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Many articles examine the effect of institutions and education on economic growth in growth models or empirical settings. However, the opposite effect of economic development on institutions and education is less researched. Systematic evidence is scarce when looking at the interplay of education and institutions. Most of the literature focuses on post‐war evidence starting in the 1960s only. However, institutions and education, both, only change slowly over time and, thus, should be analysed over a longer period. In this article, we try to close a gap by examining the relationship between all three variables over 138 years. By estimating a vector error correction model for a sample of 20 Organisation for Economic Co‐operation and Development (OECD) countries, we are additionally able to differentiate between short‐ and long‐run results. We find positive effects of institutions and education on growth and vice versa. In contrast, institutions and education do not significantly affect each other. Our results are robust to several robustness tests and extensions. [ABSTRACT FROM AUTHOR]

Contemporary societies have challenges in achieving sustainable development, while African economies remain quite distant from this ideal course for sustainable growth. Likewise, official statistics in South Africa show a wide gap between male and female involvement in economic activities. Given this, the study investigates the connection between three dimensions of sustainable development and female advancement in South Africa using auto-regressive disturbed lags (ARDL), Structural Vector autoregressive (SVAR) and Ganger non-causality approach. The three dimensions of sustainable development considered in this study are economic, environmental and social, proxies by adjusted net national savings, carbon emissions and adjusted net national income per capita, respectively. The female advancement indicators are proxies by employment, wages and salaries, and secondary school enrolment. The result from the ARDL shows that female advancement indicators promote short (SR) and long-run (LR) economic sustainability. Also, female wages and salaries have a positive relationship with carbon emissions in the SR but not significantly in the LR. At the same time, female employment and secondary school enrolment have a positive relationship with carbon emissions in the SR but are negative in the LR. The primary causes affecting long-term environmental sustainability are GDP per capita, financial development, population density, trade openness and urbanisation. Also, female advancement indicators promote social sustainability, especially employment, wages and salaries. More so, the SVAR results show that the forecasting error shock of GDP has minimal effect on carbon emission with notable variation in the population density. The causality result shows a unidirectional relationship between economic sustainability and female secondary school enrolment, environmental sustainability and female secondary school enrolment, and social sustainability and female secondary school enrolment, all flowing to female secondary school enrolment. Based on the findings, the study recommended improving female educational standards and increasing involvement in economic participation.

Whether in developed or developing countries, the construction industry had a vital part to play concerning the GDP throughout the ages. The increasing inflation since the pandemic affected numerous main sectors, no doubt construction industry is not different and has not been immune to. The presence of inflation and resultant interest rate influence the growth of the economic sector. There have been no reported studies to evaluate the impact on construction industry, nor a comparative analysis at continental level for selective countries. The study designed to explore the long-run (LR) and causality (CA) of the inflation and interest rate on the GDP and the construction sector depending on the four selected variables and models from 1991 to 2022 on nine selected countries from Americas, Asia and Europe that are facing ever-rising inflation in most recent years. Data of the study have been collated from official databases, where the sources are introduced. The research concluded that the interest rate and inflation have positive bidirectional long run estimates in seven countries which that impact negatively on the economic growth. However, it is also found that the impact of inflation and interest rate on the GDP and the construction sector differs from country to country. It is shown that the high inflation and interest rate issue can also pushes GDP upwards, not necessarily on real value.

We use novel, large-scale data on 17.5 million Americans to study how a policy-driven increase in economic resources affects children's long-term outcomes. Using the 2000 Census and 2001–13 American Community Survey linked to the Social Security Administration's NUMIDENT, we leverage the county-level rollout of the Food Stamps program between 1961 and 1975. We find that children with access to greater economic resources before age five have better outcomes as adults. The treatment-on-the-treated effects show a 6% of a standard deviation improvement in human capital, 3% of a standard deviation increase in economic self-sufficiency, 8% of a standard deviation increase in the quality of neighbourhood of residence, a 1.2-year increase in life expectancy, and a 0.5 percentage-point decrease in likelihood of being incarcerated. These estimates suggest that Food Stamps' transfer of resources to families is a highly cost-effective investment in young children, yielding a marginal value of public funds of approximately sixty-two. [ABSTRACT FROM AUTHOR]

Along with the rapid growth of technology, payment instruments are also changing. Electronic money is slowly but surely replacing the role of paper money and coins. The emergence of electronic money can provide convenience for consumers, it can lead to an increase in the demand for goods and services that ultimately leads to demand-pull inflation.The purpose of this study is to determine the impact of electronic money transactions (both in natural and in value terms) on inflation growth. By using the Chow Breakpoint Test, Difference-in-Differences and Propensity Score Matching shows that the inflation trend has tended to decline since the Bank of Indonesia launched its national non-cash campaign.By using the ordinary least squares (OLS) method was revealed that an increase in the volume of electronic money transactions in the long-term may affect a decrease in inflation, but not in the short-term. The rate of interest of the Bank of Indonesia, the growth of lending and GDP led to the decline in inflation.It was concluded that the Bank of Indonesia could expand the use of electronic money to manipulate inflation levels in the long-term. The policy that can be implemented by Bank Indonesia is to distribute electronic money infrastructure services more evenly and increase the socialization of the use of electronic money, especially in remote areas.

We derive a model in which we show that economic growth is directly affected by a change in marginal propensity to consume. We apply the vector error correction model, results from which show that Gini coefficient – a measure of income inequality – negatively affects marginal propensity to consume. Therefore, we concluded that a rise in income inequality would negatively affect marginal propensity to consume and thereby economic growth in the long-term and the short-term both. The short-term effect will show up with a one-period lag. [ABSTRACT FROM AUTHOR]

This study utilises the stock market data provided by the Australian Equity Database to analyse the long‐run relationship between Australian stock returns and key macroeconomic variables over the period 1926–2017. To measure the diverse risk factors in the stock market, we examine the possible determinants in four main categories: real, financial, domestic and international. Our results reveal that historical stock returns are strongly connected to financial and international factors as compared to real and domestic factors. Both the 1973–1974 OPEC Oil Price Crisis and 2007–2008 Global Financial Crisis had dampening effects on stock returns. There is a positive association between the US and Australian stock markets in the long‐run. These findings on stock market dynamics and their linkages with domestic and international macroeconomic policy changes in the long‐run have important implications for traders and practitioners. [ABSTRACT FROM AUTHOR]

This paper analyzes the long-run determinants of US outward FDI (OFDI) stock, focusing mainly on the Euro Area (EA) for the period 1985–2019. We consider a sample of 54 developed and emerging host countries representing over 70% of the total US OFDI stock. We aim to capture different determinants by country groups zooming in on the European Union (EU). We implement a Dynamic Common Correlated Effects Pooled Mean Group (DCCEPMG) estimator for this aim. Our econometric approach is especially suited for analyzing integrated economic areas as it allows us to deal with cross-section dependence (CSD), non-stationarity, structural breaks, and slope homogeneity usually present in large panel data. Our main results suggest that horizontal (HFDI) and vertical (VFDI) strategies coexist for all country groups. However, as we move towards more homogeneous groups, the results show the greater importance of VFDI. Additionally, we find that some variables have a common long-run effect on US OFDI, especially for smaller and more homogeneous groups. [ABSTRACT FROM AUTHOR]

Tourism has become one of the most important sectors in many countries, significantly contributing to their economic growth and development. However, the expansion of tourism has also brought about various environmental and social challenges. The relationship between tourism, economic growth, trade openness, and the environment is diverse and complex. The objective of this paper is to investigate the relationship between the international tourism development index, GDP per capita, CO2 emissions, trade openness index as well as the energy intensity index in EU 27, over the 1995–2019 period. A composite index for international tourism was developed using the Principal Component Analysis (PCA). Panel Autoregressive distributed lag (ARDL) approach is used to reveal the long- and short-run impact of GDP per capita, CO2 emissions, trade openness index as well as the energy intensity index on the tourism development index. Panel ARDL estimates confirm some of our research hypotheses: at the level of EU countries, there is a short-run relationship between tourism and GDP per capita, but only in a few EU countries, trade openness influences tourism development index. Dumitrescu-Hurlin causality test confirms long-run feedback relationship between tourism development index and trade openness, between tourism development index and CO2 emissions, and between tourism development index and GDP and unilateral causality running from tourism development index towards energy efficiency. [ABSTRACT FROM AUTHOR]

Whether in developed or developing countries, the construction industry had a vital part to play concerning the GDP throughout the ages. The increasing inflation since the pandemic affected numerous main sectors, no doubt construction industry is not different and has not been immune to. The presence of inflation and resultant interest rate influence the growth of the economic sector. There have been no reported studies to evaluate the impact on construction industry, nor a comparative analysis at continental level for selective countries. The study designed to explore the long-run (LR) and causality (CA) of the inflation and interest rate on the GDP and the construction sector depending on the four selected variables and models from 1991 to 2022 on nine selected countries from Americas, Asia and Europe that are facing ever-rising inflation in most recent years. Data of the study have been collated from official databases, where the sources are introduced. The research concluded that the interest rate and inflation have positive bidirectional long run estimates in seven countries which that impact negatively on the economic growth. However, it is also found that the impact of inflation and interest rate on the GDP and the construction sector differs from country to country. It is shown that the high inflation and interest rate issue can also pushes GDP upwards, not necessarily on real value. [ABSTRACT FROM AUTHOR]

If the problem of population ageing persists and the working-age population in OECD countries shrinks, then according to the neoclassical theory of economic growth, capital inflows into the OECD countries will decrease. Based on this premise, we investigate the dynamic links between the working-age population (% of total population) and net FDI inflows (% of GDP), controlling for trade openness, domestic investment and market size for a panel of 22 OECD countries over the period of 1972-2019. Bidirectional causalities are identified between the working-age population (% of total population) and net FDI inflows (% of GDP). A decline in the working-age population (% of total population) is found to be associated with a significant decline in net FDI inflows (% of GDP). [ABSTRACT FROM AUTHOR]

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J.M. Keynes in his celebrated "General Theory" works on a temporal / analytical horizon of "short-run", as the capital stock of the economy is kept constant. Alternatively, considering a horizon in which the capital stock can vary, this essay rethinks the "liquidity trap" framework, observing its consequences on the level of employment, as well as on the level of utilization of the economy's productive capacity. Based on the inner logic of the "General Theory", it is concluded that the Keynesian restriction of demand will be kept in the "long-run", but through the reduction of the capital stock and not via unemployment, recovering the possibility of full-employment even in a scenario of Keynesian uncertainty. [ABSTRACT FROM AUTHOR]

The macroeconomics and traditional stock market nexus is widely explored in the extant literature, but few studies have focused on the impact of macroeconomics on Islamic stock markets. In fact, to our knowledge, only one or two prior studies have looked into both conventional and Islamic stock markets at the same time to see the impact of macroeconomics for comparison purposes. However, these studies have found differing views. Besides, no study has looked into the issue from the standpoint of Bangladesh. To close the gap, the study primarily explores the effect of macroeconomic variables on Islamic and conventional stock indices. Also, it looks at which index (Islamic or conventional) is more susceptible to macroeconomic shocks. The DSEX Shariah Index and the DSE Broad Index of the Dhaka Stock Exchange (DSE) are chosen as Islamic and conventional stock indices, respectively. In contrast, inflation rate, money supply, interest rate, and exchange rate are selected as proxies of macroeconomic variables. Using autoregressive distributed lag (ARDL) and Granger causality approaches for the monthly data from January 2014 to June 2021, our findings indicate that aggregate money supply has a positive long-term influence on both Islamic and conventional indices, whereas interest rates have a negative impact. Conversely, in the short run, the interest rate has a favorable impact on both indices. However, inflation only has a short-term impact on the Islamic stock index. Overall, the findings suggest that both indices behave almost analogously with the macroeconomic variables. Therefore, Islamic investors can undoubtedly choose Islamic stocks for their portfolios without sacrificing significant financial losses. Our study also provides some vital policy implications. Since our study finds a strong link between macroeconomics and stock markets, we urge the monetary authority to align their policies with those of the stock markets in Bangladesh because there were previously some inconsistencies in the policies of the monetary authority and stock markets, which appeared to be partly responsible for the recent stock market crash in Bangladesh in 2010-2011. [ABSTRACT FROM AUTHOR]

To capture the dynamics of idiosyncratic volatility of stock returns over different horizons and investigate the relationship between idiosyncratic volatility and expected stock returns, this paper develops and estimates a parsimonious model of idiosyncratic volatility consisting of a short-run and a long-run component. The conditional short-run and long-run components are found to be positively and negatively related to expected stock returns, respectively. The positive relation between the short-run component and stock returns may be caused by investors requiring compensation for bearing idiosyncratic volatility risk when facing trading frictions and hold underdiversified portfolios. The negative relationship between the long-run component and stock returns may reflect the fact that stocks with high long-run idiosyncratic volatility are less exposed to systematic risk factors and, hence, earn lower returns. Moreover, the low-risk exposure of stocks characterized by high idiosyncratic volatility lends support to real-option-based mechanisms to explain this negative relation. In particular, the systematic risk of a firm with abundant growth options crucially depends upon the risk exposure of these options. The value of growth options could rise significantly because of convexity when the increase in idiosyncratic volatility occurs over long horizons. And growth options' systematic risk could fall because the relative magnitude of their value in relation to systematic risk factors decreases. This paper was accepted by David Simchi-Levi, finance. [ABSTRACT FROM AUTHOR]

Research background: The relationship between inflation rate, unemployment rate, interest rate and real gross domestic product per capita in Nigeria. However, there seems to be a short-run or long-run relationship among the macroeconomic variables.

This study attempts to investigate how the spread of coronavirus (COVID-19) influence the UK economic policy uncertainty. Using daily data ranging from 11 March 2020 to 7 May 2020, an ARDL model has been applied in this study to capture both the short-run and long-run impact of COVID-19 on economic policy uncertainty. Additionally, the influence of Brent oil price on economic policy uncertainty is also examined. Based on the ARDL result, it is found that both COVID-19 new cases and new deaths reported in the UK have a strong and positive association with the UK economic policy uncertainty in the long-run. However, Brent oil price shows an inverse connection with economic policy uncertainty in the long run.

Purpose. Despite the increasing trend of private savings in Nigeria, the country is still characterised by low investment and output growth, thus, suggesting that the average saving rate is still far from being impressive. This study investigates the determinants of private savings in Nigeria. Methodology. Autoregressive Distributed Lag (ARDL) Model using annual time series data from 1981 to 2016 within the theoretical framework derived from the life-cycle hypothesis is employed in this study. The key variables under investigation are private savings, income, dependency ratio, real interest rate, social security payment, financial development and macroeconomic stability. The data used for analysis are sourced from Central Bank of Nigeria Statistical Bulletin (2016) and World Development Indicator (2016). Findings. The results show that lifetime income and social security payment have significant positive relationship with private saving in the long-run, while adult dependency has significant negative relationship. In the short-run, adult dependency and social security payment have significant positive relationship with private savings. In addition, the result shows that 62% of deviation from the long-run equilibrium level of private savings is annually corrected for by the model estimated. Originality. This research investigates both the long-run and short-run effects of the various determinants of private savings in Nigeria. Thus, the study can serve as eye opener to the important variables that can improve the level of private savings in Nigeria.

Knowing the possible presence of a long-term connection between exports and imports is important both for current and future macroeconomic policies and for the sustainability of the current account deficit. The existence of a long-term relationship between variables of interest implies that the countries are not in violation of their budget constraints. Moreover, it means that their macro policies are effective. In this context, this paper aims to investigate whether the long-term equilibrium relationship between exports and imports in the emerging and growth-leading economies (EAGLEs) is symmetric or asymmetric. The EAGLE is an acronym introduced by the Spanish bank BBVA in 2010. The members of the EAGLEs are Brazil, China, Egypt, India, Indonesia, Mexico, South Korea, Russia, Taiwan, and Turkey. The annual dataset covers the period from 1960 to 2017. For further comparison, on the one hand, I employed autoregressive distributed lag bound test (ARDL) for analysing symmetric long-term relation among the variables. On the other hand, asymmetric long run convergence is examined via nonlinear ARDL method. According to the results of the linear ARDL test, there exists a strong cointegration association between exports and imports for 3 out of 10 countries. However, the evidence from nonlinear ARDL test shows that the null hypothesis stating the lack of cointegration can be rejected for 8 out of 10 countries. The existence of the cointegration link amongst the series indicates that the trade imbalances are short-term phenomenon and are sustainable in the long-term. In other words, these countries are not in violation of their intertemporal budget constraint.

The present paper aims to investigate the impact of coffee exports on long-term economic growth in an open economy for 32 countries exporting coffee over the period of 1994-2013. The study applied a dynamic panel Auto-Regressive Distributive Lag (ARDL) modelling approach with estimators. All variables involved in the specified model were found to be stationary of order I (1) at a first difference. The Pooled Mean-Group (PMG) long-run results suggest the presence of a significant positive effect of coffee exports on economic growth. The empirical findings of the study suggest policy implications, promoting the coffee sector to boost the countries' economy.

The aim of the paper is to verify the existence of short- and long-term relationships between the strength of a trend and the volume in bullish and bearish cryptocurrency markets. We applied the vector error correction model to bitcoin daily data from 14.01.2015 to 22.12.2019. Based on the prices and following Wilder's algorithm, the average directional movement index was calculated, and upward and downward trend periods were determined. No long-term relationship was found to exist between the strength of a trend and the volume in both bearish and bullish markets. Hence, trends do not react to volume changes. However, a long-term relationship exists between volume and trend—but only for the downward trend—with an adjustment speed of 88%. In the short-term, a statistically significant but very weak dependency is revealed; hence, the conclusion that trend strength is insensitive to volume changes can be reached. [ABSTRACT FROM AUTHOR]

Objective: As part of a developing country, Indonesia is concerned with issues related to investment inflows and trade liberalization. The objective of this study is to examine whether or not inward foreign direct investment (FDI) influence to export performance in Indonesia over the time period 1980-2018. Research Design & Methods: We apply Augmented Dickey-Fuller and Phillip-Perron unit root test to check the stationarity. The autoregressive distributed lag (ARDL)-bound test is applied to check co-integration existence. Findings: Results present that the variables are stationary at first differences I(1). The ARDL bound testing co-integration approach confirms that there is long-run relationship between considered variables. The findings also indicate the significant positive impacts of FDI on exports in long run and in the short run. The result of the Granger causality test confirms that there is a unidirectional causal relationship existing between the variables where export has a Granger cause to FDI. Results of stability test suggest that there is structural stability in the residuals of the equation of exports. Contribution & Value Added: FDI does not work uniformly in all sectors, and policymakers should understand the difference and identify their sector-wise policies relating with FDI. The law and order should also be maintained, which is the essential part to attract foreign investors. At this stage, we can also set the direction of future research, that is, the sector-wise study should be done on the relationship between FDI and exports.

The study aimed to highlight the role of Yemeni agricultural economy in economic development. In addition to test the long-run co-integration relationship between the study variables with Gross Domestic Product (GDP) and Gross Agricultural Capital Formation (GACF) by using secondary data for a time series from 1990 to 2018. Therefore, to achieve the the descriptive objectives of this study analytical approach was adapted to investigate the relationship between agricultural production and economic growth. Beside that, some statistical methods were used too, which were represented by economic measurement tools as well as a set of automated data processing programs like EVIEWS 9 and Excel Programs. The study has reached the following results: Through testing the dormancy of time series by using Augmented DickeyFuller (ADF) test, the hypothesis of time series stability was rejected. It concluded that the two series (GACF & GDP) are not in stable level. Moreover, and through Engel-Granger test for cointegration, it was noted that there is co-integration between the study variables. Furthermore, when the error correction model (ECM) was applied, it confirmed that there is a long-run co-integration relationship between the study variables (GDP & GACF). It was noted that the estimated error is negative for the algebraic sign and insubstantial statistically; accordingly, this means that there is indeed a long-run equilibrium relationship in the model. The value of the error correction factor (-0.09) indicates that (GDP) can adjust towards its equilibrium value in each period by a percentage of the remaining imbalance from the previous period which is equal to 9%. According to the previous results, the study recommends that all efforts should be shifted to the agricultural sector by investing more in this sector and allocating greater support for agricultural research in order to stimulate innovation and introduce modern means into production processes. [ABSTRACT FROM AUTHOR]

The long-term economic recoveries catastrophic disasters are poorly understood. In contrast, the policy literature is full of aspirational plans to "build-back-better" (BBB) — a recovery that leads to improvements above and beyond the pre-disaster status quo. Yet, BBB remains ill-defined. It is clearly multi-dimensional, but here we focus on assessment of building back a better economy. The central objective of our paper is to propose a more concrete definition of BBB and test it against Sri Lanka's recovery after the 2004 Indian Ocean tsunami. To do so, we propose four criteria against which one should evaluate BBB policies, and then we specifically evaluate these for the recovery as it was experienced in Sri Lanka. These criteria are safety, speed, fairness (inclusiveness), and socio-economic potential. [ABSTRACT FROM AUTHOR]

Islamic banking and finance has emerged as one component of a significant competitive and comprehensive market, where it is reliable with conventional financial development in term of economic contribution. As of today, Islamic banking accounts for minimum of 11 percent growth in Malaysia economic development and indirectly contributes to the global agenda of developing sustainable growth. Thus, this paper aim to empirically assess the dynamic contribution of Islamic banking towards economic growth in Malaysia based on selected variables, namely, real gross domestic product (GDP), total deposit, total financing, total assets and non – performing loan. The quarterly time – series data from (2007: Q1 – 2014: Q1) are used to uncover short–run and long–run relationship between real GDP and Islamic banking key financial indicators. Using a battery of time series econometric techniques, we document that there is robust evidence suggesting favourable result where Islamic banking does contribute towards economic growth in the long-run where total deposit, total financing and total assets of Islamic banking have positive relationship where non – performing loan is found to have negative relationship. To test the causality relationship of variables in the short-run, the Wald – test Granger Causality has been carried out and it shows that there is evidence of a bidirectional causality relationship between economic growth and total deposit of Islamic banks. In addition, bidirectional relationship is also exists between non-performing loan and total deposit of Islamic banks. However, majority of the variables are found to be having unidirectional causality relationship among the variables. Overall, our conclusion state that Islamic banking and finance still act as one of the dominant key contributor to Malaysian economic development and growth. The results obtained in this paper are much more robust to alternative econometric specifications.

This study examines long-run stock performance for acquirers from years 2000 to 2013. Since acquisitions create agency problem and companies in Malaysia exhibit concentrated ownership structures, this study aims to investigate four major objectives which consist of the effects of family control, blockholder activism, board structures and deal characteristics on stock performance of acquirers. In addressing these objectives, the abnormal returns over 36 months are adopted as the proxy for the long-run stock performance, respectively. Moreover, ordinary least squares regression methods are used to examine the effects of the 16 factors on abnormal returns. The results show that Malaysian market can be considered as efficient, as most of the analyses show that the performance of acquirers does not differ from those of the matching firms. The findings imply that managers of family-controlled firms do not have to worry about investors penalizing them, as long as they engage in value-creating acquisitions. Moreover, institutional blockholders should play an active role if they want to protect their investments. Finally, investors have to realize that over the long run, there is no trading strategy that could be adopted to earn abnormal profit.

Purpose. Despite the increasing trend of private savings in Nigeria, the country is still characterised by low investment and output growth, thus, suggesting that the average saving rate is still far from being impressive. This study investigates the determinants of private savings in Nigeria. Methodology. Autoregressive Distributed Lag (ARDL) Model using annual time series data from 1981 to 2016 within the theoretical framework derived from the life-cycle hypothesis is employed in this study. The key variables under investigation are private savings, income, dependency ratio, real interest rate, social security payment, financial development and macroeconomic stability. The data used for analysis are sourced from Central Bank of Nigeria Statistical Bulletin (2016) and World Development Indicator (2016). Findings. The results show that lifetime income and social security payment have significant positive relationship with private saving in the long-run, while adult dependency has significant negative relationship. In the short-run, adult dependency and social security payment have significant positive relationship with private savings. In addition, the result shows that 62% of deviation from the long-run equilibrium level of private savings is annually corrected for by the model estimated. Originality. This research investigates both the long-run and short-run effects of the various determinants of private savings in Nigeria. Thus, the study can serve as eye opener to the important variables that can improve the level of private savings in Nigeria. [ABSTRACT FROM AUTHOR]

We document an evolving pattern in the slope of the Phillips curve in Australia at different frequencies under different monetary policy regimes and labor market regulations. Our estimation strategy relies on the spectral analysis that includes the gain and phase spectrum but is also complemented by the time domain estimation. We document an upward sloping medium-run Phillips curve in the pre-1977 period, a downward sloping long-run Phillips curve from 1977 to 1993, and a flattened Phillips curve from 1993 onwards. Lag and lead relationship between inflation and unemployment varies across periods and frequencies. The Phillips curve at business-cycle frequencies is downward sloping in all periods. We explain our results in terms of the monetary targeting in 1976 and the inflation targeting in 1993 by the RBA, respectively, and important changes in labor relations from the mid-1980s to the mid-1990s. [ABSTRACT FROM AUTHOR]

In this study, we examine the role of real income, globalization and tourism on environmental sustainability target by applying Autoregressive Distributed Lag (ARDL) bounds testing approach that controls for structural breaks and Vector Error Correction Model (VECM) Granger causality approach that produces robust, efficient and reliable short-run and long-run estimates in the case of Turkey over the periods 1970–2014. To achieve our research objective, we examine stationarity properties of the series via unit root test after which we applied Bayer-Hanck combined cointegration technique to evaluate the presence of a long-run cointegration relationship among the series. The empirical results show that a 1% increase in real income level and international tourists' arrivals led to 0.625% and 0.129% increase in metric ton per capita CO 2 emissions in the short-run and 0.345% and 0.071% increase in metric tons per capita CO 2 emissions in the long-run, while globalization has non-significant negative impacts on CO 2 emissions. The causality analysis suggest that tourism Granger causes CO 2 emissions both in the short- and long-run, while real income and globalization only Granger cause CO 2 emissions in the long-run. Findings also show that a one standard deviation shock to CO 2 emissions has a noticeable positive and persistent impact on tourism, globalization and economic growth in the long-run. Unlabelled Image • Interaction between macroeconomic variables and environmental degradation. • Real income and international tourists' arrivals cause environmental damage. • Autonomous terms exhibit more elastic impact in both the short- and long-run. • Macroeconomic variables Granger causes CO 2 emissions in the long-run. • Positive and persistent shock of CO 2 emissions on macroeconomic variables. [ABSTRACT FROM AUTHOR]

The present paper aims to investigate the impact of coffee exports on long-term economic growth in an open economy for 32 countries exporting coffee over the period of 1994-2013. The study applied a dynamic panel Auto-Regressive Distributive Lag (ARDL) modelling approach with estimators. All variables involved in the specified model were found to be stationary of order I (1) at a first difference. The Pooled Mean-Group (PMG) long-run results suggest the presence of a significant positive effect of coffee exports on economic growth. The empirical findings of the study suggest policy implications, promoting the coffee sector to boost the countries' economy. [ABSTRACT FROM AUTHOR]

The importance of Ethics in a Business can never be exaggerated as it works as a lubricant in the organisational machinery ensuring smooth and long uninterrupted running. The importance of Ethics escalates in Financial Industry, including Insurance, due to its very nature of business, featured with products having complexity, intangibility, deferred maturity and information asymmetry. This calls for the need to have a conceptual understanding in detail of the insurance selling by the agents. This paper investigates the different aspects of ethics in insurance selling in India, with a specific focus on the sale of insurance by agents, as they are the main constituents out of different channels though which insurance selling in India takes place and it is majorly on their shoulder to hold on activities and showcasing pre-sell & post-sell behaviour that will ultimately leave an impression of ethical treatment to the customers by the Insurer organisation represented by the concerned Insurance agents. The paper is conceptually designed to cover all aspects of ethics related to selling of insurance products by agents. It was found that the inherent nature of an insurance product is such that sometimes the concept unethical sales get established replacing an otherwise ethical sale. This happens because the goodness of an insurance product may be influenced by factors beyond the control of the agent or the insurer itself. The long-term nature of the product calls for the risk element due to changes in the political, economic and societal changes. [ABSTRACT FROM AUTHOR]

Never selling stocks is optimal for investors with a long horizon and a realistic range of preference and market parameters, if relative risk aversion, investment opportunities, proportional transaction costs, and dividend yields are constant. Such investors should buy stocks when their portfolio weight is too low and otherwise hold them, letting dividends rebalance to cash over time rather than selling. With capital gains taxes, this policy outperforms both static buy‐and‐hold and dynamic rebalancing strategies that account for transaction costs. Selling stocks becomes optimal if either their target weight is low or intermediate consumption is substantial. [ABSTRACT FROM AUTHOR]

Purpose: Survival of neonatal and pediatric patients undergoing extracorporeal membrane oxygenation (ECMO) ≥ 21 days has not been well described. We hypothesized that patients would have poor survival and increased long-term complications.Methods: Retrospective, single center, review and case analysis. Tertiary-care university children's hospital including neonatal, pediatric and cardiac intensive care units. After institutional review board approval, the charts of all patients < 18 years of age undergoing ECMO for ≥ 21 continuous days were performed, and they were compared to comparative patients undergoing shorter runs. Overall survival, incidence of complications, and post-discharge recovery were recorded.Results: Overall survival was 36% in patients undergoing ≥ 21 days of ECMO (N = 14). 5/8 patients with cardiopulmonary failure from acquired etiologies survived versus 0/6 patients with congenital anomalies. 1/5 survivors achieved complete recovery with no neurologic deficits. The remaining survivors suffer from multiple medical and neurodevelopmental morbidities.Conclusion: ECMO support for ≥ 21 days is associated with poor survival, particularly in neonates with congenital anomalies. Long-term outcomes for survivors ought to be carefully weighed and discussed with parents given the high incidence of neurologic morbidities in this population. [ABSTRACT FROM AUTHOR]

The adverse impacts of climate change have emerged as one of the primary threats to human development; however, the climate change economic impact evaluation literature has mostly estimated effects under an assumption of full certainty. This article aims to estimate the long-run impact of climate change on household development resilience. To do so, we use the China Health and Nutrition Survey, which contains detailed longitudinal socioeconomic information from 1989 to 2015, and matches them to weather data. We find that climate change negatively impacts household development resilience. This negative impact stems from both a decline in upward mobility of households and an increase in downside risks. In other words, the rise in temperatures not only reduces the pace of household economic growth but also amplifies economic volatility, elevating consumption risk for households. The effects are driven by the decrease in agricultural production output and the risk of off-farm income. However, longer-run adaptation has offset 22.09% of the short-run effects of climate change on household development resilience. In contrast, climate adaptation mitigates household welfare loss to a greater extent through agricultural input adjustments and income diversification in the long run. [ABSTRACT FROM AUTHOR]