We investigate the simultaneous links between oil price changes, national savings, legal and institutional development, and economic growth in the Gulf Cooperation Council (GCC) countries. Our study includes six GCC countries namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. We base our analysis on annual data that covers the period from 1980 to 2011. We implement different methodologies on time series cross sectional data: First, we test our model using fixed effect and random effect model techniques; Second, we employ Arellano-Bond/Blundell-Bond estimator to reduce the endogeneity problem that is common in this kind of studies. Results reveal a nonlinear and concave relationship between saving rates and economic growth. This result suggests that, at low level of economic growth, the increase in savings leads to high economic growth. However, as the countries' revenues and surpluses increase significantly (at higher levels in revenues and savings), high level of savings lead to lower growth in the economy. This might due to the lack of absorption capacity of the GCC markets. In addition, controlling for different factors, oil price changes explain the variability in the economic growth of the GCC countries. Economic globalization affects growth negatively, while institutional quality plays no role in economic growth of the GCC markets.
It is evident from the number of studies that investments by Foreign Institutional Investments and the movements of Sensex are quite closely correlated in India and Foreign Institutional Investment (FIIs) wield significant influence on the movement of Sensex. In Indian stock market, FIIs have a disproportionately high level of influence on the market sentiments and price trends. Because of this local market participants perceive the decision taken by FIIs in their assessment of the market and tend of follow FIIs. With this context, the present study tries to examine: the association of the Bombay stock Exchange Sensitivity Index (Sensex) with the net FII flows by applying the coefficient through the historical volatility of the market Results of this study show that not only the FIIS are the major players in the domestic stock market in India, but their influence on the domestic markets is also growing. There is a partial correlation between the BSE Sensex and FIIs. Volatility is measured as the standard deviation of monthly closings of the Sensex. This remained almost stable for an eleven year period. Last quarterly results indicate a heavy investment by international funds. Heavy investments of funds amplify the results on high deviations which induce high fluctuations in the market.
In today's knowledge driven economy, mere procurement and management of tangible assets is not the end for survival and growth of an organization. Historically, companies had focused primarily on measuring and managing the tangible assets. There are other assets, which are often overlooked – Intangible Assets. Organizations lead towards success because of inherent intangible assets. The problems start when managers try to measure the intangible wealth with traditional measurement tools available to them. The focus of this paper is to highlight the importance of managing and measuring intangible asset – human capital, which is overlooked in traditional accounting system.
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