Reconsidering trade and investment-led growth hypothesis: New evidence from Nigerian economy

Çoban, Orhan; Onifade, Stephen Taiwo; Yussif, Abdul-Razak Bawa; Haouas, Ilham

doi:10.14254/2071-8330.2020/13-3/7

Cited by 30 publications

(13 citation statements)

References 32 publications

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“…Accordingly, hi-tech exports are crucial for technical advancement in E7 countries. Nevertheless, the findings suggest that higher levels of gross domestic product are correlated with greater innovation in E7 economies which affirms the findings of Coban et al (2020), Gyamfi et al (2021), and Bekun et al (2021). Because of the economic production efficiency, GDP coefficient is strong and significant in the short term and in the long term.…”

Section: Resultssupporting

confidence: 77%

Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment

et al. 2022

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Background: Technological innovation and its paradigm, that is, the Fourth Industrial Revolution-4IR, have shown strong impact on income levels of adopters across the globe. To this end, this analysis examines the impact of bank funding and institutional quality on technological advancement. Objectives: This study adds additional variables such as high-technology exports and foreign direct investment (FDI) as control variable. Our study period spans from 2000 to 2018 on an annual frequency for E7 economies (Brazil, Indonesia, Mexico, India, Turkey, Russia, and China). Research Design: This study leverages on cross-sectional ARDL, Augmented Mean Group (AMG), and Common Correlated Effects Mean Group Estimates (CCEMG) estimation techniques to examine long-run relationship between the outlined variables. Subjects: Empirical findings show that institution quality, bank finance, income, high-technology exports, and foreign direct investments exert a positive effect on advancements in technology. Furthermore, the interaction between bank finance and institution quality on technological advancement is also positive and statistically significant. Based on the findings, it is concluded that large-scale funding is crucial for businesses to leverage revolutionary technology. Likewise, access to large capital sources if made easier encourages technology affordance as well as innovation and operational excellence. Thus, economies with established legal and financial systems stand to offer businesses such security, which encourages business innovation. Conclusions: Consequently, E7 economies ought to improve their financial and legal systems to boost financial security, creativity, and competitiveness of businesses.

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Section: Resultssupporting

confidence: 77%

Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment

et al. 2022

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“…In conclusion, foreign capital can be beneficial for the SSA countries’ infrastructures development if inflows are channeled to developmental projects and are managed wisely but FDI inflow into some parts of the SSA region has been described to be abysmal (Çoban et al, 2020). Hence, the governments need to do more on designing strategies to attract FDI in developmental projects, while doing so, regulations that aid in the efficient management of foreign capital are also required.…”

Section: Conclusion and Policy Recommendationmentioning

confidence: 99%

Building Critical Infrastructures: Evaluating the Roles of Governance and Institutions in Infrastructural Developments in Sub-Sahara African Countries

2022

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Background The Sub-Saharan African (SSA) region has notably been in the limelight of infrastructural deficit discussions over the decades. Although the region’s infrastructural development is gradually improving, the levels and pace of development remain generally poor compared to the rest of the world. Objectives This study thus aims to empirically examine the roles of governance and institutions in infrastructural developments in the Sub-Sahara African (SSA) region toward addressing the pressing needs for critical infrastructures for the region. Research Designs The empirical strategies utilized in the study include the Common Correlated Efficient Mean Group (CCEMG) and Dynamic CCEMG methods among others. These empirical approaches were applied to analyze data on governance and institutional quality proxies for the SSA region to achieve the study’s objectives while controlling for the effects of industrial value-added, foreign capital inflow (FDI), and overall economic growth for the understudied period (1990–2019). Results The results reflect the essence of governance and institutional quality as these variables significantly boost infrastructural development in SSA. In addition, industrialization and growth also show a favorable impact on the development of infrastructure thus reflecting that the transition from agrarian to industrial economies occurs in parallel with infrastructure development in the SSA. However, FDI inflows were not found to be significantly instrumental to infrastructural development in the region. Conclusions Hence, the SSA must strive to strengthen institutions and harmonize their industrial and economic push with infrastructural developments while encouraging potential foreign investors to diversify investments to infrastructural projects beyond the usual primary sector/resource-based activities.

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“…The panel causality test is necessitated by the need to assess the Granger non-causality movement from the explanatory variables to the explained variable given a heterogeneous panel dataset. Following the importance of testing for causality in empirical studies (Balsalobre-Lorente & Leitão, 2020;Onifade, Çevik, et al, 2020;Roudi et al, 2019;Çoban et al, 2020;Bekun et al, 2019;Taiwo et al, 2020;Onifade, Ay, et al, 2020), we report the causality test results for this study in Table 8. From the table, it can be observed that there is a feedback causality between three variables and the dependent variable, namely, airline transport and economic growth, globalization and growth, and also between urbanization and growth.…”

Section: Dumitrescu and Hurlin Causality Testmentioning

confidence: 99%

Significance of Air Transport to Tourism-Induced Growth Hypothesis in E7 Economies

Onifade

Gyamfi

Bekun

et al. 2022

Tourism (Zagreb, Online)

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The study seeks to examine the significance of the tourism-induced growth hypothesis from the perspective of air transportation among seven emerging (E7) countries, including China, India, Brazil, Mexico, Russia, Indonesia, and Turkey. The combined impact of energy consumption and globalization was also factored into the analysis in order to draw cogent implications for environmental quality as energy demand in E7 economies continues to rise amidst growing urbanization in recent times. The study leverages on second-generational panel data estimators, namely cross-sectional autoregressive distributed lag, augmented Mean Group, and Dumitrescu-Hurlin Causality techniques. Having established a long-run equilibrium relationship among the outlined variables, the result validates the pertinent role of air transport in enhancing economic growth as a percent rise in airline passengers' arrivals significantly enhances growth in the E7 economies by 0.77%. In addition, the feedback causality between the variables also strengthens the pivotal roles of air transport in economic growth, thereby giving credence to the tourism-led growth hypothesis (TLGH) in the E7. However, there are detrimental environmental implications for the E7 when considering the causal nexus between economic growth and the dynamics of carbon-inducing energy consumption among the countries. Hence, investments in clean energy and transport infrastructures are recommended to ensure a sustainable environment where the tourism industry can flourish.

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Reconsidering trade and investment-led growth hypothesis: New evidence from Nigerian economy

Cited by 30 publications

References 32 publications

Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment

Toward the Fourth Industrial Revolution among E7 Economies: Assessment of the Combined Impact of Institutional Quality, Bank Funding, and Foreign Direct Investment

Building Critical Infrastructures: Evaluating the Roles of Governance and Institutions in Infrastructural Developments in Sub-Sahara African Countries

Significance of Air Transport to Tourism-Induced Growth Hypothesis in E7 Economies

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