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      • KCI등재

        Does Foreign Aid Affect the Environment in Developing Economies?

        B.Mak Arvin,Parviz Dabir-Alai,Byron Lew 중앙대학교 경제연구소 2006 Journal of Economic Development Vol.31 No.1

        Preserving the environment is important from both national and international perspectives. Similarly, the provision of foreign assistance from richer to poorer nations is often seen as an imperative. However, there is a noticeable gap in research on how aid flows are linked to the environment in developing economies. Using the method of Granger causality, this paper explores the possible linkages. Results indicate that the external debt of a developing country bears upon the relationship in important ways. The second part of the paper entertains the possibility of spurious causality, tests for cointegration, and present additional results using an error-correction model.

      • INSURANCE MARKET DEVELOPMENT AND MACROECONOMIC INTERACTIONS IN TWENTY-SIX COUNTRIES

        RUDRA P. PRADHAN,MAK B. ARVIN,JOHN H. HALL,NEVILLE R. NORMAN 중앙대학교 경제연구소 2017 Journal of Economic Development Vol.42 No.4

        This paper examines the cointegrating and causal relationships between insurance market development (IMD) and economic growth based on panel-data estimation techniques. It also investigates the dynamic interrelationships amongst a number of important macroeconomic variables on IMD-growth nexus. The sample consists of 26 countries observed over the period 1980-2013. We use six different indicators of IMD, covered under both insurance density and insurance penetration, to validate the robustness of our results. Our findings affirm a long-run equilibrium relationship between insurance market development, economic growth, and six other macroeconomic variables selected, namely broad money supply (relative to national income), real interest rates, inflation rates, urban population growth, youth dependency ratios, and government consumption expenditure (relative to national income). We use a panel vector auto-regression model to examine the nature of Granger causality among the variables. Most significantly, we find that IMD and some macroeconomic variables Granger-cause economic growth in the long run, irrespective of which measure of IMD we use.

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        PUBLIC DEBT, ECONOMIC OPENNESS, AND SUSTAINABLE ECONOMIC GROWTH IN EUROPE: A DYNAMIC PANEL CAUSAL ANALYSIS

        RUDRA P. PRADHAN,MAK B. ARVIN,MAHENDHIRAN NAIR,JOHN H. HALL 중앙대학교 경제연구소 2022 Journal of Economic Development Vol.47 No.1

        This paper examines the short-term and long-term dynamics between public sector debt, economic openness, and economic growth in European countries between 1990 and 2018. Using the panel vector error correction model, we find that both public debt and economic openness contribute to long-term economic growth in European countries. The empirical analysis also shows that there are strong endogenous links between public debt, economic openness and economic growth in Europe in the short run. These relationships suggest that governments in Europe should give careful attention to the co-curation of macroeconomic policies pertaining to public sector spending/taxation, economic openness, and economic growth.

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