Financial Development - Science topic

The focus of this paper lies in the definition of an important aspect of financial development, which is reflected on the alleviation of poverty, namely financial inclusion as one of the most important tools used at the international level. as one of the biggest obstacles to economic development and development policies is a problem of financing de...

A technological revolution will bring a dramatic change to Pakistan's banking sector. The recent advancement of FinTech has transformed the tradition /operations of banking. It also provides innovative solutions that enhance efficiency, accessibility, and financial services. This study determines the influence of FinTech adoption on economic growth...

This study is crucial in understanding how green energy, human capital, and financial development can drive economic growth and address unique environmental and economic challenges. Despite growing interest in economic growth, there is limited research on how financial institutions and markets moderate the relationship between green energy and econ...

We are editing a Special Issue “The Nexus of Financial Development and Economic Growth: New Evidence in a Changing Global Economy” for /Economies/ (ISSN 2227-7099, indexed by ESCI (IF: 2.1), and Scopus (CiteScore: 4.0, Q1 in Scopus, Q2 in Scimago), and invite you to contribute a feature paper to this Special Issue. Based on your very high expertis...

We are editing a Special Issue “The Nexus of Financial Development and Economic Growth: New Evidence in a Changing Global Economy” for /Economies/ (ISSN 2227-7099, indexed by ESCI (IF: 2.1), and Scopus (CiteScore: 4.0, Q1 in Scopus, Q2 in Scimago), and invite you to contribute a feature paper to this Special Issue. Based on your very high expertis...

This study examines the non-linear relationship between financial development and economic sophistication across 71 developing economies from 1995 to 2019. Using a dynamic panel threshold model, it investigates how varying levels of financial development affect economic sophistication—a metric reflecting a nation’s production capacity and export of...

Abstractf The 2030 United Nations Sustainable Development Goal (SDGs) is based on the principles of sustainable development; SDG 9 addresses the environment. Thus, this study applies the STIRPAT model to study how natural resources, technological innovation, and public policy (fiscal policy by government expenditure; as well as monetary policy by m...

In the pursuit of inclusive green growth both advanced and emerging nations have adopted a green growth approach that seeks to harmonize economic development with environmental sustainability, fostering social inclusivity. This study delves into the notion of inclusive green growth, investigating the impact of technological innovation and financial...

Aim: This study aimed to find out if it is possible to utilize the financial system and/or instruments to improve environmental quality. Background: Since the Industrial Revolution, there has been rapid global warming and climate change due to the use of fossil fuels, which produce greenhouse gas emissions due to economic activities that do not inv...

This paper examines the effect of microfinance on macro-level income inequality, a subject that is still underexplored in existing literature. The micro-level impact of microfinance initiatives is generally well covered in academic discourse, as is the relationship between financial development and income inequality. However, the global connection...

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Globalization in the modern world is behind the formation of emerging market countries through the transition in economic growth. ASEAN is considered as the driving force of the world economy, including the emerging market countries that grow within it. However, economic growth in ASEAN emerging market countries still has to face many challenges. I...

In the face of escalating global distress over climate change and its across-the-board concerns, this study explores the impact of economic growth, financial development, and renewable energy on environmental degradation within the environmental Kuznets curve (EKC) framework for BRICS economies. The present study considered annual data from 1990–20...

Climate assistance funds have become a crucial source of support for developing countries in combating climate change. The ability of these funds to fully realize their potential in promoting sustainable development is crucial to the mission of building a shared future for humanity. This study focuses on one of the objectives of climate assistance...

This study examines the role of foreign direct investment (FDI) in advancing peacebuilding in Sudan via promoting youth employability using the autoregressive distributed lag (ARDL) model and time series data from 1992 to 2023. The findings indicate that both FDI and financial development substantially decrease youth unemployment rates over the lon...

With the rapid development of industry and modern life worldwide, CO2 emissions pose a significant challenge for all countries, impacting both present and future generations. Studying the factors influencing CO2 emissions serves as a valuable tool for governments to mitigate emission levels and safeguard human lifestyles. In this context, the study...

The role of digital transformation in financial development is investigated in this study, with the purpose of determining whether it is favourable as stipulated in the expectations of financial intermediation theory. In addition, the study seeks to determine variations in the role across emerging regions of the world. The regions under investigati...

Cet article est l'une des premières études à analyser le rôle du marché financier dans le lien Intelligence Artificielle-croissance économique. Notre modèle théorique articulant les approches d'Aghion et al. (2017) et de Pagano (1993) montre que l'effet de l'IA sur la croissance économique dépend du niveau de développement financier. Nous testons c...

This research emphases on the effect of Financial Development (FII) on poverty of Pakistan. Time series data from 1980 to 2024 is used in this study and Auto Regressive Distribution Lag (ARDL) technique is incorporated to estimate the regression result. Foreign Direct Investment (FDI), inflation, domestic credit to private sector by bank, poverty h...

This term paper explores the advancing assess approach systems in creating economies, vital for economical development and financial steadiness. It looks at current patterns, challenges, and advancements in assess organization, drawing from universal writing and experimental information from different developing markets. The think about centres on...

Green tourism, which emphasizes sustainability and environmental maintenance, offers a sizable new monetary possibility, particularly in regions like Ubud, Bali. This research investigates the twin function of inexperienced tourism in enhancing local economy improvement and maintaining ecological integrity amidst increasing worldwide ecological con...

This study aims to investigate the determinants of adjusted net savings (ANS) in South Asia from 1985 to 2023, focusing on how macroeconomic factors such as final consumption expenditure, foreign direct investment (FDI), inflation, GDP growth, and domestic credit to the private sector influence sustainable savings. This research employs an Autoregr...

This study investigates the impact of operational and performance variables on the profitability (measured by Return on Assets) of the Indian manufacturing industry, focusing on the chemical industry. Utilizing financial data from 1988 to 2020, primarily due to challenges such as poor scale economies, balance of payments crises, and slow technology...

This paper examines the dual role of sovereign bonds in emerging markets-as both essential instruments for government financing and as perceived "safe assets" within domestic financial systems. While sovereign bonds are typically seen as low-risk investments, their dominance in bank and institutional portfolios can lead to financial sector crowding...

Ekonomik yapısal reformlar, piyasaların etkin ve verimli işleyişinin önündeki engellerin ortadan kaldırılması ve ülkelerin büyümesine katkı sağlanması amacıyla yerine getirilmesi gereken yükümlülükleri ifade etmektedir. Ekonomik yapısal reformların uygulanabilmesi için çeşitli makroekonomik, sosyal, finansal vb. alanlardaki temel ön koşulların sağl...

Economic growth remains a critical objective for African countries, given the continent's unique developmental challenges and opportunities. This study investigates the macroeconomic determinants of economic growth in 54 African countries over the period 1999–2023, employing a comprehensive panel data approach. By analyzing a wide range of variable...

This study examines the moderating role of gender equality in empowerment on the relationship between financial development and poverty reduction across 36 sub-Saharan African countries from 2000 to 2023. It employed the Method of Moments Quantile Regression with fixed effects to address endogeneity and outliers based on secondary data from the Wor...

This study utilizes fuzzy-set qualitative comparative analysis (fsQCA) to explore the effects of critical economic and environmental factors on carbon intensity in 19 European countries from 1999 to 2020. The findings demonstrate a strong link between high carbon intensity, weak corruption control, and low research and development (R&D) expenditure...

Entrepreneurship plays a crucial role in driving economic growth and development, and understanding the factors that shape entrepreneurship is essential. This research paper aims to investigate the factors influencing entrepreneurship development in South Asian countries by analyzing the role of institutional quality, technological innovation, soci...

The significance of environmental taxes (ET) and green innovation has become paramount, particularly in light of the post-COP27 objectives and SDGs. This research contributes to the existing body of literature by exzuing the effects of environmental taxes (13), green innovation (SDG-9), green taxes, and financial development (SDG-17) on sustainable...

This study examines the impact of financial development indicators (access, depth, and efficiency) on economic growth (GDP) in 11 Arab countries from 1990 to 2021 using the PANEL ARDL model. The results show that financial sector development influences economic growth to varying extents. The Financial Access Index (FIA) demonstrated a positive effe...

This study investigates the effect of remittances, financial sector development, and technological innovation, while also taking into account the foreign direct investment and economic growth on environmental quality by using its more comprehensive proxy, ecological footprint, and by focusing on yearly data from 1990 to 2021 in the context of Pakis...

Worldwide efforts to achieve ecological sustainability include addressing the impact of carbon dioxide (CO2) emissions. Additionally, the issue of lowering CO2 emissions in developed and industrialised nations, such as China, remains unsolved. Therefore, this study assesses the impacts of tourism, renewable energy, climate disasters, and financial...

Life expectancy reflects a population's overall health and prosperity. This study applies the Auto-Regressive Distributed Lag (ARDL) method to analyze how oil use influences the link between GDP growth and life expectancy in Malaysia from 1980 to 2020. The results show that while GDP growth boosts life expectancy in both the short and long term, de...

This research investigates the effect of Financial Sector Development on the Foreign Direct Investment (FDI) inflows in Zambia. This study adopts a quantitative approach utilizing econometric modelling to analyze the relationship between financial development indicators and FDI inflows over a 32-year period from 1990 to 2022. Financial Sector devel...

The Middle East and North Africa (MENA) region faces significant challenges in sustainable development, digital technological advancements, and environmental protection, especially as pollution sources continue to increase and diversify. As MENA countries aim for economic progress, it is essential to understand how digital technological advancement...

The widening income gap has significantly undermined economic stability in developed and developing nations over recent decades. This critical issue is characterized by policy failure, poor economic governance, and conflicting economic philosophies. Inflation is a key factor influencing income redistribution across social strata; however, its impac...

The increasing risks posed by climate change have turned CO2 emissions into a pressing global issue, prompting the widespread adoption of sustainable development policies. This study investigates the empirical drivers of CO2 emissions across 15 of the world’s highest carbon-emitting countries from 2000 to 2021, using a range of advanced panel data...

The number of countries participating in China’s Belt and Road Initiative (BRI) has been increasing since its official launch in 2013. Although the number of BRI participating countries has reached 145, only some are directly connected with China through land, sea, and other trade routes developed under the BRI project. Because of their direct link...

This study pursues three key objectives: first, to examine the impact of climate risk on bank profitability, measured by return on assets (ROA) and return on equity (ROE); second, to assess the role of financial development (FD) in influencing bank profitability; and third, to determine whether financial development moderates the relationship betwe...

This study investigates the impact of financial, trade, and economic openness on energy consumption, focusing on renewable, nonrenewable, and fossil energy sources in Belt and Road Initiative (BRI) nations. The BRI framework, introduced by China in 2013, emphasizes economic collaboration and infrastructure development, including renewable energy pr...

This study explores the Resource Curse Hypothesis in Oman from 1990 to 2021, tackling an important question in development economics: does an abundance of natural resources impede or promote economic growth? The study also explores how financial development, trade, and urbanization influence economic performance. The analysis, using various unit ro...

Through the widespread implementation of green development, the Chinese government hopes to achieve shared prosperity while ensuring sustainable development. For all countries participating in the Belt and Road Initiative, sustainable development remains a priority. The pooled mean group (PMG) technique was employed in the present study to investig...

Financial development is essential in influencing a country's economic environment. ASEAN countries exhibit varying degrees of financial sector maturity, ranging from highly developed to less develop. Nevertheless, its banking sectors are relatively well-developed. The article aims to examine the impact of financial development on economic growth a...

As global concerns about environmental degradation continue to rise alongside rapid economic development, the United Nations introduced the sustainable development goals (SDGs) to address these challenges by 2030. This study examines the interconnections between economic growth, foreign direct investment (FDI), renewable energy, and environmental d...

With the global imperative to combat climate and environmental challenges, the factors contributing to ecological contamination have received increasing attention in contemporary academic discourse. Meanwhile, the significance of the Green Energy Initiative (GEI) as a moderating factor in this interrelation is often overlooked in the world's leadin...

This study contributes to the extant literature on the nexus between information and communication technologies (ICTs) and agriculture. Despite increasing attention on the subject, existing studies are sparse on the channels through which ICTs affect the agricultural sector. We use a stochastic impact model extended to the population, affluence and...

Improving environmental quality is essential for achieving sustainable economic development when nations pursue growth. Although previous studies looked into different factors of sustainability, the precise effects of natural resource rents as well as renewable energy on CO2 emissions are yet to be studied in depth. This dissertation attempts to fi...

This study analyzes the influence of natural resource rents, governance indicators, and their interactions on economic growth in twelve oil-producing countries in the MENA region from 2002 to 2021. Various versions of a panel ARDL model are estimated using PMG, MG, and DFE estimators. The results suggest that natural resource rents in MENA oil-prod...

At present, the global environment is not optimistic, and China is also facing severe challenges in carbon emissions (CE), but China actively formulates relevant policies and takes relevant measures and is gradually promoting the reduction of CE and the realization of green and low‐carbon transformation. This study uses the Panel Smooth Transition...

This study investigates the response of entrepreneurship to financial development using Nigeria as the geography of interest. The study deployed relevant estimation techniques especially the autoregressive distributed lag model with entrepreneurship growth as the dependent variable and bank development, institutional development and insurance secto...

This study empirically examined whether China’s green credit policies could significantly reduce enterprises’ carbon emission intensity. Constructing a difference-in-differences model, we utilized data from 1742 listed enterprises from 2003 to 2019 and the green credit guidelines issued in 2012 to perform a quasi-natural experiment. We found that (...

Today, there is a lot of focus on using renewable energy sources to address climate change and achieve sustainable development goals. This paper investigates the non-linear relationship between financial development (FIDI), economic complexity (EC), R&D investment as a control variable on renewable energy transition. FIDI’s vital role in facilitati...

The United Kingdom (U.K.) has set ambitious climate goals, aiming for a net-zero target in carbon emissions by 2050 and planning to leverage green energy technologies and innovation. This study explores the key factors influencing investments in renewable energy within the United Kingdom. Specifically, the study applies the recently constructed int...

Under the new development paradigm, the digital economy has emerged as a crucial driver of China’s green development. Utilizing a quasi-natural experiment of the “Broadband China” strategy, this paper examines its impact on carbon productivity through a multi-period difference-in-differences model, a moderating effect model, and a spatial panel mod...

Globally, taxes on exports are designed to regulate trade, control domestic supply of goods, generate revenue and achieve broader economic objectives. While export taxes can benefit domestic industries and local economies, they pose several risks that can ultimately undermine tax revenue accruing to the government if not balanced with robust financ...

This study investigates the effect of financial development on economic growth in the case of Algeria during the period (1980-2017). A financial development index is built using principal component analysis (PCA). vector error correction model (VECM), Johansen cointegration test and Granger causality are used to achieve the objectives of the study....

The purpose of this study is to analyze the interdependencies among economic growth, energy consumption, foreign direct investment (FDI), environmental sustainability, and research & development (R&D) in green innovation behavior from 2000-2020 for 49 countries across the globe. The study tests these predictions using the Generalized Method of Mome...

Sub-Saharan Africa is a developing country and the rapid development happening of the region has led to an upsurge in demand for energy. The region is also receiving more foreign direct investment inflow. However, this economic development has also led to an increase in pollution and carbon emissions in particular. The main aim of this research is...

This study examines the relationship between financial sector development, energy consumption, and economic growth in Nigeria. Despite extensive research on these interdependencies, gaps remain in analyzing financial development using a comprehensive financial development index while simultaneously disaggregating energy consumption into renewable a...

This study examines the effects of economic growth, financial development, and urbanization on the load capacity factor (LCF) for Newly Industrialized Countries (NICs) over the period 1991-2021. In this context, we analyzed the relationship between the variables using the Fixed Effects Driscoll-Kraay and Fixed Effects Panel Quantile estimators. The...

The aim of this study is to empirically examine the relationship between renewable energy consumption and the ecological footprint (EF), using Denmark as a case study, based on data covering the period from 1990 to 2020. In examining this relationship, the roles of agricultural, forestry, and fisheries value-added; economic growth; and financial de...

The digital economy provides more opportunities for expanding and improving the financial market system. However, most studies focus on the micro-level effects at the household level. This paper empirically examines the promotion effect of the digital economy on financial development using data from 2000 to 2021 from 170 countries worldwide. It ana...

This study examines how digital trade, technology, and Internet adoption impact financial sustainability across 41 Sub-Saharan African (SSA) countries, using the generalized method of moments (GMM) for precise statistical analysis. It focuses on four major financial indicators: financial development, financial institutions access, financial institu...

This research investigates the relationship between financial development and economic stability in developing countries. It explores how improvements in financial systems, including banking sector growth and access to credit, can influence macroeconomic stability. Using econometric analysis, the study examines whether financial development contrib...

Digital financial literacy, as an upgrade of financial literacy in the digital age, has a non-negligible impact on the income of farm households and the sustainable development of the rural economy. This study aims to investigate the impact of digital financial literacy on rural household income in China and its mechanism of action. Using the sampl...

Digital inclusive finance, with ‘universality’ as its core feature, can stimulate enterprises to increase capital investment in research and development (R&D) through diversified channels. Using the digital financial inclusion index of 337 prefecture-level cities in China and the empirical data of Shanghai and Shenzhen A-share-listed pharmaceutical...

This study expands the tourism development literature by examining how currency valuation and financial sector maturity influence the tourism–growth relationship. While prior research emphasizes direct or bidirectional causality, this study distinguishes itself by exploring the mediating and moderating roles of financial development and exchange ra...

This study examines the impact of economic globalization on the development of 38 emerging economies' financial systems during the period 1980–2021. Using cointegration tests and vector error correction models, the study investigates the interdependence of financial development, economic growth, and globalization. Evidence indicates that private cr...

The macro‐level determinants of health are well documented in the literature. However, the causal interrelations among these health determinants are less comprehensively understood. This study examines the potential causal relationships between health determinants and population health, measured using the Disability Adjusted Life Years (DALY) indic...

Financial development and geopolitical risks are crucial for understanding the consumption of renewable energies (CREs), given the sustainability challenges of the global economy. This research examines the nonlinear impact of financial development on adopting renewable energies in 10 emerging countries facing geopolitical risks between 1985 and 20...

Using green finance reform and innovation pilot zone policy as a quasi-natural experiment, this study uses different methods to explore whether the policy implementation has improved new quality productivity in Chinese cities at the prefecture level and above. The results show that green finance reform and innovation pilot zone policy can significa...

AbstractThe study aimed to shed light on the activity of the Robinhood platform, which came to lightin the first months of 2013, as the Robinhood platform played a major role in attracting largecompanies to list on it, which prompted many traders to be among its pioneers and its largestinvestors. This activity led to a high level of trading on this...

Purpose: This article aims to study the role of financial development in driving economic growth in the Middle East and North Africa region during the period 2012–2022, using panel data analysis. Design/Methodology/Approach: The methodology used in this study is the Pooled Ordinary Least Squares (POLS) model, the Fixed Effects Model (FE), and the G...

In recent years, female entrepreneurship and women-led businesses have experienced significant growth. However, these ventures often face challenges in securing financial resources, limiting their potential and performance. This research aims to analyze the development of literature on financial inclusion and gender gaps, uncovering their implicati...

This study explores how technological innovation, financial development, education, and institutional quality impact CO₂ emissions between 1995 and 2021 in Costa Rica, one of the developing nations that have found ways to balance economic development with sustainable measures. We apply the Autoregressive Distributed Lag (ARDL) model and the Error C...

This article consists of a systematic analysis of a large sample of the first purchasers of annuities issued by the urban governments of Catalonia between the years 1313 and 1367. Based on preliminary literature on the subject, it gathers, describes, and contextualizes, both from the point of view of the fiscal and financial development of the Crow...

Mitigating carbon emissions in the construction sector is crucial for attaining the objectives of “carbon peak” and “carbon neutrality”. This research utilizes panel data from 30 Chinese provinces spanning 2011 to 2020, employing a two-way fixed-effect model and a mediation-effect model to quantitatively assess the impact of digital industrializati...

The paper presents an empirical study of the relationships between financial development, economic growth, urbanisation and energy consumption in the Southern African Development Community for the years 1980 to 2023. The researchers applied the Bayesian approach via Metropolis-Hasting and Gibbs samples as the MCMC methods, and Dumitrescu and Hurlin...

The study investigates the nexus between natural resources rents (TNRR), Information and communication technology (ICTE), economic growth (EGT), institutional quality (IQ) and financial development (FD) in Malaysia, using quarterly data from 2001Q1 to 2020Q4. Motivated by the critical role of natural resources management, digital information, and i...

This study examines the impact of financial development, renewable energy, energy intensity, and stringent environmental policies on green growth in twenty-three Organization for Economic Cooperation and Development countries from 2000 to 2023. Additionally, it examines how stringent environmental policies moderate the link between financial develo...

Renewable energy development is paramount in supporting the transition to a cleaner environment through green transition policies. Thus, policies and measures that support renewable energy development are fundamental. To this end, studies that examine how renewable energy development is achieved have been performed, but the role of research and dev...

This study is the first meta-analysis to compare financial intermediation and direct financing in terms of their growth-promoting effects. Meta-synthesis of 1693 estimates extracted from 168 previous studies strongly suggest that, in general, financial development has a positive effect on economic growth and the synthesized effect size of the direc...

Environmental sustainability is now recognized as a major concern of countries. The gradual increase in carbon dioxide emissions in recent decades has created a dire situation. The rapid expansion of productivity and economic progress outweighed environmental harm in ASEAN economies (Singapore, Thailand, the Philippines, Malaysia, and Indonesia). W...

Objective: The objective of this study is to investigate the links between the level of financial development and poverty in Armenia, with the aim of assessment the peculiarities of this relationship. Theoretical Framework: In this paper, the main theories and findings that related to the research are presented. The theory of Economy, results of th...

This paper presents the views of chemistry teachers about systems thinking through the concept of sustainability. The need for this study arose from the fragile nature of the climate, ecosystems and societies and how teachers as the drivers of new ideas for social, cultural, economic and financial development must play a role to maintain the earth'...

This study seeks to evaluate the impact of public debts on economic growth in Nigeria using time series data from 1983 to 2023. To achieve these objectives, the time series data were subjected to unit root test to remove the possibility of spurious regression due to non-stationarity of data. Three models were formulated and an Autoregressive Distri...

This research focuses on the effect of Financial Development (FND) on economic growth, of Pakistan. Time series data from 1980 to 2024 is used in this study and Auto Regressive Distribution Lag (ARDL) technique is used to estimate the regression result. GDP growth, Foreign Direct Investment (FDI), domestic credit to private sector by bank, are the...

This study focuses on the nexus between financial inclusion and energy intensity of G7 nations from 1993 to 2023 with the expectations of presenting energy efficiency as a solution to global energy issues. During the estimation process, this study employs advanced quantile methodologies such as the Quantile unit root tests, the Quantile cointegrati...