Perspective Of Economic Growth Research Articles

Green Growth in Agriculture: Long-Term Evidence from European Union Countries

In agriculture, the relationship between economic growth and environmental pressures is complex and difficult to measure and compare between countries. This study had two objectives; the first was to build a new green growth accounting framework for agriculture in relation to natural capital and air pollution, and the second was to assess the long-term green growth of agriculture in EU countries. The data for EU27 from 2005 to 2021 were collected and used in the empirical analysis of green growth in agriculture. The findings showed positive real growth in agriculture from both the economic growth and green growth perspectives in most EU countries in the long term. Slow changes in air pollution (expressed in net GHG emissions from agriculture) and in natural capital (expressed in quality-adjusted agricultural land) did not have a significant impact on green growth in agriculture. The empirical analysis also revealed that most EU countries increasingly rely on technological progress to promote agricultural growth, and half of them rely on investments in produced capital. Labour input only made a positive contribution to agricultural growth in Ireland and Malta. This study will significantly contribute to improving the measure of green growth in agriculture, and the results of the empirical analysis will be used by policymakers and economists.

The impact of green finance on carbon productivity: The mediating effects of the quantity and quality of green innovation

While China's economy is developing rapidly, the problem of carbon emissions is indeed more prominent. The development of green finance is conducive to supporting environmental improvement and enhancing carbon productivity. Most of the existing literature examines the relationship between green innovation and carbon productivity from the perspectives of industrial structure, technological innovation, and economic growth. However, the mechanism by which green finance (GF) affects carbon productivity and whether there is heterogeneity remains unclear. Therefore, this study utilizes panel data from 277 cities from 2010 to 2020 and employs a mediation effect model to investigate the relationship between GF and carbon productivity. The results of the study found that GF has a positive U-shaped association with carbon productivity. The quantity and the quality of green innovation have a mediating effect on the above relationship. It may be due to the fact that GF promotes the green transformation and sustainable development of the economic structure by supporting green industry and technological innovation, which provides strong support to enhance carbon productivity. In non-resource cities, the impact of GF on carbon productivity is more obvious through improving the quality of green innovation, probably because non-resource cities have the advantages of a diversified industrial structure, stronger innovation capacity, and easier access to policy support and market mechanism support than resource cities. The quantity and the quality of green innovation in the eastern, central, and western regions all play a mediating role. The findings provide policymakers with recommendations for utilizing GF in a two-carbon environment to achieve sustainable low-carbon development.

Understanding the Influence of Wind and Solar PV on Socioeconomic and Environmental Trends: A Non-causality Perspective

This paper investigates the non-causality perspective of economic growth, investment, social well-being, employment, GHG emissions on renewable energy sources (RES) (wind and solar PV), providing a comprehensive overview of renewable technologies that effect on socio-economic and environmental drivers. The analysis and enhancing linear regression techniques, addressing cross-country RES installed capacity heterogeneity, and applying time-lags techniques to better understand the temporal effect of RES´s investment. The study tested: I. economic growth in a country is related to the development of RESs, employment, investment. II. Increased RESs share positively impacts social well-being. III. RESs implementation reduces GHG emissions. Our findings suggest that RES positively influenced economic growth over time for countries with higher installed capacity. However, this statistically significant is not observed across countries with lower installed capacity nor across all indicators, like social well-being, employment, investment, which show modest growth trend over time. GHG emissions also showed an inverse trend, suggesting the needs the renewable electricity´s expansion accompanied by additional mitigation measures to reduce emissions. One limitation is the temporal restriction, which limits the assessment of long-run trends. Future research should focus on gathering a larger dataset for long-run trends analysis.

Человеческий капитал в теории и практике экономического роста (на примере Мурманской области)

Russia’s Arctic policy focuses on making large-scale progress in the Arctic’s social and economic domains, including the development of local natural resources and the Northern Sea Route and the establishment of high-tech centers that can create global value chains. One of the primary challenges and threats to the sustainable development of the Russian Arctic regions is the mismatch between regional higher education systems and the needs of the economy. The risks are significantly exacerbated by the global economic transformation and the advent of the Fourth Industrial Revolution. Therefore, when considering the prospects for the innovation-driven development of the Arctic’s economy, a critical issue is the accumulation of highly educated human capital, where higher education plays a key role. The article explores the issues surrounding the formation and accumulation of human capital from the perspective of regional economic growth. The goal of this work is to empirically test the theory of increasing returns on investments in education. The key premise is that human capital accumulation has constant returns and can therefore grow indefinitely. This made it possible to put forward the hypothesis that the better the population’s access to higher education, the bigger the human capital and, accordingly, the higher the growth of gross output per capita. An empirical assessment was conducted to check the test model of the influence of university enrollment rates on economic growth. The results indicated a high coefficient of determination from the regression of the time series of the studied indicators. Also, the model showed the presence of conditional convergence, which means that a decrease in university enrollment rates is compensated for by an increase in the return on human capital due to an increase in the quality of education.

Dynamic environmental quality effect of nuclear energy intensity, structural changes, and natural resources in Pakistan: testing load capacity factor hypothesis evidence

AbstractWith both electricity and clean energy cooking accessible to 40 million and over 100 million people respectively, Pakistan’s ecological challenges could persist as long as the energy-related issues remained unsolved. This is the motivation for examining the drivers of the country’s biocapacity and ecological footprint vis-a-vis load capacity factor (LCF) from the perspective of nuclear energy intensity, natural resources, structural change, and economic growth. By using the recently developed simulation of autoregressive distributed lag for dataset that covers 1971 to 2021, this investigation found that nuclear energy intensification and structural change both improves environmental quality by increasing the country’s ratio of biocapacity against its ecological footprint in the long run. Specifically, nuclear energy intensity and structural change have respective elasticities of 0.02 and 0.34 with LCF. With the country’s nuclear energy supply far below the natural gas, oil, and biofuels and waste sources, the country might as well be encouraged to increase the development of nuclear energy in tackling the persistent environmental woes. Contrarily, the investigation established that natural resources in the country is detrimental to environmental quality but only in the short run because a percent increase in natural resources is responsible for ~ 0.035 percent decline in LCF. Importantly, an inverted U-shaped relationship ensued between economic growth and LCF but only statistically significant in the long-run i.e. invalidating LCF hypothesis, thus suggesting an undesirable environmental consequence of economic prosperity. As a policy, and given the novel perspectives of nuclear energy intensity and structural change dynamics, these results incentivize Pakistan’s nuclear energy development drive and among among other environmental and economic policy initiatives. Graphical abstract

Opportunity or trap - the policy effect of China’s energy quota trading

ABSTRACT This paper assesses the policy effect of the energy quota trading (EQT) policy from the perspectives of energy consumption, economic growth, and energy intensity, based on the panel data of 30 provinces in China from 2006 to 2019. The energy intensity has been decomposed into technical effect and structural effect using the LMDI model. The triple difference method, the corresponding parallel dynamic trend test and the placebo test are employed in this study. The result suggests that the EQT policy is capable of suppressing the growth of energy consumption, and will not dampen economic growth. Moreover, the policy facilitates the decrease of energy intensity in China. The EQT policy has spurred energy technology innovation, improved energy efficiency, and exerted about innovative compensation effects. However, the initial allocation of energy quota is free, thus leading to the structural effect of enterprises converging to high-energy-consumption industries. Compared with the white certificate policy, the EQT policy has some defects in the regulatory mechanism and operating rules. It is imperative for the policymakers to formulate guiding policies when considering the policy shocks of the above low industrialization area on the rapidly developing country.

Assessing human and environmental health in global diets from a perspective of economic growth

Food consumption can significantly impact both human and environmental health. As economies grow, a global dietary transition is underway. Assessing the sustainability of diets and identifying potential risks of global diets in relation to economic growth are prerequisites for countries to implement targeted dietary interventions. However, existing studies assessing dietary sustainability focus primarily on present performance, not considering the potential future transitions in dietary patterns triggered by economic growth. We propose a two-dimensional “status quo-income elasticity” assessment framework to identify potential risks to diet-related human and environmental health in different countries as their economies expand. Our evaluation of diet sustainability in 141 countries encompasses three aspects: nutritional intake, disease risk, and environmental impact. We first assessed the nutrient supply and diet-related disease risk in each country based on their food consumptions. We then employed an Environmental Extended Multi-Regional Input-Output model to account for the environmental impacts. Additionally, an econometric model was constructed to gauge the income elasticity of each indicator to reflect the marginal change associated with economic growth. We found that some high-income countries with declining intakes of quality nutrients such as vitamins and minerals may face potential risks of inadequate intakes in the future. However, the future appears relatively optimistic. Although high-income countries currently have a high dietary environmental footprint, their diet-related environmental pressures (particularly carbon emissions and air pollution) will be somewhat mitigated with economic growth due to their substantial negative elasticity. Our assessment results can assist countries in designing tailored dietary interventions from an economic development perspective to promote economic growth, improve human health, and enhance environmental sustainability synergistically.

ՀԱՐԿԵՐԻ ԱԶԴԵՑՈՒԹՅՈՒՆԸ ՏՆՏԵՍԱԿԱՆ ԱՃԻ ՎՐԱ ՀՀ-ՈՒՄ / THE IMPACT OF TAXES ON ECONOMIC GROWTH IN THE REPUBLIC OF ARMENIA

Ensuring high and stable economic growth is one of the primary objectives of the state policy in the Republic of Armenia. This objective is indirectly associated with sound fiscal policy, as the implementation of appropriate tax policies tailored to the characteristics of the economic sector's structure, its developmental trends, and the exigencies of the state, fosters stability and long-term sustainability. Such measures serve as key determinants in fostering economic growth. The objective of this article is to examine the structure of economic growth in the Republic of Armenia (RA), to identify the factors facilitating and impeding economic growth in RA, to analyze the composition of tax revenues in RA from the perspective of economic growth, and to assess the impact of RA primary tax categories on economic growth within RA. To achieve this aim, the article delineates the task of scrutinizing the correlation between the economic growth of the Republic of Armenia and its principal tax categories. The research employed empirical methods, including econometric analysis and comparative analysis. A combined methodological approach was adopted during the theoretical phase of the study. The findings of the research indicate a positive correlation between economic growth in the Republic of Armenia (RA) and the expansion of certain tax categories within RA, namely Value Added Tax (VAT), excise tax, profit tax, income tax, and overall tax revenue growth.

FINANCIAL SUSTAINABILITY OF TERRITORIAL COMMUNITIES: A THEORETICAL DISCOURSE

Introduction. The war in Ukraine has necessitated a change in scientific approaches to defining the role, functions and directions of territorial communities - to consider them primarily not from the perspective of development and economic growth, but rather from the perspective of maintaining resilience under the influence of external shocks. The need to change the approach "coincided" with the expansion of the range of crisis phenomena in the economy, which led to increased scientific interest in the concept of resilience in the personal, organizational and territorial dimensions. The purpose of the article is to study scientific approaches to disclosing the essence and substantiating the determinants of financial sustainability of territorial communities. Results. The multidisciplinary nature of the concept of "sustainability" is substantiated. The evolution of scientific thought on the sustainability of socio-ecological systems in the economic literature is analyzed: the concept of sustainability was used to describe the system's response to a shock and the course of its recovery. At the present stage, approaches to determining the sustainability of socio-ecological and economic systems are based not only on maintaining the balance, but also on the dynamics of the system in conditions when the balance is disturbed. The interrelationships between the concepts of "sustainability", "adaptability" and "transformability" are established. The financial sustainability of a territorial community is considered as a component of sustainability, which includes not only financial resources and mechanisms for managing them, but also the community economy as a basis for consolidating resources, human and social capital for managing them. Conclusions. The financial sustainability of a territorial community is the ability to manage financial resources stably and ensure the full provision of public services to residents in the face of financial and economic shocks, to adapt to changes, to transform under the influence of external factors through innovation, changes in behavior and approaches to management and use of the accumulated resource potential as a result of gaining new financial knowledge and experience. The determinants of the financial sustainability of territorial communities are identified: accumulated resource potential, financial inclusion, financial literacy and behavior, social capital and external relations.

407 Awardee Talk: a Survey of Researchable Questions Posed in Collaborating with South Africans

Abstract Research priorities in South Africa, indeed in many developing countries, are viewed from a tripartite perspective of economic growth, food security, and increased employment. While these priorities overlap with those of the developed world, they are not entirely consistent. Strikingly the current unemployment rate is approximately 30%; the poverty rate is approximately 55%; and about 25% of the populous experience an insecure food supply. Agriculture is one sector in which the government aims to increase participation of black people and to assist in revitalizing the rural economy and creating jobs. There are an estimated 7.9 million beef cattle in the commercial sector in South Africa and 5.7 million in the emerging and communal sectors. Furthermore, 52% of the cattle in the commercial sector are cows whereas only 35% are cows in the emerging and communal sectors. In traditional communities of the emerging and communal sectors, cattle are important not only economically but also for their cultural significance. Against this background the need for integrated research efforts is magnified. Some pertinent questions guiding research efforts include: Can breed types used by emerging and communal farmers be characterized? Is the characterization of breed resources sufficient to allow for use of breed complementarity and heterosis? Is enough known about the adaptive ability of breed resources to respond effectively to climate change? Can genetic improvement yield advances in production efficiency similar to those seen in developed countries? Are there unique phenotypes to be considered in South African production systems? Can genomic technologies lift productivity in the emerging and communal sectors where traditional performance recording is virtually non-existent? What can be learned by studying livestock that have survived with lower levels of inputs that are commonplace in the emerging and communal sectors?

Does subway mileage affect urban housing prices? An economic growth perspective

ABSTRACT Studying the mechanism by which urban subway construction in China increases housing prices can help deepen the understanding of the factors that rises in housing prices and may assist the government to conduct reasonable macro-control of the real estate market. This article takes unbalanced panel data from 31 major cities in China as research samples and studies the mechanism by which urban subway construction increases housing prices by influencing urban economic growth. Our findings are as follows: (1) Subway construction promotes urban economic growth, and urban economic growth, from both the demand and supply sides, increases housing prices by increasing the disposable income of urban residents and the purchase price of residential land. (2) Urban subway construction increases city land purchase prices by affecting investors’ expectations of urban land development through the regulating effects of urban economic growth, which in turn increases housing prices. (3) Effective policy measures aimed at managing the speculative impact of metro construction on housing prices need to be viewed for the expectation management of housing and land speculative demand from both the demand side and the supply side.

Economic growth, energy consumption and CO2 emissions—An empirical study based on the Yangtze River economic belt of China

The Yangtze River Economic Belt plays a crucial role in the economic development of China from the perspective of economic growth, as well as from the perspective of the goal of the emission peak and carbon neutrality. In this study, the dynamic and causal relationships among economic growth, energy consumption and CO2 emissions of the provinces and municipalities along the Yangtze River Economic Belt were analyzed using the panel vector autoregression (PVAR) model. The results revealed that the economic growth and the changes in CO2 emissions in the current period are significantly influenced by the economic growth and CO2 emissions in the preceding period, while the energy consumptionin the current period is influenced by the economic growth, energy consumption and CO2 emissions in the preceding period. The results of the Granger causality test based on panel data suggested that among the three sets of causalities involving economic growth, energy consumption and CO2 emissions, only economic growth and CO2 emissions have one-way causality, while the other two sets of causalities are two-way. Further, the results of the impulse response function and variance decomposition showed significantly positive effects and a certain degree of path dependence among economic growth, energy consumption and CO2 emissions.

The role of monetary and fiscal policies in determining environmental pollution: Revisiting the N-shaped EKC hypothesis for China.

The equilibrium between environmental quality and economic growth is one of the contemporary objectives of fiscal and monetary policies in the case of China. In this study, we investigate the extent of the existence of the N-shaped environmental Kuznets curve (EKC) hypothesis and measure the collision of fiscal and monetary policy on carbon emissions within the economic growth perspectives that China is witnessing. This study examines the dynamic nexus between monetary supply, government expenditure, and carbon emissions in China over the spanning from 1980 to 2019. The findings demonstrate that the money supply reduces carbon emissions in the short- and long-run. Precisely, a 1-unit augmentation in monetary policy tool (money supply) will significantly reduce the pressure on the environment by 0.29332 unit in the long-run and 0.79311 unit in the short-run. In contrast, the fiscal policy instrument (government expenditure) contributes to the increase in carbon emissions. Specifically, a 1-unit increase in government expenditure will increase the carbon emission by 0.17835 and 0.48247 units in the long-run and short-run, respectively. Additionally, the result also confirmed the N-shaped EKC hypothesis. Particularly, at the initial stage of economic growth, there are 1.58659 and 4.29197 unit increas in carbon emission in the long-run and short-run, respectively. However, after taking the square of economic growth, this reduces the environmental pollution by 0.3018 and 0.81665 units in the long-run and short-run, respectively. Finally, the cubic form of economic growth shows the 0.01755 and 0.04747 units increase in the pollution level in the long-run and short-run, respectively. Moreover, the study also found the presence of a causality link between government expenditure, economic growth, and carbon emissions. These findings will aid policymakers in implementing fiscal and monetary policies that promote long-term development while lowering carbon emissions.

The cost of aging: Economic growth perspectives for Europe.

This study explores the causal relationship between the economy and the elderly population in 15 European countries. The economy was measured by the Per Capita Gross Domestic Product growth rate, while the population aged above 65 as a percentage of the total was considered the elderly population. The data were obtained from a time series dataset published by the World Bank for six decades from 1961 to 2021. The Granger causality test was employed in the study to analyse the impact between the economy and the elderly population. An alternate approach, wavelet coherence, was used to demonstrate the changes to the relationship between the two variables in Europe over the 60 years. The findings from the Granger causality test indicate a unidirectional Granger causality from the economy to the elderly population for Luxembourg, Austria, Denmark, Spain, and Sweden, while vice versa for Greece and the United Kingdom. Furthermore, for Belgium, Finland, France, Italy, Netherlands, Norway, Portugal, and Turkey, Granger causality does not exist between the said variables. Moreover, wavelet coherence analysis depicts that for Europe, the elderly population negatively affected the economic growth in the 1960s, and vice versa in the 1980s.

When Is Aid Credible in the Emerging Asian economies? An Empirical Re-assessment from the Perspective of Economic Growth

When Is Aid Credible in the Emerging Asian economies? An Empirical Re-assessment from the Perspective of Economic Growth

Natural resources and undesired productions of environmental outputs as green growth: EKC in the perspective of green finance and green growth in the G7 region

Green Growth is measured via generating income from natural resources consumption and undesired productions of environmental outputs (Green growth is a crucial economic growth perspective). Similarly, greenhouse gas, carbon, and other pollution emissions are regarded as the leading causes of climate change and global warming, swiftly increasing over the past few decades. As a result of the increased income level, the economic activities in developed economies increase the use of trade-adjusted carbon (CCO2) emissions. This research analyzes the nexus between globalization, green finance, green growth, and CCO2 emissions in the G7 economies throughout 1990–2021. Using second-generation estimation approaches, the study found the cointegration between the variables. Due to the non-symmetric data distribution, it is essential to use the novel moment quantile regression approach method. The examined outcomes indicate that income (economic) growth is progressive in CCO2 emissions. Whereas globalization exhibits a significant adverse influence on the CCO2 emissions in the region. Further, the results revealed that green finance and green growth are not yet developed, positively related to the CCO2 emissions. However, after reaching a threshold level, both these variables substantially decline the level of CCO2 emissions in the region. The models' robustness is validated via the bootstrap quantile estimator. In addition to the robust analysis, this study also found that the region's leading factors of CCO2 emissions are natural resources, including minerals and natural gas. Based on empirical estimates, this study suggests increased investment in green finance.

Impact of natural resources and globalization on green economic recovery: Role of FDI and green innovations in BRICS economies

Considering the green perspective of economic growth, researchers, policymakers, and environmental activists have shown their deep concerns in recent times. However, determining sustainable economic growth is not an independent phenomenon. Hence, this study examines the impact of natural resources, globalization, foreign direct investment, and environmental technologies on the green growth in BRICS countries during 1990–2020. Initial results confirm the presence of cross-sectional dependency and slope; therefore, we employ a cross-sectionally augmented autoregressive distributed lags (CS-ARDL) estimator. The empirical finding shows that globalization, environmental technologies, and human capital encourage green growth in the BRICS. In contrast, the inflow of foreign investment and dependency on natural resources reduces green growth. The results suggest that the government in BRICS should promote international association through economic, political, and social globalization along with green technology innovations to achieve sustainable economic growth. Policy suggestions are also provided to control the adverse effect of foreign investment and natural resources toward a green economic recovery.

The Belt and Road Initiative, Public Health Expenditure and Economic Growth: Evidence from Quasi-Natural Experiments

The United Nations 2030 Sustainable Development Goals (SDGs) involve society, economy, and environment, and the Belt and Road Initiative (BRI) is an important path to implement the SDGs. Moreover, the BRI is a vision for economic development of countries along the route. Although many studies documented the effect of the BRI on environment and economic performance, few studies have discussed the effect of the BRI on social and economic benefits. Therefore, we introduce the public health expenditure to explore the relationship between the BRI and the public health and economic growth of countries along the route from the dual perspective of social development and economic growth. Based on a panel data from 171 countries from 2010 to 2018, the current research explores whether the BRI can boost public health and promote economic growth in the belt-road countries. As a result, we found that the BRI boosted the expenditure of public health and effectively spurred economic growth in the belt-road countries. Furthermore, the effect of the BRI on the economic growth in the countries along the route depends on the level of public health expenditure in each country; the positive effect of the BRI on economic growth is significant when the public health expenditure level is moderate instead of low or high. The findings provide theoretical and practical insights into the SDGs of the BRI.

Should We Provide More Economic Aid to Recipient Countries in Crisis?: Focusing on the Effectiveness of Financial Aid

This study analyzed the impact of bilateral aid among official development aid on recipient countries. The significance is that the effect of aid was investigated in a complex manner by dividing the perspective of economic growth measured by Gross National Income (GNI) per capita and quality of life measured by the Human Development Index(HDI). In addition, limited empirical analysis by continent or country in previous studies was expanded to cover all recipient countries. Official Development Assistance (ODA) data from 2005 to 2019 were collected. A data sample of bilateral aid from 60 countries was constructed from the official development aid data from 88 recipient countries. According to the Fixed-Effect (FE) and Random-Effect (RE) model estimation coefficient, the donor’s continued support was a statistically significant variable. This study concluded that the donor country’s continuous aid is important, but the recipient country’s political and administrative capabilities are also important factors in improving people’s economic quality of life.

A goal based index to analyze the competitive balance of a football league

Abstract Competitive balance in a football league is extremely important from the perspective of economic growth of the industry. Many researchers have earlier proposed different measures of competitive balance, which are primarily adapted from standard economic theory. However, these measures fail to capture the finer nuances of the game. In this work, we discuss a new framework which is more suitable for a football league. First, we present a mathematical proof of a theoretically optimal situation where a football league becomes perfectly balanced. Next, a goal based index for competitive balance is developed. We present relevant theoretical results and show how the proposed index can be used to formally test for the presence of imbalance. The methods are implemented on the data from the top five European leagues, and it shows that the new approach can be helpful in explaining the changes in the seasonal competitive balance of the leagues. Further, using panel data models, we show that the proposed index is more suitable to analyze the variability in total revenues of the football leagues. We also discuss how the methods can be easily extended to develop other goal-based indices under different modeling assumptions.