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"MARKET DEVELOPMENT"
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Human capital in Egypt : the road to sustainable development
Although Egypt has made significant progress toward reviving economic growth, unemployment remains persistently high and a substantial rise in job opportunities is still needed to absorb the increasingly expanding labor force, with the challenge to absorb around 700,000 new entrants to the labor market annually. Other labor-related problems include low female participation, excessive government employment, a high percentage of people in non-decent employment, low productivity and wages, and high unemployment among youth and women. In addition, there is a significant mismatch between available skills and labor market requirements. Last but not least, weak social protection programs preclude the generation of enough decent work opportunities. This new collection of studies addresses these issues and more, with analyses of the current situation and future prospects, and recommendations for change going forward.
Book
Disaggregated financial development and ecological sustainability: the critical role of urbanization, energy utilization, and economic growth in next 11 economies
Significant demand for ecological services and diminishing environmental issues pose severe threats to the existence of humanity. Some scholars believe that the rapid development of financial sectors may add to this problem. Therefore, this study evaluates the impact of disaggregated financial development on the ecological footprint of the Next-11 countries using the panel data from 1995 to 2019. For in-depth empirical analysis, financial development is divided into three categories: banking sector development, insurance market development, and stock market development. Each class comprises four indicators, and the composite index is constructed using principal component analysis. Results of the unit tests indicate that variables are stationary at mix orders some variables are stationary at the level and others are stationary at the 1st difference. By utilizing DCCE and AMG estimations model. The study has confirmed the existence of the Environmental Kuznets Curve (EKC) hypothesis in sampled countries by showing the inverted U-shaped relation between economic growth and ecological footprints. The results also revealed that both stock market development and banking sector development decrease ecological footprints and could help protect the quality of the environment. Furthermore, the findings show that municipal is inseparably linked to environmental adversity in the Next 11 countries. Therefore, to safeguard the ecological footprint in the Next-11 countries, sustainable practices with green financial development accompanied by green urbanization are among the appropriate solutions.
Journal Article
Democracy and prosperity : reinventing capitalism through a turbulent century
It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
Book
Understanding the Growth of African Financial Markets
This paper examines empirically the determinants of financial market development in Africa with an emphasis on banking systems and stock markets. The results show that income level, creditor rights protection, financial repression, and political risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings, banking sector development, and political risk are the main determinants of stock market development. We also find that liberalizing the capital account promotes financial market development only in countries with high incomes, well- developed institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that resolution of political risk may be important to the development of African financial markets.
eBook
Theoretical model for identifying market development indicators
PurposeThe purpose of this paper is to develop a theoretical model composed of performance indicators divided into stages that represent a chronological order of the market development process.Design/methodology/approachThe theoretical model presented by this paper was developed based on the information collected through three systematic reviews. The first review identified the steps that segment the market development process. The second and third systematic review sought to identify a set of indicators that are most used in companies' market development.FindingsThe paper develops a theoretical model that identifies the market development indicators that are most present in the current literature, dividing them into stages that represent the chronological order of the market development process.Originality/valueA research opportunity was identified based on the investigation of the existing literature. The study collaborates with existing research and provides a model that guides companies in market development decisions and actions.
Journal Article
Same Financial Development Yet Different Economic Growth: Why?
We re-study the relationship between financial development and real GDP per capita growth in 48 countries. What we find is an interesting evidence that only stock market development has positive effects on growth and that banking development has an unfavorable, if not negative, effect on growth. We examine whether or not these impacts are a product of various financial and economic conditional variables. Our conditional variables consist of financial liberalization, two sets of country development dummies, crises in banking and currency dummies, the creditor protection index as well as the anti-director and corruption indices. Our results clearly show that the conditional variables of financial liberalization, high-income level, and good shareholder protection mitigate the negative impacts of banking development on growth. In contrast, the conditional variables of middle-income level, regional Latin American, Sub-Saharan African and East Asian dummies, banking and currency crises, good creditor protection, and higher corruption strengthen the negative impacts of banking development on growth. Next, the conditional variables of middle-income level, Latin American, Sub-Saharan African, and East Asian dummies strengthen the positive impacts of stock market development on growth, whereas the conditional variables of financial liberalization mitigate the positive impacts of stock market development on growth. Last, we find that the relationship between growth and bank development is better described as a weak inverse U-shape. This inverse U-shape becomes stronger when additional stock market variables are squared. Thus, financial development and growth may, in fact, be in a nonlinear form.
Journal Article
The impact of macroeconomic and financial development on carbon dioxide emissions in Pakistan: evidence with a novel dynamic simulated ARDL approach
This paper has empirically explored the impact of macroeconomic and financial development on CO
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emissions by utilizing a novel dynamic simulated ARDL model for annual time series data from 1982 to 2018 for Pakistan. The results of a novel dynamic simulated ARDL disclosed that the growth of stock market, FDI, economic growth, and consumption of oil wield a positive impact on CO
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emission, while domestic credit exerts a negative effect on CO
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emission both in the short and the long run in Pakistan. The stock market development and domestic credit wield a significant influence on carbon dioxide emission in Pakistan both in the long and the short run. FDI exerts significant impact only in the long run, while economic growth and consumption of oil wield significant impact only in the short run on CO
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emission in Pakistan. This study opens up new visions for the economy of Pakistan to sustain financial and economic growth by protecting environment from pollution through its efficient national environmental policy, fiscal policy, and monetary policy.
Journal Article