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Energy poverty is defined as insufficient access to modern energy resources which are relatively cleaner than the traditionally utilized ones. In this regard, the incidence of energy poverty is particularly higher in the cases of the developing countries across the globe. Accordingly, the chronic energy poverty issues in the developing countries within Sub-Saharan Africa have become a major socioeconomic and environmental concern for the associated governments. Hence, this study aims to evaluate the effects of energy efficiency gains and shocks to other key macroeconomic factors on energy poverty in the context of selected Sub-Saharan African nations. In this study, we measure energy poverty in terms of the lack of access to clean cooking fuels and technologies for the population of the selected Sub-Saharan African countries. The overall findings from the common correlated effects panel regression analysis reveal that energy efficiency gains initially aggravate the energy poverty situation but improve it later on; consequently, a U-shaped relationship between energy efficiency and access to clean cooking fuels and technologies is evidenced. Besides, the predicted threshold levels of energy efficiency are observed to be higher than the average energy efficiency level of the Sub-Saharan African nations. Moreover, the results also portray that economic growth, carbon dioxide emissions, foreign direct investment inflows, and international trade are effective in reducing energy poverty. Conversely, financial development is witnessed to be ineffective in influencing the incidence of energy poverty in this region.

This study explores the connection between oil price, stock prices, and exchange rate in Kazakhstan employing a monthly data from October 2007 to December 2017. Time series data were collected from National Bank of Kazakhstan, Kazakhstan Stock Exchange, and Energy Information Administration. Both bivariate and multivariate cases were employed. At the same time, the Johansen and Juselius cointegration procedures were employed in the study. The analysis was conducted for bivariate as well as multivariate cases. Empirical tests demonstrate that all the series are nonstationary in levels but stationary in differences. Results of this analysis do not find long-run correlation between the variables in a bivariate model, however, detect one in a multivariable model. Results demonstrate that stock prices and exchange rate are affected by oil price in Kazakhstan based on Granger causality test. Our findings imply that policy wise, monetary authorities in Kazakhstan in attaining their exchange rate policy objective should be considering the implications for financial market. These results are important to regulatory exchange authorities when deciding on policy to improve the market conditions.

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Р е д а к ц и я к е ң е с і: Молдова Республикасының ҰҒА академигі Белостечник Г. (Молдова); Əзірбайжан ҰҒА академигі Велиханлы Н. (Азербайджан); Тəжікстан ҰҒА академигі Назаров Т.Н. (Тəжікстан); Молдова Республикасының ҰҒА академигі Рошка А. (Молдова); Молдова Республикасының ҰҒА академигі Руснак Г. (Молдова); Əзірбайжан ҰҒА корр. мүшесі Мурадов Ш. (Əзірбайжан); Əзірбайжан ҰҒА корр. мүшесі Сафарова З. (Əзірбайжан); э. ғ. д., проф. Василенко В.Н. (Украина); заң ғ. докт., проф. Устименко В.А. (Украина) «Қазақстан Республикасы Ұлттық ғылым академиясының Хабарлары. Қоғамдық жəне гуманитарлық ғылымдар сериясы».

Formal institutions and social capital interact with each other in multiple ways. We argue and show empirically at the cross-country level that in the case of group lending, contract enforcement complements bonding social capital and substitutes for bridging one. It means that payoff to social capital in group lending depends on social capital type and is contingent on the quality of contract enforcement which serves as a sorting factor, working in the opposite directions for different stripes of social capital. These results are robust to various estimations, sets of controls, and social capital measures.