economic growth. The empirical analysis shows over 70% of our observations support that economic growth and innovation jointly determine each other in the short run. The results suggest that DCs should develop and pursue long-term growth strategies that simultaneously develop innovation and improve institutional governance. [ABSTRACT FROM AUTHOR]

This study examines key factors in the economic growth of middle-income countries over the period 1970–2017. The variables considered are ICT infrastructure development, taxation revenue, government expenditure, gross capital formation, foreign direct investment, and inflation. This study considers interlinkages between the macroeconomic variables noted above. The purpose of this study is to determine: (1) if there is causality between the variables and (2) the direction of any causality. Using a panel vector error-correction model, we find both short-run and long-run relationships between the variables. In each specification, we find that ICT infrastructure development, taxation revenue and the four macroeconomic variables all stimulate economic growth in the long run. This suggests that policymakers should curate an integrated and holistic policy framework pertaining to taxation, ICT infrastructure development and other macroeconomic policies to create a vibrant national economic ecosystem that would ensure the sustained economic growth of middle-income countries. [ABSTRACT FROM AUTHOR]

Background The Altmetric Attention Score (AAS) aims to determine the impact of research articles throughout the internet and social media outlets. The AAS is a weighted average of the interaction on platforms including Twitter, Facebook, Reddit, and more. Objectives The aim of this study was to investigate the relationship between the AAS and traditional bibliometrics across plastic surgery journals. Methods Articles, number of citations (NOC), and H-index information in Annals of Plastic Surgery (APS), Plastic and Reconstructive Surgery (PRS), Plastic and Reconstructive Surgery Global Open (PRS GO), and Aesthetic Surgery Journal (ASJ) from 2017, 2018, and 2019 were queried with the Scopus Online Tool. AAS metrics were collected with the Altmetric Score Calculator Bookmarklet. Descriptive statistics, Spearman rank-correlation analyses, and analyses of variance were performed to measure associations between NOC and AAS. Results A total of 3612 articles were analyzed. NOC was weakly correlated with AAS in APS , PRS GO , and ASJ , and moderately correlated with AAS in PRS. NOC was weakly correlated with Twitter mentions in APS , PRS GO , and ASJ, and moderately correlated in PRS. NOC was weakly correlated with news outlet reporting. The H-index of the first author showed more significant correlations with the AAS than the H-index of the last author. Conclusions NOC and H-index of the first author correlated with AAS in the plastic surgery literature, suggesting AAS may be a useful adjunct to traditional bibliometrics when evaluating the impact and reach of peer-reviewed articles. [ABSTRACT FROM AUTHOR]

This article postulates strong endogenous relationships in lower income countries between institutional quality, financial development and sustained economic growth. These associations were investigated using the vector‐error correction model (VECM) and Granger causality method for a sample of 79 countries from 2005 to 2022. The findings show that (1) these variables reinforce each other in the short run. (2) In the long run, both institutional quality and financial development can fuel economic growth. (3) The positive effect of institutional quality on economic growth is greater than that of financial development. Policy implications of these findings are that careful attention should be paid to co‐development policies to enhance the institutional quality and the financial system in these economies. Policies should also consider economic growth strategies to enable sustainable economic growth rates. [ABSTRACT FROM AUTHOR]