This study investigates the relationship between trade openness, financial development and economic growth for the Kingdom of Bahrain. Time series data are utilized form 1980 till 2012. The vector error correction model (VECM) in combination with innovation of accounting (variance decomposition and impulse response function) analysis are employed to explore the causal relationship between the variables. The stationarity properties of the data and the order of integration are tested using both the Augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) test. All variables are found to be cointegrated indicating the existence of long-run relationship. The empirical findings show that trade openness and financial development have causal impact on economic growth. Conversely, growth is found to have no causal impact on trade and financial development, implying support for "trade-led growth" and "finance-led growth" hypotheses. Furthermore, the results show a short-run causality from financial development to trade openness. The findings suggest that trade openness and financial development are important elements in determining economic growth in Bahrain. Therefore, Bahrain should continue to patronize the development of its financial sector and to allow more trade openness in order to achieve a high and sustainable economic growth.
This paper provides an empirical analysis of the relationship between economic growth and its determinants with special focus on gross fixed capital formation, export, import, and financial development for the Kingdom of Saudi Arabia (KSA). Therefore, the study utilized an annual data from 1980 till 2014, and employed both the autoregressive distributed lag model (ARDL) and the error correction method (ECM) to investigate the long-run and the short-run parameters between the variables. The findings suggest a positive relationship between fixed capital formation, export, in one hand and economic growth in the other hand, both in the short-run and the long-run. In contrast, the financial development variable found to have a negative effect on economic growth in the short-run, however, it turned out to be positive in the long-run. Finally, the import variable showed a negative contribution to growth in the long-run as well as in the short-run. The results are consistent with the theoretical and empirical predictions.
Kurdistan Region is gradually gaining recognition from the other parts of Iraqs a tourist destination. However, internationally, not much is known or has been documented concerning the potential of the tourism industry in the Region. Despite having many prospects, this industry in the Kurdistan region remains neglected for a long time and sharing of KRI in world tourism is poor. This study represents an exploratory attempt to investigate the status of tourism promotion in the Kurdistan region of Iraq taken Halabja as a case study. The main findings of the study show that the main reason of the visitors is looking at the natural place and spends their leisure time. Moreover, it seems that the Word of Mouth(WOM) is the most effective marketing method. Regarding the satisfaction level our results suggest that around 77% of participants indicate that their satisfaction level is above the average. Our results suggest that a favorable culture should be created for foreign tourists. In addition, there is a need for highly qualified employees to work in this sector.
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