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Bilateral debt swap is an innovative global financing mechanism designed to support heavily indebted countries (HICs). It is a debt-restructuring process involving donor countries forgiving debt owed by HICs in exchange for commitments to undertake projects on environment and socio-economic development. It is a unique approach designed to help heavily indebted countries get back on their feet. Effective debt swap financing can lead to both economic growth and environment sustainability, but they are challenging to implement. This study examines the impact of bilateral debt swap financing on economic growth and environment sustainability. For the purpose, we have used debt swap index developed with Kaiser-Meyer-Olkin (KMO) methodology. KMO widely used approach of Principle Component Analysis (PCA) to solve the problem of "over-identification" and make strong correlation among endogenous variables of interest. In order to validate the nexus empirically between bilateral debt swap financing with economic growth and environment sustainability, we have employed the Two-Step System Generalized Method of Moments (SYS-GMM) approach in 25 countries for the period of 2002 to 2021. This modern econometric method addresses endogeneity issues and controls for unobserved heterogeneity in panel data. At the same time, the technique addresses the simultaneity problem, reverse causality, and remove selection bias. Findings of the study shows that effective bilateral debt swap financing can boost economic growth and environment sustainability by investing domestic resources for targeted activities along with reduced debt burden. Empirical results reveal that 1% change in debt swap financing can lead to a maximum of 0.23% growth in the economy and 0.28% improvement in environment sustainability. However, it is important to note that in most empirical specifications, results are inconclusive. One possible reason for this is often ineffective debt swap practices coupled with inadequate monitoring and evaluation in HICs. Policymakers should focus on enhancing debt swap policies to promote economic growth and environment sustainability., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The current study aims to investigate factors affecting life expectancy in Pakistan with a special focus on environmental degradation measured by carbon emissions (CO 2 emissions) on life expectancy from 1975 to 2020. The unit root test results show mixed order integration in the series. The bound F-test and Johansen cointegration test confirm the long-run association between the variables. The long-run estimates of autoregressive distributive lag (ARDL) reveal that CO 2 emissions, inflation rate, food production index, and death rate have negative effects on the life expectancy, implying that life expectancy shorten when CO 2 increases, while per capita income, urbanization, population growth, birth rate, health expenditure, and education have positive effects on life expectancy, indicating that these factors prolong life expectancy. Moreover, the short-run estimates of ARDL reveal that food production index, urbanization, birth rate, infant mortality rate, and education have positive effects on the life expectancy, while inflation, per capita income, population growth rate, death rate, health expenditure, and CO 2 emissions have negative effects on the life expectancy. The findings of the study suggest that the management authorities need to regulate carbon emissions in order to prolong life expectancy which is a key determinant of the economic growth., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This study examines the impact of energy consumption, urbanization, and globalization on environmental degradation proxied by carbon emissions (CO 2 ) in the South Asian Association for Regional Cooperation (SAARC) countries, namely Sri Lanka, Pakistan, Maldives, Nepal, Bhutan, Bangladesh, and India using data over the period 1990-2018. The cross-sectional autoregressive distributed lag (CS-ARDL), pooled mean group (PMG), and Dumitrescu and Hurlin (D-H) Granger causality techniques are employed for the empirical analysis. First and second-generation panel unit root tests are used to determine the stationary level of all data series which reveals mixed order of integration. The empirical findings show that urbanization, gross domestic product (GDP) per capita income, energy consumption, industrial growth, globalization, and financial development cause CO 2 emissions, while the other variables, namely arable land and innovation, put negative effects on CO 2 emissions. Moreover, the D-H heterogeneous test results exhibit that bi-directional relationship exists between CO 2 and arable land, urbanization, industrial growth, and financial development, while a unidirectional causality exists between CO 2 emissions and GDP per head income. These findings suggest that planned urbanization, investment in renewable energy sources, and effective strategies regarding the economic and financial integration with the global economies are required for a clean and green environment., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The issue of examining the stationarity of per capita energy consumption (PCEC) series is central in energy literature. Most of the existing studies examine this issue by employing unit root tests based on the time domain only providing a partial picture of the problem at hand due to not including the information related to the frequency domain. In contrast to existing studies, the present study uses a recently projected wavelet-based unit root testing scheme-Fourier wavelet KSS (FWKSS) introduced by Aydin and Pata. Energy 207:118245 (2020) which has several advantages over the existing wavelet unit root tests such as the ones proposed by Fan and Gençay (2010). Specifically, the FWKSS takes care of any possible smooth structural break in the data series under examination. This study re-examines the stationarity of PCEC across the globe covering for the first time a total of 133 countries and including all income groups constituting 49 high-, 76 middle- and 8 low-income countries. The selection of countries is made based on the availability of at least 25 years of annual time series data. The empirical results based on latest available data reveal that among 133 chosen countries, 67 countries are found to have non-stationary PCEC including 20 high-, 43 middle- and 4 low-income countries while the remaining 66 countries are found to have stationary PCEC including 29 high-, 33 middle- and 4 low-income countries. PCEC is found to be stationary in 79 of them including 35 high-, 40 middle- and 4 low-income countries. Some relevant policy implications are discussed as well., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The motivation for the current study stem from the United Nations Sustainable Development Goals (UN-SDGs) such as access to clean (SDG-7) and responsible energy consumption (SDG-12) and climate change mitigation (SDG-12). This chase for these goals is pertinent for sustainable economic growth and environmental sustainability. This becomes necessary given the global demand for energy which comes has it environmental consequences given anthropogenic effect. To this end, the present study seeks to identify the factors determining the energy consumption function for 79 economies across the globe. For empirical investigation, 44 years data of five regions, namely Asia and Pacific, Europe, Africa, Latin America, and the Middle East and Arab States, is analyzed. A multivariate regression model and the method of least squares are employed to achieve set of objectives. The least squares result of the regions and single country of the regions are not significantly different from each other. Every region exhibits a common narrative that economic growth, carbon emissions, and urbanization are the key factors determining the consumption function in most of the sample economies. The empirical findings revealed that energy consumption function is determined by economic growth, urbanization, and carbon emissions. In the light of these findings, it is recommended that energy policy needs to be designed considering the significance of economic growth and environmental quality, and consequently it leads toward the achievement of the sustainable development goals., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Environmental degradation has been a major concern for nations globally in recent years as carbon emissions have increased. Environmental degradation, if not controlled, is one of the dangers faced by humankind, and achieving sustainable development goals is not possible without improving environmental quality. Thus, reliable carbon emission measurement plays an important role in developing an effective climate strategy to address the current environmental issues. Following the trade-adjusted carbon emission measure, an effective climate strategy can be formulated especially following the 17 United Nation Sustainable Development Goals that are intended to lead to improvements toward a sustainable future. To fill the gap in the literature, we empirically explore the interrelationship between foreign capital flows and environmental quality measured by trade-adjusted consumption-based carbon dioxide (CCO 2 ) emissions for a panel of 125 countries in 1990-2018 by revisiting the pollution haven hypothesis (PHH). The results obtained using system GMM analysis show that FDI has a significantly positive link with CCO 2 in Asia and Africa, but the links between these two variables are insignificant in the Latin American, Caribbean, and European regions. In the cases of the full-sample and developing countries, a significantly positive relationship is found between FDI and CCO 2 . In the case of income-based samples, results reveal that FDI is the cause of environmental degradation in low-income, lower-middle-income, and upper-middle-income countries. These findings suggest that developing countries should adopt environmentally friendly policies to attract foreign investors by setting strict regulations on environmental pollution control to achieve sustainable development goals (SDGs)., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The broad purpose of this study is to empirically explore the impact of globalization and financial development on environmental pollution by carbon (CO 2 ) emissions in the six Middle East and North Africa (MENA) countries using balanced panel data from 1971 to 2015. We also aimed to test the legitimacy of the environmental Kuznets curve (EKC) hypothesis for this region. The fixed-effects approach preferred by the Hausman specification test is used to estimate the empirical model, and the feasible generalized least squares (F.G.L.S.) estimator is employed to cope with any issue of heteroscedasticity and serial correlation. This study found that globalization and financial development have adverse and significant effects on environmental degradation and affirm the legitimacy of the EKC hypothesis for these countries. The finding of this study suggests that the governments of MENA countries should design and implement appropriate policies for strengthening the renewable sources of energy like wind, solar, bio-fuel, and thermal to decrease CO 2 emissions and boost sustainable economic development. The policymakers should focus on the efficiency of institutions and enhancement of energy-saving projects in this region.

This study empirically evaluates the impact of energy, environmental pollution, human capital, financial development, and physical capital on economic growth in countries like Brazil, India, China, and South Africa (BRICS-4) from 1981 to 2015. Relevant diagnostic tests, the Panel Fully Modified Ordinary Least Squares (F.M.O.L.S.), Robust Least Squares (R.L.S.) methods, and the Dumitrescu-Hurlin Panel causality test are implemented for empirical investigation. The key outcomes from the F.M.O.L.S. and R.L.S. methods indicate that energy consumption, physical capital, human capital, and financial development contribute to economic growth, while environmental pollution attenuates economic growth. Moreover, the Dumitrescu-Hurlin Panel causality test results reveal about the bidirectional and unidirectional causality between energy consumption, environmental pollution, investment, human capital, and financial sector expansion and growth. Thus, based on the findings, this study recommend that the BRICS countries' policy makers need to formulate public policy to ensure adequate energy supply, enhance foreign investments, improve health sector, develop financial sector, and regulate environmental pollution to achieve sustainable development.

The role of energy cannot be passed over in the process of economic growth and development in any economy. China consumes colossal quantity of energy; thus, the central objectives of this study is to empirically evaluate the linkages among energy use, environment by CO 2 emissions, human health by health expenditures, Foreign Direct Investment (FDI) inflows, and real GDP per capita used for economic growth over the period of 1995-2016 for China. The nature of the data directed to employ the Canonical cointegrating regression (CCR) method for unknown parameter estimation. Four equations have estimated namely for FDI, health, environment, and economic growth. The result for China during the period under the study reveals that energy consumption has significant positive impact on FDI, health, environment, and economic growth. The study results suggest that policy makers need to chalk out effective policy for effective utilization of energy so as to encourage permissible economic growth and development in China.

This study examines the impact of economic growth, corruption, health, and poverty on environmental degradation for three countries from ASEAN, namely Indonesia, Malaysia, and Thailand using annual data over the period of 1994-2014. The relationship between environmental degradation (pollution) by carbon dioxide (CO 2 ) emissions and economic growth is examined along with some other variables, namely health expenditure, poverty, agriculture value added growth, industrial value added growth, and corruption. The ordinary least squares (OLS) method is applied as an analytical technique for parameter estimation. The empirical results reveal that almost all variables are statistically significant at the 5% level of significance, whereby test rejects the null hypotheses of non-cointegration, indicating that all variables play an important role in affecting the environment across countries. Empirical results also indicate that economic growth has significant positive impact, while health expenditures show significantly negative impact on the environment. Corruption has significant positive effect on environment in the case of Malaysia; while in the case of Indonesia and Thailand, it has insignificant results. However, for the individual analysis across countries, the regression estimate suggests that economic growth has a significant positive relationship with environment for Indonesia, while it is found insignificantly negative and positive in the case of Malaysia and Thailand, respectively, during the period under the study. Empirical findings of the study suggest that policy-makers require to make technological-friendly environment sequentially to surmount unregulated pollution, steady population transfers from rural areas to urban areas are also important, and poverty alleviation and better health provision can also help to improve the environment.

The current study investigates the dynamic relationship between structural changes, real GDP per capita, energy consumption, trade openness, population density, and carbon dioxide (CO 2 ) emissions within the EKC framework over a period 1971-2013. The study used the autoregressive distributed lagged (ARDL) approach to investigate the long-run relationship between the selected variables. The study also employed the dynamic ordinary least squared (DOLS) technique to obtain the robust long-run estimates. Moreover, the causal relationship between the variables is explored using the VECM Granger causality test. Empirical results reveal a negative relationship between structural change and CO 2 emissions in the long run. The results indicate a positive relationship between energy consumption, trade openness, and CO 2 emissions. The study applied the turning point formula of Itkonen (2012) rather than the conventional formula of the turning point. The empirical estimates of the study do not support the presence of the EKC relationship between income and CO 2 emissions. The Granger causality test indicates the presence of long-run bidirectional causality between energy consumption, structural change, and CO 2 emissions in the long run. Economic growth, openness to trade, and population density unidirectionally cause CO 2 emissions. These results suggest that the government should focus more on information-based services rather than energy-intensive manufacturing activities. The feedback relationship between energy consumption and CO 2 emissions suggests that there is an ominous need to refurbish the energy-related policy reforms to ensure the installations of some energy-efficient modern technologies.

Environmental quality indicators are crucial for responsive and cost-effective policies. The objective of the study is to examine the relationship between environmental quality indicators and financial development in Malaysia. For this purpose, the number of environmental quality indicators has been used, i.e., air pollution measured by carbon dioxide emissions, population density per square kilometer of land area, agricultural production measured by cereal production and livestock production, and energy resources considered by energy use and fossil fuel energy consumption, which placed an impact on the financial development of the country. The study used four main financial indicators, i.e., broad money supply (M2), domestic credit provided by the financial sector (DCFS), domestic credit to the private sector (DCPC), and inflation (CPI), which each financial indicator separately estimated with the environmental quality indicators, over a period of 1975-2013. The study used the generalized method of moments (GMM) technique to minimize the simultaneity from the model. The results show that carbon dioxide emissions exert the positive correlation with the M2, DCFC, and DCPC, while there is a negative correlation with the CPI. However, these results have been evaporated from the GMM estimates, where carbon emissions have no significant relationship with any of the four financial indicators in Malaysia. The GMM results show that population density has a negative relationship with the all four financial indicators; however, in case of M2, this relationship is insignificant to explain their result. Cereal production has a positive relationship with the DCPC, while there is a negative relationship with the CPI. Livestock production exerts the positive relationship with the all four financial indicators; however, this relationship with the CPI has a more elastic relationship, while the remaining relationship is less elastic with the three financial indicators in a country. Energy resources comprise energy use and fossil fuel energy consumption, both have distinct results with the financial indicators, as energy demand have a positive and significant relationship with the DCFC, DCPC, and CPI, while fossil fuel energy consumption have a negative relationship with these three financial indicators. The results of the study are of value to both environmentalists and policy makers.

Purpose: This study aims to test the Malthusian and Kremer theories by exploring the relationship between population and economic growth in a low middle-income economy of India. Design/methodology/approach: The autoregressive distributed lag approach is employed based on the nature of time-series data to achieve the study objectives. In this study, regressand is economic growth measured by real GDP, and the regressors are population growth rate, investment, life expectancy and inflation rate from 1980 to 2018. Findings: Empirical results confirm the applicability of Kremer's theory. In this theory, population growth has a significant and positive impact on economic growth in the short and long run. Moreover, investment and life expectancy variables have a positive and significant impact on economic growth, whereas inflation rate has a negative association with economic growth. Empirical results support the population-growth-driven economic growth hypothesis, which indicates that population growth stimulates economic growth and development. Practical implications: Empirical findings in this study provide guides for management authorities in formulating the right and relatable policies on population growth whilst promoting economic growth and social welfare. Originality/value: Achieving a desirable level of economic growth is the prime objective of every country. The role of the population in the process of economic growth and development cannot be overlooked. Malthus' and Kremer's views are opposite. Extant literature exhibits that scant research has been carried out on this significant topic in developing countries. Therefore, empirically investigating the effect of population on the growth performance of India as a developing country is necessary and will significantly contribute to the literature. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-08-2019-0496 [ABSTRACT FROM AUTHOR]

The broad objective of this study is to evaluate the effects of inequality and other explanatory variables, including inflation, foreign direct investment, human capital, and migrant workers' remittances, on economic growth using a panel of 13 Asia and the Pacific countries between 1996 and 2008. According to the results of the Hausman test, the random-effects model was preferred over the fixed-effects model in most of the equations. Empirical results reveal the significantly negative effect of inequality on economic growth. The empirical findings also suggest that the mitigation of inequality is indispensable for achieving inclusive development in the true sense. For this purpose, however, the implementation of fiscal policy option is a necessity, whereas persistent food security through agribusiness also should not be overlooked to achieve lower levels of inequality and enhance inclusive growth and development in the region. [ABSTRACT FROM AUTHOR]

An increasing number of studies reveal that tourism industry makes a substantial contribution towards socioeconomic growth and development of tourism led economies. However, tourism steered economic growth and development is achieved at the cost of environmental pollution and degradation. The main objective of this study is to examine the effect of tourists’ arrivals on environmental pollution caused by Carbon Dioxide emissions in Malaysia, Thailand and Singapore over the period of 1990–2014. Some other regressors namely energy consumption and income are also used in the multivariate model. The Zivot–Andrews test is employed to determine unit-root and presence of structural break in the data. Fully Modified Ordinary Least Squares estimator is used as an analytical technique for unknown parameters estimation. The empirical results reveal that tourism has a significant positive effect on environmental pollution in Malaysia. However, an inverse relationship between tourism and environmental pollution is observed in Thailand and Singapore. Empirical findings suggest that sustainable economic growth and development should be ensured by implementing prudent public policy where host governments must strive to promote socially and environmentally responsible tourism industries in their respective countries. [ABSTRACT FROM AUTHOR]

This article empirically explores the effect of military spending on external debt, using a sample of ten Asian countries over the years from 1990 to 2011. The Hausman's test suggests that the random-effects model is preferable; however, both random-effects and fixed-effects models are used in this research. The empirical results show that the effect of military spending on external debt is positive, while the effects of foreign exchange reserves and of economic growth on external debt are negative. For developing countries caught in security dilemma, military expenditure often requires an increase in external debt, which may affect economic development negatively. [ABSTRACT FROM AUTHOR]

The objective of the study is to empirically examine the effects of urbanization, energy consumption, and per capita GDP on CO2 emissions for all member countries from BRICS. Panel data over the period 1990-2014 and the STRIPAT model are used. After panel unit root tests, the method of fully modified Ordinary Least Squares (FMOLS) is applied as an analytical technique. Empirical results reveal that urbanization has a positive and significant relationship with CO2 emissions in all BRICS countries with the exception of Russia. Results also show that GDP per capita in cases of Brazil, Russia, and South Africa will help to mitigate CO2 emissions, while the results are opposite in the cases of India and China. Likewise, energy consumption is positively and significantly causing CO2 emissions in cases of Brazil, India, and China, whereas, it is helping to reduce CO2 emission in Russia, while energy consumption has no impact in the case of South Africa. The findings of the study suggest important policy implications. This study recommends introducing less pollution emission of transport, and constructing long-term and effective system in renewable energy development in order to mitigate side effects of urbanization on the environment. © 2016 American Institute of Chemical Engineers Environ Prog, 36: 523-531, 2017 [ABSTRACT FROM AUTHOR]

This study aims to investigate the causal nexus between energy consumption and economic growth for 119 countries from all over the world having at-least 30 years of available data on candidate variables, including 30 high income OECD, 13 high income non-OECD, 65 middle income and 11 low income countries. The study employs Granger-causality in the frequency domain context for empirical analysis, which allows one to examine the causal nexus over different frequencies and thus provides relatively a better picture of the causal nexus between the candidate variables. In particular, we examine the temporary (short-run) as well as at permanent (long-run) causal nexus between energy consumption and economic growth. The empirical results suggest that 18 countries (including 5 high income OECD, 2 high income Non-OECD, 10 middle income and 1 low income) confirm the existence of feedback hypothesis, 25 countries (including 4 high income OECD, 3 high income non-OECD, 14 middle income and 4 low income) confirm growth hypothesis out of total 119 countries. Similarly, 40 countries (including 6 high income OECD, 6 high income non-OECD, 27 middle income and 1 low income) suggest conservation hypothesis, while, 36 countries (comprising of 15 high income OECD, 2 high income non-OECD, 14 middle income and 5 low income) hold neutrality hypothesis between energy consumption and economic growth out of 119 countries. The findings of the study suggest that an appropriate and effective public policy is required for all sample countries both in the short and long-term, while considering sustainable economic growth and development. [ABSTRACT FROM AUTHOR]

The main purpose of this work is to analyze the impact of environmental degradation proxied by CO emissions per capita along with some other explanatory variables namely energy use, trade, and human capital on economic growth in selected higher CO emissions economies namely China, the USA, India, and Japan. For empirical analysis, annual data over the period spanning between 1971 and 2013 are used. After using relevant and suitable tests for checking data properties, the panel fully modified ordinary least squares (FMOLS) method is employed as an analytical technique for parameter estimation. The panel group FMOLS results reveal that almost all variables are statistically significant, whereby test rejects the null hypotheses of non cointegration, demonstrating that all variables play an important role in affecting the economic growth role across countries. Where two regressors namely CO emissions and energy use show significantly negative impacts on economic growth, for trade and human capital, they tend to show the significantly positive impact on economic growth. However, for the individual analysis across countries, the panel estimate suggests that CO emissions have a significant positive relationship with economic growth for China, Japan, and the USA, while it is found significantly negative in case of India. The empirical findings of the study suggest that appropriate and prudent policies are required in order to control pollution emerging from areas other than liquefied fuel consumption. The ultimate impact of shrinking pollution will help in supporting sustainable economic growth and maturation as well as largely improve society welfare. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine the macroeconomic impact of migrant workers’ remittances on economic growth in four developing Asian countries namely: Bangladesh, India, Pakistan and Sri Lanka. Design/methodology/approach – This study utilizes annual time series data over the period 1976-2012 and the ordinary least squares as an analytical technique for parameters estimation. Findings – Empirical results support the existence of a significant positive relationship between migrant workers remittances and economic growth. The other control variables such as foreign direct investment, openness to trade and infrastructure are also found to be statistically significant with expected signs. Practical implications – The findings of this study are expected to guide policy makers in formulating the right and relevant policies through which migrant workers’ remittances can be made more productive and its benefits for both migrants and the country of origin are maximized. Consequently, it will foster economic growth and development. Originality/value – This paper provides some valuable evidences on the significance of migrant workers remittances as a source of economic growth. Moreover, the study differs from the erstwhile studies in terms of control variables, time period and method of estimation. Finally, the empirical results established are relatively robust. [ABSTRACT FROM AUTHOR]

The objective of this study is to examine the causal relationship between energy consumption and economic growth for ASEAN-5 countries which includes Indonesia, Malaysia, Thailand, Singapore, and the Philippines. For empirical examination annual time series data in the period of 1980–2012 are used. The results of Johansen co-integration test reveal that there exists one co-integrating relationship among the variables in case of Indonesia, Malaysia, the Philippines and Singapore. The results uncover the existence of two co-integrating associations among the variables for Thailand. The Granger causality test suggests that there is no unilateral causality for Indonesia as in all the three cases. In case of Malaysia the economic growth caused energy consumption, however, no evidence is found for causality either from exports or from gross fixed capital formation to energy consumption. While, in the cases of Thailand and the Philippines the direction of causality runs from gross fixed capital formation to energy consumption. For Singapore, energy consumption runs from two sides i.e. one from exports side and the other from gross fixed capital formation side. The findings exhibit that energy consumption has significant and long run relationship to economic growth for almost all ASEAN-5 countries. The findings suggest that policy makers need to formulate policies conducive to the energy development which will consequently accelerate sustainable economic growth in ASEAN countries. Energy development should be based on the existing condition of each country. A comprehensive investment framework for renewable energy should also be developed besides maintaining adequate energy inventory. The ASEAN countries should strengthen their institutions and capacity as well as cooperation in energy management and development. [ABSTRACT FROM AUTHOR]

The aim of this study is to verify empirically the impact of various factors on energy consumption in three ASEAN countries namely Indonesia, Malaysia and Thailand over the period 1980 to 2012. After using sundry appropriate diagnostic tests for checking time series data, the method of least square as an analytical technique is used for parameters estimation. The findings validate that FDI inflows, economic growth, trade openness and human development index have positive and statistically significant impacts on energy consumption. The other variable urbanization has positive and statistically significant impacts on energy consumption for Thailand and Indonesia only. While, the empirical results reveals that population growth rate has a positive and statistically significant relationship with energy consumption only in the case of Malaysia. So, in the light of determinations of the study, the policy implication is that energy policy needs to be orientated in favor of expanding the supply of energy to reach an enhanced degree of sustainable economic growth and development. [ABSTRACT FROM AUTHOR]

Abstract Purpose -- The purpose of this paper is to validate the Endogenous Growth Model by examining the impacts of Human Capital (HK) and Foreign Direct Investment (FDI) on economic growth in ten countries from Commonwealth of Independent States (CIS). Design/methodology/approach -- For empirical investigation, a linear regression model based on growth theory and panel data set covering the time-period from 1993 to 2011 are used. Fixed and random effects models are applied. On the basis of the Hausman test, the fixed effects model has been preferred over the random effects model. Findings -- The results support the hypothesis of the study by confirming that HK development is critical for economic growth. Similarly, FDI has been found to have a facilitating role in promoting growth in the former Soviet Republics now comprising Central Asian independent economies. This is despite of the fact that there are country-specific differences across CIS. Practical implications -- The findings suggest that investment climate in the host countries must be enriched through suitable policies. Improved domestic conditions not only enhance the performance of multinational corporations but also allow host economies to reap greater benefits of FDI inflows. Moreover, the findings demonstrate that investment in both education and health are indispensable. Therefore, improved levels of education and health should be the primary objective running concurrently with other factors in order to stimulate economic growth. Originality/value -- The choice of CIS has been made because very little research has been found for the region particularly in the area of economic growth despite strong evidence of commonality in terms of landlocked geographical layout and economic and political structures of these economies. The region has gained importance gradually after independence of these states; and it has started to attract foreign funds in the shape of FDI only recently. Thus, there is a need to evaluate the future prospects pertaining to the importance of FDI and HK on growth performance of these economies and will insistently contribute to the literature. [ABSTRACT FROM AUTHOR]

Even after more than sixty years of foreign aid flows of US$ 88325 million from various countries aimed to boost economic growth, still every third Pakistani lives below the poverty line. This study used the Error Correction Model (ECM) to revisit whether foreign aid contributed to economic growth in Pakistan over the period 1972 through 2012. Empirical results support the existence of a significant negative relationship between foreign aid and economic growth. The study makes a valuable addition to the body of literature on the impact of foreign aid on economic growth. The results are expected to guide policymakers with regards to the impact of foreign aid flows on Pakistan economic growth and development. [ABSTRACT FROM AUTHOR]

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A close positive relationship between expansion in exports of a country and economic development has been observed by a good number of researchers theoretically as well empirically. The aim of this research is to investigate empirically the impacts of exports and foreign direct investment (hereafter FDI) on economic growth in Pakistan. Empirical results show positive significant impacts of exports and FDI on economic growth. Thus, findings of this study suggest that policy makers need to generate appropriate policy in order to increase the volume of exports and augment FDI inflows. [ABSTRACT FROM AUTHOR]

The objectives of this paper are to critically evaluate causality, vulnerability to innovation of consumption, income and economic growth. In methodological terms the paper uses annual data for the period 1960-2005, taken from Economic Survey of Pakistan (various issues) and International Financial Statistics (2005). Vector Autoregressive (VAR) model with impulse response function (IRF), error variance decomposition and Granger Causality test is used for the analysis. The study showed that any innovation of one standard deviation took seven years for economic growth and more than ten years for consumption and income. The variation in consumption is mostly explained in their own. The variation in income is mostly explained by consumption. The variation in economic growth is slightly explained by consumption and income. Bilateral causality is not found, and mostly independent type relationships are detected. Based on the finding of the study, it is recommended to harmonize fiscal policies with monetary policy. The gap between policy formation and its implementation specifically in monetary policy required to reduce. Through fiscal policies the government can easily enhance income, consumption level, productive capacity of the economy, employment opportunities and reduce poverty level. But at the same time effective managing of monetary and fiscal policies are needed to accommodate the enhanced consumption from indigenous production rather than concentrating on import. [ABSTRACT FROM AUTHOR]