Economic Feasibility and Growth Performance of Holstein Friesian Calves Fed Whey-Dangke Fortified Green Calf Starter

This paper is conducted to answer whether the performance of economic growth is significantly influenced by the exchange rate and economic openness in Indonesia. To answer this question, we apply a multiple regression model for 48 annual data for the period 1971 to 2019. We used index numbers to measure economic growth performance based on references from the ICRG Risk Rating System, PRS Group, in assessing macroeconomic performance around the world. We also differentiate the exchange rate variable into LNER t and LNER t-1 to determine whether there is a difference between the two in affecting economic performance growth performance. The results showed that LNER t had a negative effect on economic growth, while economic openness and LNER t-1 had a positive and significant effect on Indonesia's economic growth performance. The recommendation of this study is that increasing trade competitiveness is important in the long run, especially in order to maximize the benefits of economic openness. Then, it is also important to ensure that future exchange rate volatility does not have a negative impact on economic growth performance

This study aims to explore the relationship between economic growth and performance in Nepal, identifying key drivers for growth. Studying the nexus between economic growth and economic performance in Nepal is crucial for understanding how these factors interact within the nation’s specific context. Growth of gross domestic product (GDP) is represented as the primary indicator for evaluating economic performance, reflecting the overall well-being of a nation's economy. Economic performance encompasses a broader spectrum, including indicators such as employment rate, inflation, income distribution and overall economic stability. Using E-Views 10, a descriptive and analytical research approach has been applied to analyze time series secondary data from 1990–2021 using an econometric model. This study found that faster-growing economies typically experience increased jobs, higher investment, more exports, and often lower inflation. These relationships are part of a long-run equilibrium relationship. In the event of an economic shock disrupting this equilibrium, the economy tends to naturally return to the equilibrium over time. This study found that short-term causality running from lagged GDP, gross capital formation (GCF), exports, human development index (HDI), and employment ratio influence immediate GDP growth. These variables wield a short-term influence over GDP growth; for instance, a sudden surge in exports can prompt a temporary boost in economic growth. This indicates that there is a long-term sustained link between GDP growth and the independent variables rather than merely a short-term event.

The relationship between the financial system (specifically stock market development) and economic growth has been an important issue of debate. A well-functioning financial system can affect economic growth through the improvement of capital productivity and the efficient allocation of resources. The role of taxation as a major determinant of an active financial system and strong economic growth also becomes of interest to the researcher. Taxation through policy and revenue collection seems to play a pivotal role in fostering economic growth and promoting the financial system. However, both taxation and the financial system jointly affect economic growth performance. In this respect, not many empirical studies have been devoted to observing this issue and none exist for Asian economies. Thus, the main objective of this study is to empirically examine the impact of both the financial system and taxation on economic growth performance in the Malaysian context for the period of 1980-2008. As an introduction, Chapter 1 provides the background, motivation and outline of this thesis. Chapter 2 then provides an overview of the Malaysian economy throughout the study period. In this chapter, the performance of all the key macroeconomic indicators that have been used in this study are highlighted. Chapter 3 provides a survey of the relevant literature and discusses the motivations behind the development of the key research questions addressed in Chapters 4 through 6. Chapter 4 focuses on the examination of the nexus between taxation revenue and the financial system. The main objective here is to identify the nature of the relationship between taxation revenue and the financial system – does taxation matter for financial system activities or does the financial system contribute to high revenue collection. In this chapter, we analyse the relationship in the multivariate model applying Autoregressive Distributed Lag utilising the monthly data for direct taxation, the Kuala Lumpur Composite Index (stock market proxy), investment bank loans to the private sector, commercial bank loans to the private sector, and the outstanding private sector bond market for the period of 1997 to 2008. From the analysis conducted, no significant results are reported for the stock market variable, however, investment bank credit negatively affects the revenue collection. While chapter 4 provides novel evidence on the nexus between the financial system and taxation in Malaysia, our empirical work can also be viewed as addressing the issue of whether the existing government policy is capable of explaining the influence on the financial system performance in Malaysia. Chapter 5 employs the Vector Error Correction model and variance decomposition analysis to explain the impact of both the stock market and taxation on the economic growth performance of Malaysia over the common sample period of 1980 to 2008. Consistent with Levine’s (1991) endogenous growth model, we found that taxation and the stock market jointly affect the growth rate. However, these results were only found in the short-run while in the long-rung we failed to identify any significant results concerning the impact of the financial system and taxation on economic growth. While in Chapter 5 we found that the financial system and taxation does matter for economic growth in the Malaysian context in the short-run, in Chapter 6 we then expand our analysis to cover ten developing Asia countries – Bangladesh, China, India, Indonesia, Malaysia, Pakistan, the Philippines, Sri Lanka, Taiwan, and Thailand – utilizing monthly data from 1990 to 2008. In this analysis we conduct panel unit roots, panel cointegration, and panel Granger causality tests to see the nature of the relationship. The panel analysis results reveal that while tax revenue does not matter for economic growth, the stock market does play a pivotal role in determining short-run growth performance in the Asian region. Chapter 7 summarizes the key findings of this thesis along with some recommendations for future research. We finally conclude this thesis by offering some general guidelines, which might be useful for future empirical research on the nexus between the financial system, taxation and economic growth.

Abstract. There has been intense debate in the literature on the role of population growth in economic growth performance. Some scholars believe that increases in the population of a nation tantamount to economic progress, others see population increase as a curse rather than a blessing, but a few scholars also believe that population assumes a neutral position in economic growth process. This paper therefore sought to assess the role of population growth in economic growth performance in Nigeria. The study employed time series data for the period 1981-2013. Using Augmented Cobb-Douglass Production Function (gleaning from Solow Growth Model), and relying on error correction modelling framework, the econometric results established the fact that population growth has the potentials of fostering economic growth in Nigeria, but underlined the fact that this and other benefits would depend on, not only the chunk of the entire population that is active, but the quality of the population. Amongst other policy options suggested, it was advocated that policy measures that will foster target-oriented and skill-enhancing education and training should be designed and implemented. Provision of accessible and affordable healthcare for a healthy population was also advocated if Nigeria’s population growth must be advantageous. Keywords. Population Growth, Economic Growth, Human Capital Development, Cointegration, ECM. JEL. C32, H5, N3.

Most OECD economies, including that of Canada, experienced a slowdown in economic growth from the 1961–1973 period to the 1973– 1988 period, and to the 1988–1995 period. Consequently, progress in the standard of living, as measured by GDP per capita, also slowed down in most OECD countries over the three subperiods. This paper analyses the sources of output growth in 122 industries and in the private business sector to gain an additional perspective on the slowdown of the Canadian economy. We adopt the constant-quality indexes of capital and labor inputs introduced by Dale W. Jorgenson and Zvi Griliches (1967) and later used extensively in Jorgenson et al. (1987), Jorgenson (1995a, b), and Jorgenson and Eric Yip (2000) to identify the sources of growth. These measures allow us to take into account the changing composition of the labor force and the capital stock. At the industry level, we adjust for capital quality by aggregating the capital stock across five asset types by means of the rental prices of capital rather than the asset prices of capital. The use of rental prices allows us to incorporate differences in depreciation rates and tax treatment across different asset types for each industry. At the same time, we combine hours worked by each type of worker using the share of labor compensation to reflect labor quality. At the aggregate level, we apply the same framework by aggregating the capital stock across different asset types and hours worked across different types of workers. A number of studies have compared Canada’s economic growth performance with that of its competitors using this framework (Chrysostom Dougherty, 1991; Dougherty and Jorgenson, 1997; Jorgenson and Yip, 2000). However, this is the first attempt at using this framework to assess Canada’s economic performance at the industry level.

PurposeThe purpose of this paper is to investigate the link between the financial performance of Islamic finance and economic growth in all of Malaysia, Indonesia, Brunei, Turkey and Saudi Arabia within the endogenous growth model framework.Design/methodology/approachThis study applied dynamic panel system GMM to estimate the impact of the financial performance of Islamic finance on economic growth using quarterly data (2014:1-2018:4). CAMELS system parameters were employed as variables of the financial performance of Islamic finance and gross domestic product (GDP) as a proxy of economic growth. The sample contained all Islamic banks working in the five countries.FindingsThe findings demonstrated that the only significant factor of the financial performance of Islamic finance, which affects the endogenous economic growth, is profitability through return on equity (ROE). The experimental findings also indicated the necessity of stimulating other financial performance factors of Islamic finance to achieve a significant contribution to economic growth.Practical implicationsThe analysis in this paper would fill the literature gap by investigating the link between financial performance of Islamic finance and economic growth, as this study serves as a guide for the academians, researchers and decision-makers who want to achieve economic growth through stimulating Islamic finance in the banking sector. However, this study may well be extended to investigate the link between the financial performance of Islamic finance and economic growth over the Z-score model as another measure for the financial performance of Islamic finance.Originality/valueThis paper is the first that investigates the link between financial performance of Islamic finance and economic growth empirically using CAMELS parameters within the endogenous growth model to provide robust information about this link based on a sample of the top pioneer Islamic finance countries.

The Bank Indonesia Sharia Certificate (SBIS) is one of the sharia monetary instruments used by Bank Indonesia in formulating monetary policy. The development of SBIS is related to several factors: inflation growth, the economy, and the development of the gross domestic product. This study aims to determine how to implement the Bank Indonesia Sharia Certificate (SBIS) in encouraging monetary economic growth during the Covid-19 pandemic. The slowdown in economic growth and regional economic performance due to the impact of the Covid-19 virus outbreak that attacked the economy resulted in a decline in economic performance. The role of money market products (SBIS) can encourage economic growth and development through Islamic money market transactions. This research method uses descriptive qualitative research with a library research approach and interviews. In collecting interview data using the accidental sampling method conducted on Bank Indonesia staff directly at the research location and data on the growth, economy, and development of SBIS during the Covid-19 pandemic. Research results: The Bank Indonesia Sharia Certificate (SBIS) implementation has generally been carried out properly by Bank Indonesia. When Bank Indonesia issues SBIS and sells it to the public, this will cause the money supply in the community to decrease. When the money supply in society decreases, then inflation can be suppressed. When inflation can be suppressed, this will indirectly affect the increase in financing disbursements in Islamic banks. So, it can be concluded that SBIS significantly affects financing distribution in Islamic banking. When financing distribution increases, this will help MSME players affected by Covid-19 in terms of capital. The role of SBIS during the Covid-19 pandemic can stimulate and encourage economic growth performance.

Economic growth comes with benefit and cost. The benefits include improved standard of living, better health care facilities and longer years of living as well as better chances of attaining higher education. There are also costs to economic growth. Economic growth entails increasing productive and consumption activities that can lead to health challenges, increase in income inequality, depletion of natural resources and increased environmental pollution, especially air pollution. Air pollution also indirectly affects income generation and savings for households. It places additional cost burden on governments. This paper thus evaluated the relationship that exists between economic growth and health performance in Nigeria vis-à-vis air pollution. The study used the PROCESS software to estimate the direct, indirect and total effects of economic growth on the health performance in Nigeria. The study found a direct and positive relationship exist between gross domestic product and life expectancy, variables used to capture both economic growth and health performance in Nigeria. It further found that the relationship could be indirectly effected with the use of a transmission mechanism, in this case-air pollution, to show that economic growth may not always lead to better health outcomes.

Trade liberalization and financial deepening have assumed greater significance for a country’s economic growth performance in recent times. Several theoretical and empirical studies have devoted considerable attention to the association between economic performance and trade liberalization as well as to the connections between financial market development and economic growth. However, literature is sparse in terms of the direct linkages between trade openness and financial sector development. This paper finds that trade openness and financial development are complementary and econometrically tests this hypothesis for India over a period of time. However, two important policy implications of the analysis presented in this paper deserve attention. First, although financial deepening has emerged as an important aspect of the economic growth strategy in the Indian context, since the sources of such a deepening may be both domestic as well as external; the importance of a judicious policy mix cannot be neglected, especially in the wake of the current global financial meltdown. Second, as documented in the econometric analysis, the complementarities between trade openness and financial deepening appear to be less pronounced. However, this should be interpreted with some caution. While the Indian data suggest that trade and financial liberalization policies may possibly be pursued independent of each other, this by no means suggests that there are no reinforcing linkages between the two.

The controversial relationship between public expenditures and economic growth has become one of the famous matters of interest, especially following the Great Depression that began in the US in 1929. As well as other economic variables, an increase in the public expenditure of the countries is expected to have significant impacts on those countries’ economic growth performance. Therefore, an annual data set covering the period between the years 1981-2016 is used to determine the relationship of defense, health and education expenditures in the Turkish economy with economic growth. The Fourier unit root test results of the series indicate that economic growth and education expenditure series are stationary in the level, and defense and health expenditure series are stationary in the first difference. The estimation results of ARDL bound test, which is conducted to detect the long-term relationships, indicate that defense, health, and education expenditures are positively related to economic growth at the values ​​of 0.33, 0.17 and 1.33, respectively. In other words, it is determined that economic growth be mostly affected by education expenditures followed by defense and health expenditures, respectively.

To sustain its knowledge economic growth, Malaysian government had launched the K-Economy Master Plan in 2010; outlining the knowledge economy policy initiatives in supporting the knowledge based economy. The transition to knowledge based-economy, knowledge plays a governing role in leading the productivity and maintaining the economic performance growth. Equally important would be the factors that would contribute towards the knowledge creation. However, the literature indicates that very little attempts have been conducted to investigate factors that influence knowledge productivity. In Malaysia, the Administrative and Diplomatic Officers or PTD, are heavily involved in the development and implementation of the main policy makers of the federal government. However as to date, there are no mentions of any study exploring knowledge productivity of PTD. Against this background, this study intends to investigate the contributions of job characteristics towards knowledge productivity. In the process, it will propose a framework linking job characteristics and knowledge productivity. The proposed research method that will be employed will be a combination of qualitative and quantitative approaches. The qualitative approach will use interview as the main data collection technique, while the quantitative approach will adopt the questionnaire. The qualitative approach will help the researcher to develop the framework that depicts the factors that contribute towards knowledge productivity among PTD. Based on this framework a questionnaire will be developed so as to collect quantitative data involving PTDs. The contribution of the study can be viewed from two perspectives i.e. theoretical and practical. From the theoretical perspective, the study will develop an empirical based framework while from the practical perspective the study will help to devise strategies for improving and enhancing knowledge productivity. The significant of the study is that, it will further improve knowledge productivity among PTDs who are mainly involved in executing the country's development strategies including strengthening the administrative functions, social infrastructures and also the performance of the country's economic growth in line with the country's National Key Results Area (NKRA).

We attempt to examine the causality between economic growth and stock market performance of Pakistan for the years 1992M01-2012M12. For this purpose, the test devised by Granger (1988) has been employed. The results reveal a bi-directional causality between economic growth and stock market performance of Pakistan proxied by Karachi Stock Exchange capitalization (KSECAP). Once this bidirectional causality is established, a system of simultaneous equations has been specified and estimated by 2SLS to find the impact of economic growth and selected macroeconomic indicators on the stock market of Pakistan. The estimated results lead to the conclusion that economic growth affects the stock market of Pakistan and vice versa. The implications of the study are of paramount importance, especially for the emerging economies. Hence, bearing in mind the role of macroeconomic indicators in the performance of stock market a better policy can be formulated to enhance the growth of capital markets that in turn will increase the economic growth of emerging economies such as Pakistan and vice versa.

This research analyzes the effect of the government bond yield curve spread on economic growth performance in Indonesia using the indicators of exchange rate, inflation, BI rate, foreign investment, portfolio investment, current account, and government accounts. Furthermore, it aims to prove the accuracy of the vector autoregression (VAR) or vector autoregression model in predicting economic growth from Q1 2010 to Q3 2020. The results showed that the yield curve spread has a significant effect on economic growth. Meanwhile, the exchange rate, inflation, and the BI rate have a negative effect on economic growth. Capital inflows such as foreign direct investment, portfolio investment, as well as the current account balance and government balance have a positive effect on economic growth. These results are useful to government policymakers, fund managers, and investors, as they provide further evidence of the potential use of yield curves as an indicator of future economic activity.

Using a panel of 77 Russian regions from 1990-1998, we investigate the reasons behind largely differing regional growth performance. We consider politico-institutional characteristics, indicators of regional economic reform, and initial conditions (including economic, geographic and structural features). Surprisingly, differences in institutional characteristics or economic reform explain relatively little of the observed difference in regional growth performance. For example, we find no evidence that a region's economic performance has been influenced by the political orientation of its leaders, or the political preferences of the population. In contrast, a region's initial industrial structure, and both its natural and human resource endowments had a large impact on its economic growth performance during the nineties.

Using a panel of 77 Russian regions we investigate the reasons behind large differences in regional growth performance for the period from the start of transition to the 1998 crisis. We consider politico-institutional characteristics, indicators of regional economic reform and initial conditions (including economic, geographical and structural features). Surprisingly, differences in institutional characteristics or economic reform explain relatively little of the observed difference in regional growth performance. For example, we find no evidence that a region's economic performance has been influenced by the political orientation of its leaders, or the political preferences of the population. In contrast, a region's initial industrial structure, as well as its natural and human resource endowments, had a large impact on its economic growth performance during the 1990s. It is important to note that our findings should not be interpreted as saying that reform in transition countries is generally less important than initial conditions, nor that reform in Russia was not or is not needed. Our focus on Russian regions captures only the aspects of reform that have (or have not) been initiated in the regions, and thus does not take into account the large—and arguably more important — part of the changes that have been undertaken at the national level. However, our study shows that regional differences in reform played a minor role in determining the relative economic performance of Russian regions in the 1990s, especially when compared with the impact of the initial conditions in which regions found themselves at the beginning of the transition.